Oracle sent Blue Owl a force majeure notice on Project Jupiter, a 2.45 GW New Mexico Stargate campus aimed at 2028, seeking room to delay lease payments if COD slips while $18B of bank debt and $3B of Blue Owl equity sit under that rent clock. Meanwhile Cleanview maps 17.5 GW of new gas generation tied to Amazon data centers, and Microsoft still points toward about 38 GW of capacity by 2032 with $329B of datacenter leases not yet commenced. Common thread for CRE: gigawatt leases still clear, but force majeure, gas COD, and uncommenced lease stacks now set when rent and power actually show up.

Reach out to the AI Consulting Network: https://www.theaiconsultingnetwork.com/

Sources:

https://techcrunch.com/2026/09/24/oracle-sends-force-majeure-notice-on-its-new-mexico-stargate-data-center/

https://news.bloomberglaw.com/artificial-intelligence/oracle-cites-force-majeure-to-shield-itself-on-big-data-center

https://www.semafor.com/article/09/24/2026/ais-financial-jenga-towers-start-to-wobble

https://www.distilled.earth/p/eight-new-gas-plants-will-power-amazons

https://www.reuters.com/business/microsoft-plans-38-gigawatts-data-center-capacity-by-2032-bloomberg-news-reports-2026-09-10/

https://btw.media/en/microsoft-329-1bn-uncommenced-datacentre-leases

https://cloudwars.com/cloud-wars-minute/microsofts-massive-ai-infrastructure-build-out-signals-what-comes-next/

Prologis puts a logistics REIT stamp on AI infrastructure: about 10% of new leasing already ties to the data-center build-out, with roughly 5.8 GW of power secured or advanced (1.6 GW locked) and about $4B of data-center build-to-suits started. In Wisconsin, ATC refiled a $2.48–$2.72B transmission package for Port Washington’s Lighthouse campus (Oracle/OpenAI on Vantage) after regulators forced a do-over — first-phase load around 1,300 MW. And Google’s Finland stack pairs ≥€13B of AI infrastructure with a 22-year Fortum PPA for up to half of Loviisa nuclear output, plus an MoU to scout powered land for more campuses.Reach out to the AI Consulting Network: https://www.theaiconsultingnetwork.com/Sources:1. https://www.themarketsdaily.com/2026/09/20/prologis-sees-leasing-surge-data-centers-fuel-growth-outlook.html2. https://www.atcllc.com/atc-files-revised-application-for-the-ozaukee-county-distribution-interconnection-project/3. https://www.wpr.org/news/atc-reapplies-transmission-project-port-washington-data-center4. https://www.ozaukeepress.com/content/atc-quickly-files-new-power-line-application5. https://www.fortum.com/en/media/2026/09/inside-information-fortum-and-google-partner-drive-sustainable-growth-finland-sign-nuclear-power-purchase-agreement6. https://www.reuters.com/business/media-telecom/google-invest-15-billion-ai-infrastructure-finland-2026-09-09/7. https://www.googlecloudpresscorner.com/2026-09-09-Google-Deepens-Commitment-to-Finland-with-Two-Year-EUR13-Billion-investment-in-AI-Infrastructure8. https://ir.cushmanwakefield.com/news/press-release-details/2026/Cushman--Wakefield-Releases-2026-Data-Center-Development-Cost-Guide-Citing-21-Rise-in-Per-MW-Construction-Costs/default.aspx9. https://www.cushmanwakefield.com/en/united-states/insights/data-center-development-cost-guide

Today's CRE AI Briefing: Oracle's Project Jupiter campus debt — about $18B in loans tied to the Doña Ana, New Mexico AI site — is quoted around 89–91 cents with syndication stalled (FT via Reuters), while power-path pressure continues after New Mexico blocked a supporting gas pipeline. Meanwhile the House passed the Ratepayer Protection Act 417–3, then the Senate blocked a quick unanimous-consent pass — cost allocation for large data-center loads is now a politics clock beside interconnection. And PGIM Real Estate sold a permitted 30 MW Munich-area development site, crystallizing planning and grid value. Underwrite the gate that starts rent, not just the megawatt headline.

Reach out to the AI Consulting Network: https://www.theaiconsultingnetwork.com/

Sources:

- Reuters (citing FT): https://www.reuters.com/business/finance/oracles-18-billion-data-center-debt-under-pressure-ft-reports-2026-09-18/

- Albuquerque Journal: https://www.abqjournal.com/news/land-commissioner-nixes-project-jupiter-pipeline-for-second-time/3083075

- Roll Call (House): https://rollcall.com/2026/09/16/bill-aimed-at-voter-anger-over-data-centers-passes-house/

- Roll Call (Senate): https://rollcall.com/2026/09/17/ratepayer-bill-aimed-at-data-center-buildout-blocked-in-senate/

- CNBC: https://www.cnbc.com/2026/09/17/ai-data-center-utility-cost-senate.html

- BeBeez: https://bebeez.eu/2026/09/18/pgim-sells-data-center-development-site-in-munich/

Today's CRE AI Briefing: Greece's PPC and Amazon Web Services plan a 300 MW data center on the former Agios Dimitrios lignite site in Kozani — a 15-year AWS lease with PPC owning the buildings and selling long-term power (about €1.2B phase one, path toward 1 GW). Meanwhile Anthropic and OpenAI are hunting smaller 20–30 MW deals for speed to usable capacity. And Anthropic's first Australia lease targets a planned 2.16 GW Western Downs campus still gated by FIRB. Match the lease clock to the gate that actually starts rent.

Reach out to the AI Consulting Network: https://www.theaiconsultingnetwork.com/

Sources:

- OT.gr / To Vima: https://www.ot.gr/2026/09/18/english-edition/ppc-amazon-plan-300-mw-data-center-in-kozani/

- CNBC: https://www.cnbc.com/2026/09/18/anthropic-openai-small-ai-data-center-deals.html

- Reuters: https://www.reuters.com/world/asia-pacific/anthropic-signs-first-australia-data-centre-agreement-2026-09-16/

- IPE Real Assets: https://realassets.ipe.com/news/macquarie-partners-with-zerra-and-adc-to-build-australias-largest-data-centre-campus-for-anthropic/10138513.article

- JLL: https://www.jll.com/en-us/insights/market-dynamics/north-america-data-centers

CleanSpark is taking a Meta-tied Georgia AI data center to the U.S. junk-bond market — about $2.23 billion in senior secured notes for Sandersville — while a 20-year Anviran (Meta) lease anchors roughly $6.6 billion of expected revenue. Meanwhile, GatherGov data via CRE Daily shows 632 U.S. jurisdictions have taken formal data-center moratorium action since January, and Blockfusion’s North East Data locked a 15-year CoreWeave anchor lease at Niagara Falls with megawatts still undisclosed. Operator takeaway: price the bond, gate the entitlement, demand the contracted megawatts.Reach out to the AI Consulting Network: https://www.theaiconsultingnetwork.com/Sources:- https://www.bloomberg.com/news/articles/2026-09-17/meta-tied-data-center-taps-us-junk-bonds-for-the-first-time- https://www.prnewswire.com/news-releases/cleanspark-inc-announces-proposed-offering-of-2-227-billion-of-senior-secured-notes-302881360.html- https://thedeepdive.ca/cleanspark-reveals-meta-behind-6-6-billion-ai-lease-requires-2-23-billion-financing/- https://www.credaily.com/briefs/data-center-moratoriums-formalize-in-600-jurisdictions/- https://www.rttnews.com/3691501/blockfusion-usa-subsidiary-signs-15-year-lease-with-coreweave.aspx- https://equity-insider.com/blockfusion-coreweave-15-year-niagara-falls-lease/

Digital Realty’s CEO tells CNBC an AI-lab slowdown is not “pencils down” for data-center real estate — while Dexus’s ADC consortium locks conditional Stage 1 lease docs with an Anthropic Australian subsidiary at Western Downs, and CBRE argues AI is a net positive for U.S. office with prime space tightening first. Three operator takeaways: separate training headlines from contracted megawatts, treat hyperscale lease docs as milestones not COD, and re-score office for prime versus obsolete.Reach out to the AI Consulting Network: https://www.theaiconsultingnetwork.com/Sources:- https://www.cnbc.com/2026/09/15/data-center-reit-ceo-ai-slowdown.html- https://www.cnbc.com/2026/09/15/investors-ai-slowdown-data-center-buildout.html- https://www.eqs-news.com/news/ad-hoc/dexus-finance-pty-limited-australian-data-centres-western-downs-digital-park/36dac438-f90b-44e5-856b-4d15134f0f9c- https://www.reuters.com/world/asia-pacific/anthropic-signs-first-australia-data-centre-agreement-2026-09-16/- https://www.credaily.com/briefs/cbre-sees-ai-office-demand-strengthening-prime-space/- https://www.cbre.com/insights/reports/ais-impact-on-office-demand

Carlyle’s Jason Thomas warns that AI data-center project financing often leans on sponsor investment-grade credit rather than the underlying project — a pattern he compares to 2005–2007 mortgage lending. Today’s CRE AI briefing also covers CRE Daily’s Sep 15 read that data-center CMBS has reached $17 billion since 2025 (8% of new CRE bond deals) with AAA spreads near 165 basis points versus 93 for office, and Entrata’s Entrata Pro launch adding Agent Studio plus AI Admin audit trails for multifamily operators.Operator actions: require project-level power, cooling, tenant concentration, and obsolescence underwrites before accepting sponsor IG as the sole credit thesis; put contracted megawatts and hyperscaler concentration on page one of every data-center bond or construction IC memo; and require an AI Admin audit trail plus human escalation before enabling agents with lease, payment, or maintenance write access.Reach out to the AI Consulting Network: https://www.theaiconsultingnetwork.com/Sources:- Bloomberg — https://www.bloomberg.com/news/articles/2026-09-15/carlyle-s-thomas-says-ai-financing-echoes-pre-crisis-mortgages- Bloomberg Tax — https://news.bloombergtax.com/financial-accounting/carlyles-thomas-says-ai-financing-echoes-pre-crisis-mortgages- CRE Daily — https://www.credaily.com/newsletters/national/issue/data-center-debt-is-flooding-the-cmbs-market/- Bloomberg (CMBS risks) — https://www.bloomberg.com/news/articles/2026-09-14/ai-data-center-boom-is-changing-cmbs-risks- Entrata / GlobeNewswire — https://www.globenewswire.com/news-release/2026/09/15/3362553/0/en/entrata-introduces-entrata-pro-at-summit-2026-giving-new-ai-capability-across-the-entrata-os.html- MarketMinute — https://mail.marketminute.com/article/gnwcq-2026-9-15-entrata-introduces-entrata-pro-at-summit-2026-giving-new-ai-capability-across-the-entrata-os.html