Oracle's New Mexico AI Campus Faces Another Delay in Power Permit Process

what happened

New Mexico regulators and the developer Yucca Growth Infrastructure have asked to postpone a public hearing set for December 7, according to The Energy Mag. The developer also gave up its right to a ruling due by November 23, which gives state environmental staff more time to review revisions to the planned power facility. The project, Project Jupiter, is a campus worth up to $165 billion that Oracle is building for OpenAI.

The campus plans to use up to 2.45 gigawatts of Bloom Energy fuel cells running on natural gas, and the gas would arrive through an Energy Transfer pipeline that has also met regulatory obstacles. Bloomberg reported that Jefferies analysts expect Bloom's largest disclosed project to slip into 2027.

On November 5, Oracle shares dropped 6.9% and Bloom Energy lost 16.4%, while the Nasdaq Composite fell 5.5% amid a broader selloff in AI infrastructure stocks.

why it matters

The case shows how hard it is for AI data centers to secure dedicated electricity. Off-grid generation reduces reliance on utilities, but it makes a project dependent on approvals for both the computing campus and the energy infrastructure. For investors in Bloom and Oracle, timing and gas supply are the key variables.

market impact

Bloom Energy and Oracle: permit delays and a later timeline weigh on expectations for the project

• ▼Bloom Energy pressure down — largest disclosed project reportedly pushed into 2027 by analyst assessment
• ▼Oracle pressure down — delay of a key campus being built for OpenAI adds uncertainty

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