SB Energy IPO filing: Nvidia invests $3B, OpenAI gets warrants

SB Energy IPO filing: Nvidia invests $3B, OpenAI gets warrants

Tue, September 1, 2026 at 4:06 PM GMT+3 2 min read

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SB Energy, an AI infrastructure company majority-owned by Masayoshi Son's SoftBank, filed a registration statement with the Securities and Exchange Commission on Tuesday for a proposed initial public offering on Nasdaq under the ticker symbol SBE.

The company aims to raise between $5 billion and $7 billion in the offering, according to the Wall Street Journal. The number of shares and the price range have not yet been determined. SB Energy said it will remain a controlled company under SoftBank after the listing.

Nvidia has committed to invest $3 billion in SB Energy as part of the offering, according to the Wall Street Journal. The $3 billion is divided between a private placement closing concurrently with the IPO and a prepaid forward contract. SB Energy also issued 4.0 million warrants to OpenAI, which will hold a board designation right for as long as its ownership stake exceeds 5% of the company's outstanding capital stock. OpenAI has received warrants estimated to be worth $5.5 billion in SB Energy.

SoftBank and OpenAI are customers at three of SB Energy's data center campuses under long-term leases, with the resulting payments projected to account for a meaningful share of the company's near-term revenue, according to the IPO filing. No data center capacity is currently operational. The company's first data center revenue is expected to arrive in the fourth quarter of this year.

The company's contracted data center capacity totals 8.8 gigawatts, of which 803 megawatts are actively being built, while its standalone solar and battery storage portfolio stands at 5.5 gigawatts.

The Ports-Pike Technology campus in Ohio, SB Energy's flagship development, is being built through a joint effort involving SB Energy, OpenAI, and Nvidia and is designed to draw 10 gigawatts of gross power load from the grid at full build-out. That campus alone could require more than $6 billion in credit support, the company said.

Under a trademark license agreement with SoftBank, SB Energy will pay royalties amounting to 1% of its gross profit. The company has additionally pledged a total of $50 million in payments through 2028 for OpenAI software and tools, it said.

J.P. Morgan, Goldman Sachs, Morgan Stanley, Citigroup, and Mizuho are serving as joint lead book-running managers for the offering. SB Energy also said it intends to offer shares to retail investors in the United Kingdom via a platform operated by Marex Financial.