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Items this week

• The same filing's risk factors say the quiet part in SEC prose: SB Energy is "substantially dependent on OpenAI," whose guarantor credit it describes as sub-investment-grade, and 81% of the headline backlog is more than eight years out. OpenAI's PORTS-Pike lease alone is 8.0 of the company's 8.8 GW-IT of signed capacity — about 91% — with the rest split between SoftBank's Cosmos campus and OpenAI's Milam County buildings. OpenAI holds 3,991,809 warrants at a nominal $0.01 strike (ten-year term, reported at roughly $5.5bn in value, up from $3.6bn in January) plus a board designation right above a 5% stake, and separately put $500m of equity into SB Energy and pledged $50m of OpenAI product spend through 2028. Of the $439bn backlog, only about $82bn (19%) is expected to be recognized within eight years — $1bn in 24 months, $12bn in 25-48, $30bn in 49-72, $39bn in 73-96 — with the remaining $357bn "thereafter." SoftBank keeps voting control; SB Energy will list as a Nasdaq "controlled company," with share count and price range still to be filed by amendment. (SEC EDGAR S-1, Yahoo Finance citing WSJ) 2026-09-01
• SoftBank's record ¥1 trillion ($6.3bn) seven-year retail bond priced at a 4.75% coupon — the top of the 4.3-4.9% indicative range, not the middle. That is more than double the ~2.3% year-to-date average for comparable yen retail corporate bonds. The structure is the story: banks reportedly declined the risk, which left households to set the clearing price, and they set it high. Japan's retail-bond issuance has hit ¥2.88tn year-to-date, already a record for a full year. (Bloomberg) 2026-09-04