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Apple's planned 'spaceship' HQ will reportedly cost $5B

The iPad maker has delayed construction on the project in order to cut $1 billion out of the budget, according to Bloomberg Businessweek.

Apple's planned spaceship campus
Apple's proposed campus.

Apple's planned second corporate campus is turning out to be a headache.

That's according to Bloomberg Businessweek, which profiled the development process of the proposed "spaceship" building, an unusual structure shaped like a doughnut or ring.

The budget for the building has jumped to $5 billion from $3 billion, Bloomberg Businessweek said, citing unnamed sources. The cost would exceed that of the new World Trade Center and be three times as expensive as top-of-the-line downtown towers, the report said.

Apple, meanwhile, has delayed the start of construction as it works with its lead architect to slash $1 billion from the budget, according to the report. With any project this large, cost overruns are likely inevitable.

CNET contacted Apple to confirm the details, and we'll update the story when the company responds.

While an earlier proposal had Apple breaking ground on the project last year, the start has been pushed back to 2014. Likewise, Apple had hoped to begin moving people in by 2015, but that, too, has been delayed, to 2016.

The headquarters structure is designed as one big circle featuring four stories and a whopping 2.8 million square feet. Apple previously said that it hopes to have 12,000 people on the campus -- up from about 2,800 in its current headquarters. In revised proposals, that figure had jumped to up to 14,200.