OpenAI / Oracle compute deal, September 2025

Announced Sep 23, 2025 · Up to 4.5 GW · $300B+ · 5 years

September disclosure of the July Oracle agreement: over $300B across five years and up to 4.5 GW of additional Stargate capacity. This is part of the Stargate program, not capacity additional to its headline total. For Project Jupiter, Oracle proposed an Energy Service Agreement with El Paso Electric on October 13 to support late-stage construction, initial commissioning, emergency backup, and worker life safety. On October 15, Oracle said its revised fuel-cell permit reduced permitted emissions by 35%; on October 22, it described the private microgrid plan and stated up to 2.45 GW of installed fuel-cell generation capacity. Oracle's October 13 update says campus scope and planned capacity did not change. The 2.45 GW power-system rating is recorded separately from this compute agreement. These releases do not confirm energization or a revised customer delivery date. Oracle's reported force-majeure notice and debt-market concerns remain unverified in company or regulatory filings; they are not treated as changed contract terms. The proposed utility agreement does not disclose an MW allocation; its expected $10M annual power payment is not compute-contract value or project investment. A separate proposed ratepayer credit is not campus capacity or customer compute.

First-capacity target: not disclosed