SoftBank SB Energy, OpenAI'ye 5,5 milyar $ hisse senedi garantisi verdi

SoftBank SB Energy gave OpenAI $5.5 billion in stock warrants

Mon, August 31, 2026 at 2:54 PM GMT+3 3 min read

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Draft IPO documents reviewed by The Wall Street Journal reveal that SB Energy — the data center company whose majority owner is SoftBank's Masayoshi Son — issued OpenAI stock warrants carrying an estimated value of $5.5 billion as an incentive to bring the AI company on as a tenant.

At the time of their January issuance, the warrants carried a $3.6 billion valuation; by June's end, that figure had climbed to $5.5 billion, the documents show. SB Energy expects to make its IPO filing public as soon as this week, according to the Journal, with bankers targeting a listing as soon as next month that could raise between $5 billion and $7 billion.

The draft documents are the first to lay out in detail how SB Energy is financially intertwined with SoftBank and OpenAI, the two companies that serve as both its planned tenants and its investors. SoftBank is additionally one of OpenAI's major investors.

OpenAI put $500 million into SB Energy earlier this year and, once the IPO closes, is projected to own somewhere in the low single digits as a percentage of the company's shares. Going forward, the warrants would be unlocked in stages as SB Energy's market capitalization reaches predetermined thresholds. The documents also show that SB Energy has pledged to spend at least $50 million on OpenAI products and services, among them ChatGPT Enterprise, by 2028.

OpenAI this month executed 17 individual lease agreements for around eight gigawatts of computing capacity at SB Energy's flagship southern Ohio development, a campus backed by 10 gigawatts of power infrastructure. SB Energy has contracts for nearly nine gigawatts of computing capacity in total, with the vast majority tied to the Ohio campus, which has not yet been built. The company has 800 megawatts of computing capacity under construction and no data centers currently in operation.

The draft filing flags SB Energy's heavy reliance on OpenAI as a key risk, cautioning that any weakening of the AI company's finances could have adverse consequences for SB Energy. Separately, the filing discloses that SB Energy's capacity to fund the Ohio campus is meaningfully contingent on Nvidia's commitment to backstop the project through a residual value guarantee. Nvidia holds an equity stake in SB Energy and committed $3 billion through two private transactions tied to the IPO, one of which gives the chip maker the right to buy shares at a 10% markdown from the offering price.

SB Energy's net loss widened to $3.2 billion in the first half of 2026 from around $250 million in the same period a year earlier, driven largely by changes in the estimated value of its warrant liabilities. Revenue from its renewable energy unit, which develops solar and battery systems, reached approximately $140 million in the first half of 2026, up 66% from the year-earlier period.

SoftBank's deepening financial entanglement with OpenAI has been a central focus for investors. SoftBank's total commitment to OpenAI is expected to reach approximately $65 billion by October, a position that helped push SoftBank stock to all-time highs and briefly lifted the company past Toyota Motor as Japan's most valuable publicly traded company.