Oracle sent a force majeure notice on Project Jupiter, its $165 billion, 2.45-gigawatt Stargate campus in New Mexico, Bloomberg and CNBC reported September 24. The notice lets Oracle defer payments if the campus misses its 2028 opening, after New Mexico regulators repeatedly denied permits for the gas pipeline that supplies the site and pushed that pipeline into 2027. About 20 banks hold $18 billion of project debt that now trades near 89 to 90 cents on the dollar, Reuters reported. The bear case now has contract-level facts behind it. The stock has fallen from a 52-week high of $322.54 to $133. Put IV rank is 24 percent, cheap for a name carrying this much financing headline risk, and the December 18 expiry should span Oracle's fiscal Q2 report, which the company typically delivers in early December. The main risk is a squeeze. Oracle says the project remains on schedule, and a broad AI rally could carry the stock back above the 125 strike.
ORCL options
Oracle Corporation: implied volatility, options liquidity and upcoming catalysts, as the public market snapshot holds them.
Price and volatility
- Price
- $123.75
- Change
- +$5.77 (+4.89%)
- IV rank
- 45.7
- IV percentile
- 61
- Implied volatility
- 64.5%
- Implied volatility, 5-day change
- −3.8 pts
- Historical volatility, 30-day
- 77%
- Implied minus historical volatility
- −12.7 pts
- Implied volatility term structure
- 85.4% for Nov 13, 2026, 71.8% for Nov 20, 2026
- Options liquidity
- 4/5
- Share volume
- 253.9K
- Market cap
- $362B
- 52-week range
- $109.21–$250.25
- Lendability
- Easy To Borrow
- Next earnings
- Dec 9, 2026
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Upcoming catalysts
· earnings · confirmed
ORCL earnings