SB Energy registers for Nasdaq IPO with Nvidia's $3 billion commitment

SoftBank-controlled firm targets $5-7 billion raise with OpenAI warrants

SB Energy, the SoftBank-controlled AI infrastructure platform, registered for an initial public offering on Nasdaq under the symbol SBE on Tuesday, according to the company’s filing. The company will remain a controlled company under SoftBank after the listing, the filing said.

SoftBank, the parent company led by Masayoshi Son, holds a majority stake in SB Energy. The company has not yet determined the number of shares it will offer or their pricing. The Wall Street Journal has reported that SB Energy aims to raise between $5 billion and $7 billion.

Nvidia has committed $3 billion to the company as part of the listing, split evenly between a private placement that will close alongside the IPO and a prepaid forward contract, the filing disclosed.

OpenAI will participate through 4.0 million warrants issued by SB Energy. The ChatGPT maker has additionally been granted a board designation right, conditional on maintaining more than 5% ownership of outstanding capital stock. The Wall Street Journal has reported that OpenAI issued warrants worth an estimated $5.5 billion in SB Energy.

SoftBank and OpenAI are customers at three of SB Energy’s data center campuses through long-term leases, the company said. The lease payments under those arrangements are expected to constitute a significant portion of SB Energy’s near-term revenue.

No data center capacity is currently operational, the company disclosed. SB Energy expects to begin generating revenue from data centers in the fourth quarter of 2026.

The company reported 8.8 gigawatts of contracted data center capacity, of which 803 megawatts are currently under construction. It separately holds 5.5 gigawatts of standalone solar and battery storage capacity.

SB Energy’s largest campus, the Ports-Pike Technology site in Ohio, is slated to require 10 gigawatts of gross power load from the grid once fully constructed, the filing said. The project is supported by a consortium of SB Energy, OpenAI and Nvidia and is expected to be the world’s biggest data center campus.

The Ports-Pike site alone could require more than $6 billion in credit support, which the company said could take the form of letters of credit not reflected in its current balance sheet.

Under a trademark license agreement with SoftBank, SB Energy plans to pay the parent company royalties equal to 1% of its gross profit. SB Energy has also committed to pay an aggregate of $50 million through 2028 for OpenAI software and tools.

In addition to the U.S. Nasdaq listing, SB Energy intends to offer shares to retail investors who are tax residents and located in the United Kingdom, through a public offer platform operated by Marex Financial.