SB Energy, a subsidiary of SoftBank, has submitted an IPO application to the U.S. SEC, planning to list on both Nasdaq and Nasdaq Texas under the ticker "SBE"; the company has disclosed that its recent revenue, project financing, and development plans are "highly dependent" on OpenAI's continued fulfillment of leases and related agreements.

OpenAI is both a tenant and a shareholder of SB Energy, with OpenAI CEO Sam Altman being an early personal investor in the company. SB Energy stated in its prospectus that this concentration of customer and equity relationships directly links the revenue certainty of recently commenced projects, project-level financing arrangements, and expansion pace to OpenAI's operational performance.

As of the filing date, the company has no operational data centers, and its AI data center business has yet to generate revenue. In the first half of 2026, SB Energy reported a net loss of approximately $3.2 billion, with revenue of about $139 million, primarily from its existing energy business; the loss reflects significant upfront capital investments for its data center strategy.

The company’s construction of AI data center parks heavily relies on external financing and support from partners. Nvidia previously announced it would provide up to $105 billion in financing support for the Ohio data center being built for SB Energy and leased by OpenAI; SB Energy CEO Rich Hossfeld stated that Nvidia's involvement would help secure investment-grade financing for the project.

According to the Wall Street Journal, SB Energy aims to raise approximately $5 billion to $7 billion through the IPO, which could begin trading as early as this month; the company has not disclosed the offering price, offering size, or exact listing date, so the aforementioned financing targets do not constitute final terms.

SB Energy also cautioned that community opposition, local bans, and public resistance to AI infrastructure could impact its data center and power generation business; risks also include lower-than-expected corporate adoption of AI, technological advancements rendering facilities obsolete, regulatory changes, and large-scale cloud vendors slowing capital expenditures.

From a market mechanism perspective, IPO investors are not purchasing cash flows generated by operational data centers but rather development-stage assets supported by OpenAI leases, Nvidia financing, SoftBank control, and future AI computing demand. Beneficiaries include infrastructure developers with long-term power resources, grid capacity, land, and financing channels, as well as suppliers who can convert project demand into GPU and cloud service revenue; those under pressure are small and medium-sized data center developers unable to secure low-cost capital, lacking anchor clients, or facing local approval hurdles.

Source: Public Information