Stargate Abilene
FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →
Latest evidence check · October 16, 2026
Company-reported delivery: On its September 10, 2026 earnings call, Oracle management said six of the campus’s eight buildings, representing 618 MW and 75% of its stated capacity, had been delivered to the customer. This is an attributed delivery statement. It does not independently establish energized IT load, utilization or full-campus completion. Published earnings-call transcript →
A separate expansion: Reuters reported on March 6, citing Bloomberg and people familiar with the matter, that Oracle and OpenAI were no longer pursuing a proposed additional 600 MW near Abilene after negotiations over financing and changing capacity needs. Reuters also reported that this capacity would be fulfilled at other campuses. This is separate from the existing 1.2 GW planned campus envelope and the adjacent Microsoft development; it does not establish cancellation of the existing campus or financing as the sole cause. Reuters scope and attribution →
Still open: Independent capacity measurement and its power basis, commissioning of the remaining buildings, utilization, site pricing and project-level economics. Do not multiply the 75% statement by the 1.2 GW planned envelope to invent operating IT capacity. The end-2026 second-phase date below remains a historical developer target.
Targeted evidence update, not whole-project recertification. Original profile review: October 6, 2026. FJ Intelligence evidence register →
Project status: Oracle management reported six of eight buildings, representing 618 MW (75% of stated campus capacity), delivered to its customer on Sept. 10, 2026; this is customer-reported delivery, not independently measured IT load. Capacity scope: 1.2 GW planned campus envelope; adjacent 900 MW Microsoft project separate. How we verify evidence.
← Back to project index- Location
- Texas / Abilene
- Readiness
- Operating
- Status
- Oracle management reported six of eight buildings, representing 618 MW (75% of stated campus capacity), delivered to its customer on Sept. 10, 2026; this is customer-reported delivery, not independently measured IT load.
- Company
- Crusoe, Oracle, OpenAI, NVIDIA and Lancium
- Next milestone
- Commissioning of the remaining Oracle/OpenAI buildings; delivered and utilized compute.
- Scoped check
- October 16, 2026
Expanded analysis · Original disclosures linked below · Amounts in USD · Company claims attributed; analyst interpretations labeled.
The one-minute investment takeaway
Abilene is a documented AI workload story, not simply a land or construction announcement. Oracle provides the compute service used by OpenAI; Crusoe delivers the physical infrastructure. The investor test is whether additional capacity becomes billable compute quickly enough to justify its financing and equipment costs.
Readiness basis: Classification of evidence in the reviewed profile; strongest documented phase, not full-campus completion. Oracle reports 75% of capacity delivered as of September 2026; remaining delivery pending Readiness source →
What the sources establish
- Operator / company disclosure Operating evidence. Crusoe’s September 30, 2025 disclosure confirmed the first phase running on Oracle Cloud Infrastructure, with early training and inference workloads and NVIDIA GB200 racks. Source ↗
- Operator / company disclosure Revised delivery target. Crusoe’s March 27, 2026 update moved the existing campus’s six-building second-phase target to end-2026. The earlier March 2025 disclosure had targeted mid-2026. The 1.2 GW figure describes planned total power capacity, not verified current IT load. Source ↗
- Operator / company disclosure Scope boundary. The adjacent 900 MW Microsoft development is a separate two-building campus, with its first building targeted for mid-2027. The combined 2.1 GW headline must not be assigned entirely to Oracle or OpenAI. Source ↗
Who receives the money?
Our analysis of the disclosed company roles. Revenue routes below are business-model interpretations, not estimates of booked project revenue.
| Company / exposure | Economic role | What investors need to establish |
|---|---|---|
| Oracle / ORCL | Cloud infrastructure services to the compute customer. | Recurring service revenue is the route to monetization; site billing, pricing and margins are not public. |
| Crusoe / private | Development and physical infrastructure delivery. | Infrastructure arrangements are distinct from Oracle’s compute revenue; lease and financing terms need separate evidence. |
| NVIDIA / NVDA | Confirmed GB200 hardware connection. | Equipment deliveries support a supplier opportunity; replacement orders and campus-specific revenue remain undisclosed. |
| OpenAI / private | Uses the compute capacity for AI workloads. | Model usage and customer demand underpin the economic case; campus spending is a cost to the user, not its revenue. |
How financially meaningful is it? Analyst interpretation
Oracle reported FY2026 cloud infrastructure revenue of USD 18.1 billion and negative USD 23.7 billion free cash flow. These are company-wide results, not Abilene results. Our analysis: the relevant tension is rapid infrastructure revenue growth alongside upfront funding needs. Backlog is valuable only as delivery converts it into recognized revenue and cash; the campus’s share of either measure is unknown. Financial disclosure ↗
Delivered accelerator-hours × billable utilization × net realized price = modeled compute revenue. Subtract power, operating expenses, hardware depreciation and financing or infrastructure costs to assess returns.
Illustration, not a site forecast: moving utilization from 50% to 70% increases billable hours by 40% at unchanged available capacity and pricing. A 20% price decline would reduce that revenue improvement to 12%. More hardware alone does not guarantee proportionally higher profit.
Milestones that would change the assessment
| Milestone / disclosed target | Evidence to watch |
|---|---|
| By end-2026: operator target | Dated completion and commissioning evidence for the six additional buildings; do not infer success from the target date. |
| After equipment deployment | Evidence that installed racks are delivering customer workloads; energized buildings and utilized hardware are different milestones. |
| At subsequent Oracle results | Revenue conversion, capital spending and financing disclosures. Portfolio metrics provide context rather than campus attribution. |
What could break the investment case?
Our analysis: The delivery target has already shifted. Slower power or equipment commissioning would defer billing while some costs continue. Concentrated compute demand, financing expense and faster hardware obsolescence could compress returns even if the campus is completed.
What would change our view?
Our analysis: We would weaken the economic thesis if commissioning slips without matching customer protections, if available compute grows faster than paid usage, or if realized pricing falls faster than unit costs. We would strengthen it with verified utilization, stable contracts and improving cash conversion.
What remains unknown Not established in this review
No verified current full-campus IT load, campus utilization, realized compute prices, specific lease rates or project-level profit. The full site’s planned power capacity, Stargate-wide spending commitments and Oracle’s company backlog are three different quantities.
This is project research, not a valuation model or a buy recommendation. Financial illustrations are assumptions, not management guidance. Review current company filings and valuation before making an investment decision.
Further reporting
Independent coverage to read alongside the primary evidence. Subscription may be required. Links reviewed October 6, 2026; historical reports do not establish current project readiness.
- Off-grid power reliability and cost risksThe Wall Street Journal · Publication date not available in the accessible record · Subscription may be required
- Construction employment versus permanent campus jobsThe Wall Street Journal · Publication date not available in the accessible record · Subscription may be required
- Reporting on Oracle and OpenAI’s Abilene expansion plansBloomberg · March 6, 2026 · Subscription may be required
Our reading focus: distinguish the existing campus from expansion plans, assess the reliability of its power strategy, and separate temporary construction activity from permanent employment. Bloomberg’s full report was not accessible during this review; it is included as further reading, not as the basis for a new factual claim.
Company investor information & quarterly statements
Corporate-disclosure certification held: Research packet retains a corporate disclosure hold.; Private participant disclosure/ownership exception remains unresolved.; Private participant disclosure/ownership exception remains unresolved.; Private participant disclosure/ownership exception remains unresolved.
Oracle
Project participant recorded in reviewed project profile; consolidated corporate disclosure only
Official investor & shareholder information · Quarterly financial statements: Q1 FY2027 ended2026-08-31
NVIDIA
Project participant recorded in reviewed project profile; consolidated corporate disclosure only
Official investor & shareholder information · Quarterly financial statements: Q2 FY2027 ended2026-07-26
Crusoe: held-public-quarterly-disclosure-not-established
OpenAI: held-public-quarterly-disclosure-not-established
Lancium: held-public-quarterly-disclosure-not-established
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →