纽约9月24日电：据银行家和投资者透露，甲骨文公司（Oracle）为应对蓝筹资产管理公司（Blue Owl）在新墨西哥州开发的一个大型数据中心项目可能出现的延误而采取的自我保护措施，令规模达万亿美元的AI基础设施融资市场感到寒意。
NEW YORK, Sept 24 : Oracle's move to protect itself against potential delays at a massive data center project developed by Blue Owl in New Mexico sent a chill through the trillion-dollar market for AI infrastructure financing, according to interviews with bankers and investors.
甲骨文就“木星”（Jupiter）项目发出了不可抗力通知。该数据中心园区由蓝筹资产管理公司旗下的STACK基础设施公司负责建设，旨在为OpenAI提供支持。这是该行业遭遇的最新挫折，目前贷款方和投资者对资助该行业飞速扩张的态度正变得愈发谨慎。
Oracle issued a force majeure notice in connection with Jupiter, a data center campus Blue Owl unit STACK Infrastructure is building to support OpenAI, the latest setback for a sector where lenders and investors are growing more cautious about financing the industry's breakneck expansion.
蓝筹资产管理公司表示，该通知并未改变双方对该项目的承诺。即便如此，这一事件仍在其他拟议的数据中心融资讨论中引发了连锁反应，其中包括正在俄亥俄州开发园区以服务OpenAI的SB Energy公司。据一位接近其融资的人士透露，SB Energy已于本周决定推迟首次公开募股（IPO）。
Blue Owl said the notice did not alter the parties' commitment to the project. Even so, the event is reverberating through discussions around other proposed data center financings, including SB Energy, which is developing a campus to serve OpenAI in Ohio, a person close to its financing said. SB Energy decided this week to delay its IPO.
当超出控制范围的事件导致难以履行合同义务时，公司可以使用不可抗力条款。律师们表示，此类条款在数据中心开发协议中正变得越来越普遍，这引起了贷款方和投资者的担忧。
Companies can use force majeure provisions when events beyond their control make it difficult to meet their contractual obligations. Lawyers say such provisions are becoming more common in data center development agreements, raising concerns among lenders and investors.
管理咨询公司Arthur D. Little的合伙人肖恩·麦克德维特（Sean McDevitt）表示：“AI建设的融资方开始提出比需求方更尖锐的问题。潜在需求看起来依然非常强劲，但投资者和贷款方正日益关注风险是如何分配的。”随着美国利率升至二十年来的最高水平，华尔街正在加强对那些几个月前看似已敲定的交易在经济和政治层面的审查——这意味着即便有甲骨文这样高评级的公司参与交易，也不足以安抚焦虑的投资者。
"The financing side of the AI buildout is starting to ask much harder questions than the demand side," said Sean McDevitt, a partner at management consulting firm Arthur D. Little. "The underlying demand still appears very strong, but investors and lenders are increasingly focused on how risk is allocated." With interest rates in the US rising to levels last seen two decades ago, Wall Street is intensifying its scrutiny of the economics and the politics of deals that just months ago appeared settled — meaning that the participation in a deal of highly rated firms such as Oracle isn't necessarily enough to soothe anxious investors.
根据穆迪（Moody's）的预测，美国六大科技公司在人工智能相关的资本支出预计将在2027年达到约1万亿美元。此次回调正值这一背景之下，引发了贷款机构的担忧：市场能否在不产生更广泛定价压力或收紧条款的情况下，消化如此大规模的债券发行。
The pullback comes as AI-related capital spending by the six biggest US technology companies is projected to reach around $1 trillion in 2027, according to Moody's — raising concerns among lenders about whether markets can absorb the volume of issuance without wider pricing pressure or tighter terms.
案例研究：投资者和贷款机构正在研究甲骨文（Oracle）的情况，将其作为一个现实案例，以观察当项目遭遇各方无法控制的延误时，合同保护措施将如何受到考验，以及最终由谁来买单。
CASE STUDY Investors and lenders are studying the Oracle situation as a real-world example of how contractual protections may be tested and who pays the bill when projects run into delays outside the parties' control, they said.
据知情人士透露，该项目正推迟一年进行。该知情人士表示，Blue Owl在该项目中投入了约30亿美元的股权，在建设期间收益较低，待数据中心建成后收益才会增加。
The program is being delayed by a year, said the person familiar with Oracle's notice and the deal. Blue Owl has about $3 billion of equity invested in the project and earns a lower return during construction, with returns increasing once the data center is completed, the person familiar with the terms said.
据知情人士透露，甲骨文因无法确保项目用电而援引了不可抗力条款。工期的延误推迟了Blue Owl获得更高收益的时间。
Oracle invoked force majeure due to delays securing power to the site, the person familiar with the matter said. Delaying completion pushes back the start of those higher returns for Blue Owl.
昆鹰律师事务所（Quinn Emanuel）驻纽约合伙人拉贾特·拉纳（Rajat Rana）表示，随着开发商竞相以史无前例的规模建设人工智能基础设施，支撑这些项目的合同也在迅速变化。
As developers race to build AI infrastructure at unprecedented scale, the contracts underpinning those projects are changing quickly, said Rajat Rana, a New York-based partner at law firm Quinn Emanuel.
“这些合同演变得非常快。如果你对比一下今年1月的数据中心合同和现在的合同，会发现它们有巨大的差异，”他说。
“These contracts are so rapidly evolving. If you look at a data center contract from January this year and a contract today, it's massively different,” he said.
据研究公司Data Center Watch的数据，继2026年第一季度有75个价值约1300亿美元的项目受到干扰后，第二季度至少有45个价值680亿美元的项目面临社区团体的反对。银行参与了多个面临社区行动的项目。
At least 45 projects worth $68 billion faced opposition from community groups in the second quarter of 2026, according to research firm Data Center Watch, after 75 projects worth about $130 billion were disrupted in the first quarter. Banks are involved in several projects that face community action.
今年早些时候，Blue Owl在为CoreWeave作为主要租户的宾夕法尼亚州兰开斯特一个价值40亿美元的数据中心项目进行融资银团化时，曾遭遇困难。
Earlier this year, Blue Owl struggled to syndicate financing for a $4 billion data center project in Lancaster, Pennsylvania, anchored by CoreWeave.
“蓝猫头鹰资本、STACK基础设施公司和甲骨文在‘朱庇特计划’上保持完全一致。该通知不会改变我们对这一多年期项目的财务承诺，”该公司表示。
"Blue Owl, STACK Infrastructure and Oracle remain fully aligned on Project Jupiter. This notice does not change the financial commitments to this multiyear project," the company said.
在媒体对该通知的报道后，甲骨文股价周四下跌3.5%。蓝猫头鹰资本收盘下跌3.6%。
Oracle stock fell 3.5 per cent on Thursday, after media reports of the notice. Blue Owl closed 3.6 per cent lower.
包括Meta在德克萨斯州埃尔帕索的项目，以及Related Digital计划在密歇根州萨林镇建设、专注于甲骨文的160亿美元园区在内的数据中心项目，均遭到当地居民的反对。
Data center developments including Meta's project in El Paso, Texas, and Related Digital's planned $16 billion Oracle-focused campus in Saline Township, Michigan, have faced opposition from residents of those areas.
黑石集团的QTS部门在7月表示，在经历了多年的规划和监管审查后，已终止其在弗吉尼亚州计划建设的Digital Gateway数据中心项目，并撤回了相关申请文件。
Blackstone's QTS in July said it had terminated its planned Digital Gateway data center project in Virginia and withdrawn the associated filings after years of planning and regulatory review.