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.