Oracle: 11 events in 90 days, from a New Mexico force majeure notice to 21,000 job cuts

Oracle logged 11 qualifying events in the US in the last 90 days, across six classes, all dated between 10 and 30 September 2026. On 10 September Bloomberg reported the debt load behind its AI infrastructure build-out, and Business Insider reported the $90-95B FY2027 capex forecast held, with alternative financing that includes supplier financing and customer prepayments. Motley Fool put the data centre commitment at hundreds of billions on 20 September.

New Mexico is where it strained. On 21 September Crypto Briefing reported Project Jupiter mothballed, its $18 billion loan trading at a steep discount. On 25 September Oracle moved to protect itself against delays at Blue Owl's project there (ETtech), and its force majeure notice seeks the option to delay payments if the facility is not operational by 2028 (Prof G, 28 September). By 30 September its bonds traded above 8% yields (Motley Fool). In Texas, Oracle agreed renewable power supply with ENGIE on 19 September (Simply Wall St).

Headcount followed the balance sheet. Oracle cut 21,000 roles, 13% of its workforce, in fiscal 2026, and on 18 September Business Insider reported a new round, double-digit on some teams, with severance capped at 26 weeks' base pay plus one week per year of service. New co-CEOs were reported on 11 September (Crypto Briefing). Clay Magouyrk, co-CEO of Oracle, framed the spending this way: “We have to separate out in our minds what Oracle spends as capex directly, uncouple that directly from how we think about how the business can grow”.

For US law firms, the 11 events land in four demand categories: Corporate and M&A, Insolvency and employment, Commercial and property, and Re-engagement. The Project Jupiter force majeure notice and the discounted $18 billion loan create work on financing terms and counterparty exposure for lenders and bondholders.

The September cuts create severance and forfeited-equity advice for departing staff, and the ENGIE supply deal in Texas creates power and site contracting. The 21,000 departures feed re-engagement work and matter to a firm's partners and business development teams in employment and commercial practices, and to the boards of Oracle's counterparties.