SB Energy Files for IPO With Backing From Nvidia, OpenAI — Update

By Katherine Hamilton

SB Energy, an AI infrastructure platform backed by SoftBank, has registered for an initial public offering.

The company, which is majority-owned by Masayoshi Son's SoftBank, said Tuesday it will remain as a controlled company under SoftBank and trade on Nasdaq under the symbol SBE. It hasn't yet determined the number or pricing of shares in the proposed offering.

SB Energy aims to raise between $5 billion and $7 billion, the Wall Street Journal has reported.

As part of the offering, Nvidia has committed to invest $3 billion in the company. That is split evenly between a private placement for Nvidia that will close alongside the IPO, and a prepaid forward contract.

SB Energy also issued 4.0 million warrants to OpenAI. The maker of ChatGPT will also hold a board designation right, as long as it owns more than 5% of outstanding capital stock.

The Journal has also reported that OpenAI has issued warrants worth an estimated $5.5 billion in SB Energy.

SoftBank and OpenAI are customers at three of SB Energy's data center campuses through long-term leases. The lease payments under those arrangements are expected to constitute a significant portion of SB Energy's near-term revenue, the company said in its IPO filing.

Right now, no data center capacity is currently operational. SB Energy expects to start generating revenue from data centers in the fourth quarter of this year.

SB Energy said it has 8.8 gigawatts of contracted data center capacity, of which 803 megawatts are currently under construction. It has 5.5 gigawatts in standalone solar and battery storage.

Its biggest campus, Ports-Pike Technology in Ohio, is slated to offer 10 gigawatts of gross power load required from the grid once fully constructed. The site is supported by a consortium between SB Energy, OpenAI and Nvidia, and is expected to be the world's biggest data center campus.

SB Energy said the Ports-Pike campus alone could require more than $6 billion in credit support, which could be in the form of letters of credit that are not reflected in its current balance sheet.

SB Energy plans to pay SoftBank royalties of 1% of its gross profit under its trademark license agreement with the firm. The company has also committed to pay an aggregate of $50 million through 2028 for OpenAI software and tools, it said.

SB Energy said it intends to offer shares to retail investors who are tax residents and located in the U.K. via a public offer platform operated by Marex Financial.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

September 01, 2026 08:01 ET (12:01 GMT)