SoftBank-backed SB Energy files for US IPO as AI turbocharges infrastructure demand

Nvidia has committed to invest $1.5 billion in a private placement at the IPO price, while OpenAI has been issued warrants worth roughly $5.5 billion, SB Energy reported in the prospectus. OpenAI and SoftBank had earlier this year invested $500 million each in SB Energy as part of the Stargate initiative to build AI data centers. Private capital firm Ares Management is also a long-standing investor in the company. SB Energy, which has a backlog of roughly $439 billion, currently does not have any operational data centers and is substantially dependent on OpenAI, according to its filing. SoftBank and OpenAI are customers at three of its data center campuses through long-term data center leases. Those lease payments are expected to account for a major portion of its near-term data center revenue. The firm signaled plans to broaden and deepen its customer base and pursue acquisitions to accelerate growth. Founded in 2019, SB Energy focuses on pairing power generation with data centers to help address AI's growing energy constraints. The firm has 8.8 gigawatts of total data center capacity contracted or under construction. SB Energy plans to sell new shares in the offering. Reuters had reported that the company could seek a valuation of more than $50 billion in its IPO. JPMorgan, Goldman Sachs, Morgan Stanley, Citigroup and Mizuho are joint lead book-running managers. SB Energy will list on the Nasdaq and Nasdaq Texas under the symbol "SBE". Sept. 1 (Reuters) - SB Energy recorded a 66.4% revenue jump in the first half of 2026, the SoftBank-backed data center developer disclosed on Tuesday in paperwork for its U.S. IPO, as AI infrastructure companies seek to tap surging investor appetite. The company reported a net loss of $3.21 billion on revenue of $138.7 million for the six months ended June 30, compared with a net loss of $215.5 million on revenue of $83.3 million a year earlier. Investors have shown interest in companies supporting the broader AI infrastructure ecosystem, as hyperscalers and technology firms pour billions of dollars into expanding data centers to meet soaring demand for computing. AI infrastructure firm CoreWeave's shares have more than doubled since their debut last year while data center operator Switch has tapped banks for an IPO as soon as the fourth quarter, Reuters has reported. "While 92% of companies plan to increase AI spending over the next three years, just 1% of business leaders classify their companies as mature on the AI deployment spectrum, indicating that even today's adopters are early in their multi-year investment cycle," SB Energy said in its filing. AI infrastructure investment by the world's largest hyperscalers is expected to exceed $1.3 trillion by 2027, according to S&P Global Ratings. Still, the listing will be a key test of demand as the AI infrastructure trade has come under pressure over concerns about the sustainability of the spending boom.

SoftBank-backed SB Energy files for US IPO as AI turbocharges infrastructure demand

Nvidia and OpenAI backing disclosed in prospectus

SB Energy files for U.S. IPO amid AI infrastructure demand

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