# SB Energy Data Center Capex and Sites Source: https://savrn.com/data-center-capital-atlas/company/sb-energy Markdown alternate of the page above; the site index is https://savrn.com/llms.txt --- Named sites 4 Site-level commitments the atlas ties to SB Energy Disclosed site capital $999M Sum of named sites with a stated dollar figure. Not a capex total; see the spending table Disclosed capacity 4,300 MW Sum of named sites with a stated megawatt figure Financing transactions 5 Transactions naming SB Energy or tied to one of its sites Spending ## Reported and guided spending Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined. | Period | Kind | Amount | As stated | Sources | | --- | --- | --- | --- | --- | | 2026 | equity | $1.5B | NVIDIA equity investment in SB Energy announced 17 August 2026 | | | 2026 | build | ≥$4.2B | At least $4.2 billion committed by SB Energy and SoftBank to new regional grid infrastructure in partnership with AEP Ohio | | | as of the S-1 dated 1 September 2026 | planned | ~$178B | Backlog-associated capex of approximately $178 billion, measured on a cash basis from 30 June 2026, of which approximately $174 billion is attributable to the data center segment and $4 billion to the power segment. This is the company's own estimate of capital expenditure required to build its contracted projects and is not a committed or financed amount; it overlaps with the PORTS-Pike and Cosmos figures recorded elsewhere in this atlas and must not be added to them. | | | May 2026 | debt | $999M | $999.0 million of 8.875% senior secured notes due 2031 financing the Cosmos Technology Campus | | Named sites ## Where SB Energy builds Texas 3 sites · $999M disclosed Open the Texas investment tracker → Ohio 1 site Open the Ohio investment tracker → | Site | State | Place | Capital | MW | Status | Sources | | --- | --- | --- | --- | --- | --- | --- | | Cosmos Technology Campuswith SoftBank | [Texas](https://savrn.com/data-center-capital-atlas/texas) | Austin, Travis County | $999M | 50 | construction | | | PORTS-Pike Technology Campuswith OpenAI, NVIDIA, SoftBank, AEP Ohio, U.S. Department of Energy | [Ohio](https://savrn.com/data-center-capital-atlas/ohio) | Piketon, Pike County | n.a. | 4,250 | announced | | | Borden County campus (pipeline)Disclosed in the Form S-1 filed 1 September 2026 | [Texas](https://savrn.com/data-center-capital-atlas/texas) | Borden County | n.a. | n.a. | announced | | | Scurry County campus (pipeline)Disclosed in the Form S-1 filed 1 September 2026 | [Texas](https://savrn.com/data-center-capital-atlas/texas) | Scurry County | n.a. | n.a. | announced | | Financing ## Financing transactions Transactions that name SB Energy as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed. | Parties | Instrument | Amount | Date | Site | Sources | | --- | --- | --- | --- | --- | --- | | NVIDIA + SB Energy + OpenAINVIDIA 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. | guarantee | ~$105B | Announced 17 August 2026 | PORTS-Pike Technology Campus (OH) | | | SB Energy + SoftBank + AEP OhioSB 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. | other | ≥$4.2B | First announced 20 March 2026 by the U.S. Department of Energy, SB Energy and AEP Ohio; restated with the NVIDIA and OpenAI announcements of 17 August 2026 | PORTS-Pike Technology Campus (OH) | | | NVIDIA + SB EnergyAlongside 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. | equity raise | $1.5B | Announced 17 August 2026; terms restated in Form S-1/A Amendment No. 2 filed 21 September 2026 | PORTS-Pike Technology Campus (OH) | | | SB Energy + SoftBankSB 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. | senior notes | $999M | Issued May 2026, disclosed in the Form S-1 filed 1 September 2026 | Cosmos Technology Campus (TX) | | | SB Energy, Inc. + SoftBank + OpenAI + NVIDIASB 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. | equity raise | n.a. | Form S-1 filed 1 September 2026; Amendment No. 2 filed 21 September 2026; delay reported 21 September 2026 (Reuters citing The New York Times), not confirmed by the company | n.a. | | The record ## Sourced facts on SB Energy - SB Energy will build, own and operate the PORTS-Pike campus under a 20-year lease to OpenAI, with NVIDIA as the exclusive AI compute provider. - OpenAI has contracted for approximately 8 IT-GW at PORTS-Pike: an initial 4.25 IT-GW plus a 3.75 IT-GW option, with first capacity expected in phases from 2028. - SB Energy reports a Data Center Contracted Portfolio of 8.8 GW-IT, comprising 0.8 GW-IT under construction (Cosmos and Milam County Buildings 1 and 2) and 8.0 GW-IT contracted but not under construction (PORTS-Pike), with no data center capacity in operation as of the S-1. - Backlog of approximately $439 billion, comprising approximately $430 billion in the data center segment and $10 billion in the power segment, with a weighted average remaining contract length of 19.6 years for data center projects and 16.6 years for power projects. The company describes the backlog as a hypothetical estimate based on management's assumptions and not necessarily indicative of future revenue; approximately $357 billion of it is expected to be recognized beyond 96 months. - Borden County and Scurry County, Texas together represent approximately 1.7 GW-IT of near-term critical IT capacity in ERCOT with secured interconnection, and are excluded from both the Data Center Contracted Portfolio and the backlog. - The company operates under a Foundation Agreement dated 9 January 2026 among OpenAI Infra Holdings, LLC, SB Energy Global and SoftBank Group Corp., amended and restated in its entirety on 17 August 2026. Sources ## Sources for SB Energy Every source cited on this page, once each. The full atlas source register is at [Capital Atlas sources](https://savrn.com/data-center-capital-atlas/sources). - sec.gov[SEC Form S-1 (SB Energy, Inc.)](https://www.sec.gov/Archives/edgar/data/2133037/000162828026059639/sbenergy-sx1.htm) - nvidianews.nvidia.com[NVIDIA newsroom](https://nvidianews.nvidia.com/news/nvidia-guarantees-sb-energy-s-ports-pike-technology-campus-in-ohio-to-exclusively-host-nvidia-ai-compute) - openai.com[OpenAI](https://openai.com/index/openai-joins-ports-pike-project/) - cnbc.com[CNBC](https://www.cnbc.com/2026/08/17/nvidia-financing-open-ai-data-center-ohio.html) - dailyenergyinsider.com[Daily Energy Insider](https://dailyenergyinsider.com/featured/51581-doe-aep-ohio-softbank-unveil-major-data-center-grid-investment-in-ohio/) - bloomberg.com[Bloomberg](https://www.bloomberg.com/news/articles/2026-08-17/nvidia-to-invest-up-to-105-billion-for-openai-data-center-in-ohio) - sec.gov[SB Energy Form S-1/A Amendment No. 2 (SEC)](https://www.sec.gov/Archives/edgar/data/2133037/000162828026062846/sbenergy-sx1a2.htm) - sec.gov[SB Energy revolving credit agreement, Exhibit 10.41 (SEC)](https://www.sec.gov/Archives/edgar/data/2133037/000162828026062846/exhibit1041-revolvercredit.htm) - tradingview.com[Reuters via TradingView (citing NYT), 21 September 2026](https://www.tradingview.com/news/reuters.com,2026:newsml_FWN45D0CD:0-softbank-backed-sb-energy-delays-its-ipo-nyt/) ### REIT and developer: one page each [Aligned Data Centers 1](https://savrn.com/data-center-capital-atlas/company/aligned-data-centers)[Cloverleaf Infrastructure 1](https://savrn.com/data-center-capital-atlas/company/cloverleaf-infrastructure)[Cologix 0](https://savrn.com/data-center-capital-atlas/company/cologix)[Compass Datacenters 3](https://savrn.com/data-center-capital-atlas/company/compass-datacenters)[CRG (Clayco) 1](https://savrn.com/data-center-capital-atlas/company/crg-clayco)[CyrusOne 7](https://savrn.com/data-center-capital-atlas/company/cyrusone)[DataBank 4](https://savrn.com/data-center-capital-atlas/company/databank)[Digital Realty Trust 8](https://savrn.com/data-center-capital-atlas/company/digital-realty)[EdgeConneX 0](https://savrn.com/data-center-capital-atlas/company/edgeconnex)[Equinix 2](https://savrn.com/data-center-capital-atlas/company/equinix)[Fermi Inc. (Fermi America) 1](https://savrn.com/data-center-capital-atlas/company/fermi-inc)[Flexential 0](https://savrn.com/data-center-capital-atlas/company/flexential)[H5 Data Centers 2](https://savrn.com/data-center-capital-atlas/company/h5-data-centers)[Iron Mountain 3](https://savrn.com/data-center-capital-atlas/company/iron-mountain)[Novva Data Centers 1](https://savrn.com/data-center-capital-atlas/company/novva-data-centers)[Prime Data Centers 4](https://savrn.com/data-center-capital-atlas/company/prime-data-centers)[QTS Realty Trust (Blackstone) 7](https://savrn.com/data-center-capital-atlas/company/qts-realty-trust)[Rowan Digital Infrastructure 1](https://savrn.com/data-center-capital-atlas/company/rowan-digital-infrastructure)[Sabey Data Centers 3](https://savrn.com/data-center-capital-atlas/company/sabey-data-centers)[SB Energy 4](https://savrn.com/data-center-capital-atlas/company/sb-energy)[STACK Infrastructure 4](https://savrn.com/data-center-capital-atlas/company/stack-infrastructure)[Tract 6](https://savrn.com/data-center-capital-atlas/company/tract)[Vantage Data Centers 7](https://savrn.com/data-center-capital-atlas/company/vantage-data-centers) The figure beside each provider is its count of named sites in the atlas. Part of the [North American Data Center Capital Atlas](https://savrn.com/data-center-capital-atlas), refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice. The SAVRN reference set ## Seven references, one system Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it. Delay Watchlist Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue. [Open the watchlist →](https://savrn.com/data-center-delay-tracker) Moratorium Tracker The policy layer: every state measure and local moratorium mapped and cited, with one page per state. Open the tracker → Water Tracker Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger. Open the water tracker → Grid Operator Watchlist ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize. Open the watchlist → Permits and Power Development Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records. Open the permits tracker → SAVRN Scarcity Tracker Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling. Open the scarcity tracker → Have a specific address? Site Intelligence reads all seven references against one location, county, utility and grid operator included, and cites every finding. [Check an address →](https://savrn.com/site-intelligence)