SB Energy

AI Infrastructure · Data Centers · Energy

IPO

SB Energy files for Nasdaq IPO, targets $50B valuation

Its core data-center business has generated zero revenue, so the valuation rests almost entirely on future lease payments from OpenAI.

• SB Energy filed an S-1 to list on Nasdaq under ticker SBE, seeking to raise $5B-$7B at a valuation of roughly $50B, with JPMorgan, Goldman Sachs, Morgan Stanley, Citigroup and Mizuho leading the offering.
• Founded in 2011 as a SoftBank solar-farm operator, SB Energy has spent the past year pivoting into an AI data-center developer building sites for OpenAI's Stargate initiative.
• The IPO pitch rests on a projected $439B revenue backlog, with facilities being built for OpenAI in Texas and Ohio expected to account for 97% of that total once operational.
• First-half 2026 revenue rose 66.4% to $138.7M, but net loss widened to $3.21B from $215.5M a year earlier as none of its data centers are yet operational.
• Nvidia is investing billions in SB Energy while also guaranteeing $105B of OpenAI's rent obligations, layering the chipmaker's exposure across both landlord and tenant.
• SB Energy has 8.8 gigawatts of data-center capacity contracted or under construction, including a planned up-to-10GW Ohio site to be leased entirely to OpenAI.
• The filing tests investor appetite for AI infrastructure bets that concentrate risk among a handful of interlocking players, since SB Energy's fortunes hinge almost entirely on OpenAI staying solvent and paying rent.