分析：消息人士稱，甲骨文與Blue Owl專案延宕衝擊AI融資市場

紐約，9月24日（路透社）——銀行業人士與投資人受訪表示，甲骨文（Oracle）採取行動，保護自身免受Blue Owl在新墨西哥州開發的大型資料中心專案可能延宕的影響，讓規模達兆美元的AI基礎設施融資市場感到寒意。NEW YORK, Sept 24 (Reuters) - 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「Jupiter」發出不可抗力通知。Jupiter是Blue Owl旗下STACK Infrastructure為支援OpenAI而興建的資料中心園區；對一個貸款機構與投資人對是否融資支持產業高速擴張日益謹慎的產業而言，這是最新挫折。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.

Blue Owl表示，該通知並未改變各方對此專案的承諾。即便如此，一名接近其融資事宜的人士表示，這起事件正在其他擬議資料中心融資案的討論中產生迴響，其中包括SB Energy；該公司正在俄亥俄州開發一座服務OpenAI的園區。SB Energy本週決定延後首次公開發行（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.

當企業控制範圍之外的事件使其難以履行合約義務時，企業可援引不可抗力條款。律師表示，這類條款在資料中心開發協議中愈來愈常見，引發貸款機構與投資人的疑慮。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.

管理顧問公司亞瑟迪利特（Arthur D. Little）合夥人尚恩・麥德維特（Sean McDevitt）表示：「AI建置的融資端開始提出比需求端嚴格得多的問題。基礎需求看起來仍非常強勁，但投資人與貸款機構愈來愈關注風險如何分配。」"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."

隨著美國利率升至20年來未見的水準，華爾街正加強審視一些交易的經濟效益與政治因素；這些交易就在幾個月前似乎已成定局。這意味著，即使甲骨文等信用評等高的公司參與交易，也未必足以安撫焦慮的投資人。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.

信評機構穆迪（Moody's）預估，美國六大科技公司與AI相關的資本支出將在2027年達到約1兆美元；貸款機構因此擔心，市場能否吸收這樣的發行量，而不導致更廣泛的定價壓力或更嚴格的條款。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CASE STUDY

投資人與貸款機構表示，他們正把甲骨文的情況當作真實案例來研究：當專案因各方控制範圍之外的因素而延宕時，合約保護機制可能如何受到考驗，以及由誰承擔費用。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.

一名熟悉甲骨文通知及該交易的人士表示，這項計畫將延後一年。熟悉條款的人士表示，Blue Owl已對該專案投入約30億美元股權資金，在施工期間取得的報酬較低；資料中心完工後，報酬將提高。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.

熟悉此事的人士表示，甲骨文因該基地取得電力延宕而援引不可抗力。完工延後，也讓Blue Owl開始取得較高報酬的時間往後推遲。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.

紐約奎因・伊曼紐爾律師事務所（Quinn Emanuel）合夥人拉賈特・拉納（Rajat Rana）表示，隨著開發商競相以前所未有的規模興建AI基礎設施，支撐這些專案的合約也正在快速改變。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.

他說：「這些合約演變得非常快。如果你看今年1月的一份資料中心合約，再看今天的合約，差異非常大。」“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.

研究機構Data Center Watch的資料顯示，2026年第2季至少有45個、價值680億美元的專案遭到社區團體反對；在此之前，第1季已有75個、價值約1,300億美元的專案受阻。銀行參與了數個面臨社區行動的專案。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.

今年稍早，Blue Owl曾難以為一項位於賓州蘭開斯特、由CoreWeave作為主要承租方的40億美元資料中心專案聯貸融資。Earlier this year, Blue Owl struggled to syndicate financing for a $4 billion data center project in Lancaster, Pennsylvania, anchored by CoreWeave.

該公司表示：「Blue Owl、STACK Infrastructure與甲骨文在Jupiter專案上仍完全立場一致。這項通知並不改變各方對這項多年期專案的財務承諾。」"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.

在媒體報導該通知後，甲骨文股價週四下跌3.5%。Blue Owl收盤下跌3.6%。Oracle stock fell 3.5% on Thursday, after media reports of the notice. Blue Owl closed 3.6% lower.

包括Meta在德州艾爾帕索的專案，以及Related Digital計畫在密西根州塞林鎮區興建、以甲骨文為重點的160億美元園區在內，多項資料中心開發案都遭到當地居民反對。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.

黑石集團（Blackstone）旗下QTS於7月表示，歷經多年規劃與監管審查後，已終止其在維吉尼亞州規劃的Digital Gateway資料中心專案，並撤回相關申請文件。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.

（Echo Wang、Isla Binnie、Sabrina Valle報導；Milana Vinn、Saeed Azhar補充報導；Colin Barr、Stephen Coates編輯）(Reporting by Echo Wang, Isla Binnie, Sabrina Valle; additional reporting by Milana Vinn, Saeed Azhar; editing by Colin Barr and Stephen Coates)