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）——根據路透社對銀行業人士與投資人的訪談，甲骨文（Oracle）採取行動，以防範 Blue Owl 在新墨西哥州開發的一項大型資料中心專案可能延宕，已讓規模達兆美元的 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 正在興建、用以支援 OpenAI 的資料中心園區。這是該產業最新一起挫折，放款機構與投資人對於為 AI 產業高速擴張提供融資，正變得更加謹慎。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.

Blue Owl 表示，該通知並未改變各方對專案的承諾。即便如此，這起事件仍在其他擬議資料中心融資案的討論中發酵，包括 SB Energy 在俄亥俄州開發、將服務 OpenAI 的園區；一名接近該案融資的人士如此表示。SB Energy 本週決定延後首次公開募股（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.

當發生公司無法控制的事件、使其難以履行契約義務時，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，也引發放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 Arthur D. Little 合夥人肖恩・麥克德維特（Sean McDevitt）表示：「AI 建設的融資端，開始提出比需求端更嚴格得多的問題。」「基本需求看起來仍然非常強勁，但投資人與放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，華爾街正加強檢視交易的經濟面與政治面；就在數個月前，這些交易看似已塵埃落定——也就是說，即使甲骨文這類信評較高的公司參與交易，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.

根據穆迪（Moody's），美國六大科技公司的 AI 相關資本支出，預計到2027年將達約1兆美元。這使放款機構擔心，市場是否能吸收如此規模的發行量，而不引發更廣泛的定價壓力或更嚴格的條件。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

投資人與放款機構表示，他們正把甲骨文事件作為一個現實案例來研究：當專案遇到各方無法控制的延宕時，契約保障可能如何受到考驗，以及由誰買單。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與該交易的人士表示，該計畫將延後一年。另一名熟悉條款的人士表示，Blue Owl 已在該專案投入約30億美元股權資金，並在施工期間取得較低報酬；資料中心完工後，報酬率會提高。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，甲骨文因為場址供電取得延宕而援引不可抗力。完工時間延後，也會推遲 Blue Owl 開始取得較高報酬的時間。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.

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迅速改變，紐約 Quinn Emanuel 律師事務所合夥人拉賈特・拉納（Rajat Rana）表示。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。如果你比較今年1月的一份資料中心合約和今天的一份合約，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.

根據研究公司 Data Center Watch，2026年第2季至少有45個、總值680億美元的專案遭到社區團體反對；第1季則有75個、總值約1,300億美元的專案受阻。多項面臨社區行動的專案有銀行參與。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 在為一項位於賓州蘭開斯特、由 CoreWeave 作為核心客戶的40億美元資料中心專案進行聯貸分銷時遇到困難。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 與甲骨文仍在 Jupiter 專案上完全一致。這項通知不會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.

在媒體報導這項通知後，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 在密西根州薩林鎮規劃、以甲骨文為重點的160億美元園區在內，這些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（Blackstone）旗下 QTS 7月表示，經過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)