SB Energy, SoftBank's power and data centre arm and a contractor on Stargate, has publicly filed its Form S-1 for a Nasdaq listing under the ticker SBE. The prospectus is the first document about the American side of that build that carries SEC liability, and its headline number needs its own sentence to make sense.
8.8 gigawatts, of which zero is running
The contracted portfolio is 8.8 GW-IT. Of that, 0.8 GW-IT is under construction — the Cosmos campus in Travis County and Milam County buildings 1 and 2 — and 8.0 GW-IT is the PORTS-Pike Technology Campus in Pike County, Ohio, 17 buildings on which construction has not begun. The prospectus says it directly: "No data center capacity is currently in operation." First revenue is expected in the fourth quarter of 2026 from roughly 50 MW at Cosmos.
What $439bn of backlog is
Backlog is $439bn — about $430bn data centre, $10bn standalone power — across contracts with weighted average remaining terms of 19.6 years for data centres and 16.6 for power. It is contracted revenue over two decades, not cash and not capital expenditure, and the prospectus conditions it on completion, permits, successful grid interconnection, lease commencement and tenant acceptance.
The interconnection disclosure, read carefully
This is the detail that rewards reading the document. The filing states that Borden County and Scurry County together represent about 1.7 GW-IT in ERCOT with secured interconnection — and that neither is included in the contracted portfolio or the backlog. Interconnection status is asserted precisely where the capacity is excluded; for the 8 GW at PORTS-Pike, the prospectus summary makes no such statement.
Who is on the other side
SoftBank is the tenant at Cosmos; OpenAI is a strategic investor and tenant at Milam County and PORTS-Pike, and holds 3,991,809 warrants at $0.01. Nvidia is a strategic investor and the residual value guarantor at PORTS-Pike, plus a $1.5bn prepaid forward contract for Class N stock dated 17 August 2026 — chip-vendor financing of a customer, not capital spent on buildings. First-half revenue was $138.7m against a net loss of $3,208.9m, of which $2,573.1m is warrant revaluation and $589.5m stock compensation, with an accumulated deficit of $3,803.0m.