2026-09-02BindingSnapshot, not summed↻ Circular
SB Energy (Provider) · OpenAI (Buyer) · SoftBank (Buyer)
- Value
- $439B
- Capacity / term
- 8.8 GW
- First revenue
- not disclosed
SNAPSHOT ROW, excluded from summed aggregates (basis: total_backlog). Surfaced from the EDGAR watchlist hit on SB Energy's S-1 (filed 2026-09-01/02). This is SB Energy's own rollup of its signed data-center leases and is not additive with nvidia-openai-sb-energy-ohio-2026-08 (Nvidia's $105B residual-value guarantee on the initial 4.25 GW-IT phase of the same OpenAI Ohio lease) or with any other row: they describe different instruments (guarantee ceiling vs. lease backlog) against overlapping capacity, so summing them would double count the Ohio campus. Scale check: $439B backlog against a company with ~$4B of debt and a $3.8B accumulated deficit and no operating data center yet is consistent with the pattern already established by Stargate ($500B program envelope) and Applied Digital ($36B backlog on 1.41GW); AI-infrastructure backlogs routinely run far ahead of revenue at this stage of the cycle, and SB Energy's own S-1 states the same (~$1B converts in 24 months, ~$357B beyond year 8). Arithmetic check: $430B data-center backlog / 8.8GW-IT over the disclosed lease terms (mostly 20-year OpenAI leases) is broadly consistent with the $13.3M/MW/yr full-stack rate already reconciled for OpenAI-Oracle Stargate capacity, though SB Energy's mix includes lower-cost triple-net shell leases (the Cosmos campus alone reconciles to $2.5B / 50MW / 15yr = ~$3.3M/MW/yr, inside the ledger's sanity band). Cross-source: SEC S-1 (primary) plus independent Yahoo Finance and Latitude Media reporting citing the same $439B/8.8GW-IT/8.0GW-IT figures. Counterparty note: 'buyer' role split across OpenAI (Ohio, ~8.0GW-IT) and SoftBank (remaining balance including Cosmos); the S-1 itself does not further break out the balance by named tenant beyond SoftBank affiliates, so this row does not assert a precise split beyond the two figures given in conditions.
Conditions: SB Energy's S-1 registration statement (filed for a planned Nasdaq/Nasdaq Texas listing as SBE) discloses $439B of total backlog under binding contracts, of which approximately $430B is from data centers, against 8.8 GW-IT of signed leases concentrated in two customers: OpenAI (approximately 8.0 GW-IT across 17 buildings, 20-year leases, at the Ohio PORTS-Pike campus) and SoftBank (the balance, including the Cosmos Technology Campus in Travis County, TX: 50 MW-IT under a 15-year triple-net lease with expected aggregate rent of $2.5B, financed by $999M of 8.875% senior secured notes due 2031 issued by project subsidiary SE Cosmos LLC, first rent targeted Q4 2026). The backlog is heavily back-loaded: roughly $1B is expected to convert to revenue in the next 24 months, with about $357B beyond year 8. SB Energy reported approximately $4B of debt and a $3.8B accumulated deficit as of the filing.
2026-08-17Binding↻ Circular
Nvidia (Financier) · OpenAI (Buyer) · SB Energy (Developer)
- Value
- up to $105B
- Capacity / term
- 4.25 GW · 20y
- $1.24M per MW-year
- First revenue
- 2028
Surfaced via the EDGAR watchlist hit on Nvidia's 8-K filed 2026-08-17. This formalizes and supersedes the reported-only nvidia-openai-backstop-talks-2026-07 row (WSJ/CNBC talks reported 2026-07-27 of a speculative up-to-$250B backstop for a rumored 10GW campus); the signed terms differ materially ($105B not $250B; 4.25GW initial plus an unquantified 3.8GW discretionary option, not a flat 10GW; a specific 20-year OpenAI lease rather than open-ended talks), so that row's status was changed to superseded rather than deleted or merged. The single largest binding row on the ledger by guarantee ceiling. Scale check: Nvidia's own $500B multi-year compute-financing framework (nvidia-compute-financing-platforms-2026-08, announced 8-10) and its reported $250B-scale backstop talks for this same project (7-27) both preceded this at similar or larger magnitude, so $105B as the final signed number is consistent with, not an outlier against, Nvidia's disclosed scale of activity this cycle. Arithmetic check: $105B / 4.25GW = ~$24.7M per MW over the full 20-year guarantee horizon, i.e. ~$1.24M/MW/year, which sits inside the ledger's $200k-$20M/MW/year sanity band (this is a guarantee ceiling amortized over the lease term, not a services price, so it is compared loosely rather than treated as a strict services rate). Cross-source: SEC 8-K (primary) plus independent CNBC and Bloomberg reporting (tier-1), both citing the same $105B/4.25GW figures; earlier $250B/$120B figures circulating 7-27 through 8-14 were pre-signing negotiation leaks per WSJ and are explicitly superseded by the SEC-filed number.
Conditions: Nvidia entered residual value guaranties with SB Energy covering leases for approximately 4.25 GW of IT load at the PORTS-Pike Technology Campus (the former Portsmouth Gaseous Diffusion Plant) in Pike County, Ohio, capped at $105B in aggregate; payments trigger only if OpenAI, the 20-year tenant, defaults or becomes insolvent, so the $105B is a contingent guarantee ceiling, not a committed cash outlay. Nvidia can extend further credit support to roughly 3.8 additional GW at its sole discretion (unquantified in dollars, not included in this row's value); full campus is planned at up to 8 GW by decade's end. Alongside the guaranty, Nvidia is investing $1.5B in direct equity in SB Energy (joining existing investors SoftBank Group and OpenAI); separately, SoftBank/SB Energy have committed $4.2B to regional grid infrastructure. Neither the $1.5B equity stake nor the $4.2B grid commitment is included in this row's value, which covers the lease-guarantee instrument only. First 800MW of capacity targeted online in 2028 (year-precision only; no specific month disclosed). Circular by construction: Nvidia guarantees the lease, invests equity in the landlord, and is the exclusive chip supplier hosted on the campus.
2026-07-27Superseded↻ Circular
Nvidia (Financier) · OpenAI (Buyer) · SB Energy (Developer)
- Value
- up to $250B
- Capacity / term
- 10 GW
- First revenue
- not disclosed
SUPERSEDED, excluded from binding aggregates: Nvidia in talks to guarantee up to $250B of financing so OpenAI can lease the SoftBank-subsidiary SB Energy 10 GW Ohio campus. Circular by construction: the guarantor's chips are the campus's payload. Nvidia fell 5% on the report. UPDATE 2026-08-17: the talks formalized into a signed SEC-disclosed deal with materially different terms ($105B guarantee ceiling, not $250B; 4.25GW initial with an unquantified 3.8GW discretionary option, not a flat 10GW) -- see nvidia-openai-sb-energy-ohio-2026-08, which is the binding row going forward. This row is kept, not deleted, as the on-record history of the reported negotiating range.
Conditions: Early talks per WSJ reporting; nothing signed. Backstop would cover lease and construction financing so OpenAI can lease a planned $500B, 10 GW SB Energy campus in Pike County, Ohio (800 MW first phase targeted 2028). Parallel talks reportedly cover up to $350B of chip financing.
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