SB Energy Data Center Capex and Sites

with SoftBank

with OpenAI, NVIDIA, SoftBank, AEP Ohio, U.S. Department of Energy

Disclosed in the Form S-1 filed 1 September 2026

Disclosed in the Form S-1 filed 1 September 2026

NVIDIA guaranteed SB Energy's PORTS-Pike Technology Campus in Pike County, Ohio to exclusively host NVIDIA AI compute. SB Energy will build, own and operate the campus under a 20-year lease to OpenAI, which has contracted for approximately 8 IT-GW: an initial 4.25 IT-GW plus a 3.75 IT-GW option. Capacity is expected to come online in phases from 2028. SB Energy's registration statement further discloses that the transmission expansion project enabling full planned campus capacity could alone require over $6 billion in credit support, in the form of guaranties or letters of credit.

SB Energy and SoftBank committed at least $4.2 billion to new regional grid infrastructure in partnership with AEP Ohio to serve the PORTS-Pike Technology Campus, building power sources supporting 10 GW of energy. At the March 2026 announcement AEP Ohio said power should begin flowing to the campus in 2029, and Commerce Secretary Howard Lutnick called the plan, including 10 GW of new generation of which 9.2 GW is natural gas, a $33 billion power project.

Alongside the PORTS-Pike guarantee, NVIDIA made a $1.5 billion equity investment in SB Energy, the SoftBank-backed developer that will build, own and operate the campus. SB Energy's Form S-1/A Amendment No. 2 (21 September 2026) states that NVIDIA has prepaid $1.5 billion under a forward contract to buy non-voting Class N common stock at 90% of the IPO price, settling on completion of the offering, and has separately committed to buy a further $1.5 billion of Class N stock in a concurrent private placement at the IPO price, contingent on and closing with the IPO. In total NVIDIA will invest $3.0 billion in connection with the offering. The amount on this record stays at $1.5 billion; the additional $1.5 billion is contingent on an IPO that was reported delayed on 21 September 2026.

SB Energy issued $999.0 million aggregate principal amount of 8.875% senior secured notes due 2031 in May 2026 to finance the Cosmos Technology Campus in Travis County, Texas, a facility of approximately 50 MW of critical IT capacity. One of the company's parent entities provided a completion guaranty for the benefit of the noteholders and the tenant. The campus is leased for a 15-year initial term to an affiliate of SoftBank on a triple-net basis with 100% operating expense pass-through and rent set as a percentage return on total project cost with annual escalators and limited tenant termination rights; expected aggregate rent over the initial term is approximately $2.5 billion.

SB Energy, Inc. filed a Form S-1 registration statement for an initial public offering of Class A common stock on 1 September 2026. The filing discloses a Data Center Contracted Portfolio of 8.8 GW-IT, comprising 0.8 GW-IT under construction (the Cosmos Technology Campus and Milam County Buildings 1 and 2) and 8.0 GW-IT contracted but not under construction (the PORTS-Pike Technology Campus), against 5.5 GWac of power that is operating, under construction or contracted, of which approximately 2.2 GWac of solar and battery storage was in service at 30 June 2026. No data center capacity is in operation. The company reports approximately $439 billion of backlog ($430 billion data center segment, $10 billion power segment) and approximately $178 billion of backlog-associated capex ($174 billion data center, $4 billion power), and states that approximately $357 billion of the backlog is expected to be recognized beyond 96 months. SoftBank and OpenAI are strategic investors and customers; NVIDIA is a strategic investor and residual value guarantor at PORTS-Pike and is expected to become a holder of Class N common stock in connection with the offering, subject to closing of a concurrent private placement and settlement of a prepaid forward contract. Underwriters named on the cover include J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley, Citigroup and Mizuho. The registration statement records total revenue of $138.7 million and a net loss attributable to SB Energy, Inc. of $3,208.9 million for the six months ended 30 June 2026. SB Energy filed Amendment No. 2 to its Form S-1 on 21 September 2026, still leaving the offering size and price range blank and keeping the proposed Nasdaq and Nasdaq Texas symbol SBE. The amendment states that NVIDIA will invest $3.0 billion in total in connection with the offering, through a $1.5 billion private placement of Class N shares at the offering price and $1.5 billion already prepaid under a forward contract at 90 percent of that price, adds a Citibank agented revolving credit agreement whose $473.0 million initial borrowing is to repay the Hickory Facilities, and says the company targets up to 90 percent debt financing of $8 billion to $9 billion of capital expenditure per building at the PORTS-Pike Technology Campus. Reuters reported on 21 September 2026, citing The New York Times, that SB Energy had delayed its IPO; the company has not confirmed a postponement in any SEC filing.