Blue Owl won’t back Oracle’s $10B data center in Michigan, FT reports

Blue Owl Capital (OWL) will not proceed with backing a planned $10B, 1-gigawatt Oracle (ORCL) data center in Michigan intended to serve OpenAI after negotiations stalled amid concerns over Oracle’s rising debt and AI spending, The Financial Times’ Tabby Kinder and Rafe Rosner-Uddin report. The decision marks a setback for Oracle, as Blue Owl has been the primary financier and owner of its largest U.S. data center projects. Oracle has not yet signed a deal with a new backer, people close to the matter say, adding that Blackstone (BX) has held talks to step in as a financial partner, but has not yet signed a deal to invest in Oracle’s data center.