Sabey SDC Seattle: distinguish vacancy from future inventory
FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →
Project status: Existing campus; October 2025 release targeted expansion delivery in 2027. Capacity scope: 3.5 MW then available in October 2025; 12 MW preleasing targeted 2027. How we verify evidence.
← Back to project index- Location
- Tukwila, Washington, near Seattle
- Readiness
- Operating
- Status
- Existing campus; October 2025 release targeted expansion delivery in 2027
- Confirmed companies
- Sabey Data Centers
- Next milestone
- Updated availability, executed preleases and dated expansion commissioning
- Reviewed
- October 6, 2026
Expanded analysis · Original disclosures linked below · CAD and USD preserved as labeled · Company statements attributed; interpretations labeled.
The one-minute investment takeaway
Our analysis: Sabey’s announcement combines then-available operating inventory with future preleasing inventory. Those quantities answer different questions. Filling existing space can generate near-term receipts, while delivering expansion capacity requires additional capital and execution. Both need updated evidence.
Readiness basis: Classification of evidence in the reviewed profile; strongest documented phase, not full-campus completion. Existing campus; October 2025 release targeted expansion delivery in 2027 Readiness source →
What the sources establish
- Operator / company disclosure Dated availability. Sabey’s October 2025 inventory announcement offered 3.5 MW then available at SDC Seattle and 12 MW for preleasing, with the latter targeted to come online in 2027. Primary source →
- Operator / company disclosure Correct scope. The announcement lists multiple campuses and dates. Its Seattle quantities should not be combined with Columbia, Umatilla or other campuses, and “available for preleasing” does not establish signed leases. Primary source →
Who receives the money?
Our analysis of disclosed roles. Revenue routes are business-model interpretations, not estimates of booked project revenue.
| Company / exposure | Economic role | What investors need to establish |
|---|---|---|
| Sabey | Existing colocation receipts and potential expansion rent | Current billable inventory, executed preleases and incremental capital. |
| Customers | Potential reservations and future computing deployments | Binding commitments, commencement dates and cancellation rights. |
| Construction and power counterparties | Potential expansion and operating-service economics | Named awards and service agreements; none inferred from inventory availability. |
How financially meaningful is it? Analyst interpretation
Our analysis: the near-term case depends on leasing inventory already delivered, while the expansion case depends on a forward development yield. Preleases may reduce demand risk yet leave construction, power and fit-out exposure with the owner. An inventory figure can shrink because customers signed, capacity was reserved, or plans changed; only an updated reconciliation identifies which explanation applies.
Existing growth = newly billable delivered capacity × net rent minus added costs. Expansion return separately compares stabilized contribution with all incremental delivery capital and financing carry.
Hypothetical illustration: 2 MW leased at USD 155 per kW-month adds USD 3.72 million annual rent before costs. The same capacity reserved for future delivery adds no current rent unless the contract provides early payments. Neither assumption reflects disclosed Seattle leases.
Milestones that would change the assessment
| Milestone | Evidence to watch |
|---|---|
| Inventory refresh | A dated available, reserved, contracted and billable capacity reconciliation. |
| Prelease conversion | Enforceable customer commitments with delivery and payment terms. |
| 2027 readiness | Construction, utility commissioning and customer acceptance tied to the expansion. |
What could break the investment case?
Our analysis: An old availability announcement can be misread as today’s vacancy. Reservations can overstate demand if cancellation terms are weak. Expansion may compete with the existing campus for staff, power or customers, and new rent can require substantial enabling spending.
What would change our view?
Our analysis: Updated leasing and construction evidence showing orderly conversion to billing would strengthen the case. Uncommitted expansion spending, repeated target changes or unclear inventory reconciliation would weaken it. No delay is asserted merely because current progress is not disclosed here.
What remains unknown Not established in this review
Current vacancy, signed preleases, delivered expansion MW, budget, tenants, rental rates, utility arrangements and specific 2027 commissioning dates remain unestablished by the October 2025 update.
Project research for information, not a buy recommendation. Financial illustrations use assumptions, not disclosed site results or management guidance.
Company investor information & quarterly statements
Sabey principal operator is private; public quarterly statements unavailable. Named tenants in general promotional material not inferred as project AI customers.
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →