SB Energy filed to list on Nasdaq with 8.8GW contracted and nothing operational. Inside the OpenAI warrants at $0.01, Nvidia's $105 billion residual-value guarantee, and the $4 billion atNorth close.
That point about OpenAI’s warrants being tied mostly to SB Energy’s share price, not to delivered space, is hard to ignore. It makes the tenant incentive feel very different from normal lease economics. I also liked the simple test you gave: ask whether the payment to the anchor tenant sits in rent or equity. That seems useful well beyond this deal. If the biggest cost shows up through dilution instead of operations, investors can miss what they are really paying for.
That point about OpenAI’s warrants being tied mostly to SB Energy’s share price, not to delivered space, is hard to ignore. It makes the tenant incentive feel very different from normal lease economics. I also liked the simple test you gave: ask whether the payment to the anchor tenant sits in rent or equity. That seems useful well beyond this deal. If the biggest cost shows up through dilution instead of operations, investors can miss what they are really paying for.
Equity investors need to pay close attention to such deals in the future.