2026-10-01 — SoftBank completes its $30 billion follow-on in OpenAI

• SoftBank executed the third and final $10 billion tranche of its $30 billion follow-on investment in OpenAI on 10-01, taking its cumulative OpenAI investment to $64.6 billion and its stake to about 13% SoftBank says the tranche was paid for with the senior notes it issued on 09-24, and that it cancelled the last $10 billion of undrawn bridge-loan capacity, so all borrowing under the $40 billion bridge facility has been repaid. (SoftBank Group)

2026-09-21 — SB Energy delays its IPO

• SoftBank-backed SB Energy, the developer of the Ohio Stargate campus that filed for a US listing on 09-01, has delayed its IPO, the New York Times reported; the Reuters summary gives no reason or new timetable. (Reuters headline, via TradingView)

2026-09-17 — Crusoe raises $3.9bn at a $30.9bn valuation to fund the Abilene campus this JV leans on

• Crusoe raised $3.9bn at a $30.9bn valuation — led by Atreides Management, Mubadala Capital and Valor Equity Partners, with Nvidia, Founders Fund, GIC, Qatar Investment Authority, Radical Ventures and TPG also participating — to finance existing data-center projects including the Abilene, Texas campus that underpins Stargate, plus development of truck-transportable modular “Spark” data centers. CEO Chase Lochmiller framed the goal as “controlling the infrastructure from electrons to tokens.” New board members: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure’s Bill Stein and Redwood Materials founder JB Straubel. This map carries no dedicated Crusoe entity/thread — the raise recurs here because Abilene is a named Stargate site, and in Power Buildout on the power-siting side. (TechCrunch)

2026-09-01 — SB Energy’s OpenAI warrants rose to $5.5bn by end-June, and the anchor-tenant incentive package is now multi-source corroborated

• SB Energy — the SoftBank/Masayoshi Son-majority-owned developer of the Ohio “PORTS” Stargate campus in Pike County — issued OpenAI stock warrants that were valued at $3.6bn in January and had risen to $5.5bn by the end of June, an incentive to secure OpenAI as anchor tenant, per WSJ’s review of SB Energy’s draft IPO documents (SB Energy filed its actual S-1 on 09-01, already on this map via yesterday’s digest’s $439bn-backlog/$3.21bn-net-loss entry). OpenAI separately put $500m of equity into SB Energy and pledged to spend at least $50m on OpenAI products including ChatGPT Enterprise by 2028; OpenAI has executed 17 lease agreements for roughly 8GW of computing capacity at the Ohio site, which is backed by 10GW of planned power infrastructure and remains fully pre-construction with no operational buildings yet. This map’s own 08-31 frontier-ai digest flagged this exact figure as “a third, weaker candidate… single-source, and WSJ’s own text was unreadable through every transport on file” — it is now corroborated across at least six outlets (Yahoo Finance, Business Recorder, AI Weekly, Techstrong.ai, BigGo, thenews.com.pk) citing the same WSJ reporting, clearing the bar this map held it to. (Yahoo Finance, citing WSJ, Business Recorder)

2026-08-17 — The Ohio backstop talks become a signed deal: OpenAI named customer for the full 8 IT-GW

• Nvidia, OpenAI and SoftBank’s SB Energy jointly announced the signed PORTS-Pike Technology Campus deal in Pike County, Ohio — the same Piketon site this thread logged as an early-stage backstop discussion on 07-27, now a completed agreement. OpenAI is named the customer for the site’s full 8 IT-GW of capacity and will utilise it; the campus runs Nvidia’s full-stack DSX AI factory platform. Nvidia provides credit support on land, power and shell buildout to secure an initial 4.25 IT-GW, with an option on the remaining 3.75 IT-GW. (NVIDIA, OpenAI)
• ⚠️ The release prints no dollar figure for the guarantee itself — the “under $120B” number in wide circulation is WSJ’s, well corroborated in press but not company-confirmed.

2026-07-27 — Nvidia in talks to backstop up to $500B for a 10GW Ohio megasite

• Nvidia is discussing a ~$250B lease/construction-financing backstop (separately, up to $350B more for chips) so OpenAI can lease a planned 10GW campus that SB Energy — SoftBank’s power-development subsidiary — is building on the former Portsmouth uranium-enrichment site in Piketon, Pike County, Ohio; full project cost including chips could exceed $500B, matching the JV’s original 2025 headline figure even though this specific site isn’t itself branded “Stargate.” A 20-year OpenAI/SB Energy lease is under negotiation; first 800MW phase targeted 2028. WSJ broke it 07-26, converging across Bloomberg/CNBC/ DCD/NYT through 07-28 — still described everywhere as early-stage and could change. (CNBC) (Data Center Dynamics)

2026-07-22 — A new site: Georgia

• OpenAI committed tens of billions to a new Stargate site in Effingham County, Georgia — 3.2GW contracted via Georgia Power, buildout 2028–2032 — the JV keeps adding sites while the SoftBank loan’s fee trail is still fresh from yesterday. (Bloomberg)

2026-07-21 — The financing gets a fee trail

• SoftBank’s $40B OpenAI bridge loan is minting $100M+ in bank fees for JPMorgan/Goldman and co-underwriters — the loan named in this thread’s watch now has a visible cost of carry. (Bloomberg)

← Backstory

2026-07-01 — Sovereign tranche landed

• SoftBank’s $10B OpenAI tranche and MGX’s $49B AI-fund close both landed, before kestrel’s first window.

2026-06-28 — Thread opened

• ~7 GW + >$400B committed over 3 years; UAE live via “OpenAI for Countries” (UK/Norway/Argentina/South Korea in train); the single biggest concentration of AI capital + sovereign money’s entry point.