Softbank affiliate SE Cosmos will convert the former Texas 3M campus into a research and development technology center, according to a filing with the US Securities and Exchange Commission (SEC).. SE Cosmos, which is indirectly owned by SoftBank-backed SB Energy, has secured about $1 billion in financing to convert the Austin campus for this purpose.. – SB Energy.
Built in the 1980s, 3M sold the site, which is now referred to as the “Cosmos Technology Campus,” in 2018.. A ratings note from S&P Global said that the site would comprise 50MW of critical IT load of rack development halls, silicon development bench spaces, and high-density powered lab halls.
SoftBank will use the facilities for R&D to support its AI technology development strategy.. In its note, S&P also revealed that the facility will be powered by the local public utility, Austin Energy, which will be making upgrades to its existing substation.. According to the SEC filing, Silver Bands 3 (US) Corp., another affiliate of SoftBank, has leased space in the facility for an initial 15-year term.
The lease is expected to generate $2.5 billion in rent over the term and will commence in stages between 2026 and 2027.. SB Energy was founded as a subsidiary of SoftBank in 2011, with a separate global entity, SB Energy Global, founded in 2015 to develop projects outside of Japan..
Last week, SB Energy filed for an initial public offering (IPO), targeting a raise of between $5bn and $7bn, with a valuation of $50bn.. In August, Nvidia confirmed it would invest $1.5bn in SB Energy for support on a separate data center campus in Pike County, Ohio.. The company has also signed on to build and operate OpenAI’s 1.2GW Stargate data center in Milam County, Texas..
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