SB Energy, an AI power infrastructure company, has filed an IPO application with the SEC, planning to list on Nasdaq and the Nasdaq Texas exchange under the ticker "SBE." SoftBank is the controlling shareholder. In its prospectus, SB Energy says its business is "highly dependent" on OpenAI — OpenAI is both a data center tenant and a shareholder, and its operating performance will significantly affect the company's near-term revenue, project financing, and development plans.
As of the filing date, SB Energy had no operational data centers, and its data center business had yet to generate any revenue. In the first half of 2026, the company reported a net loss of roughly $3.2 billion on revenue of about $139 million, mostly from its legacy energy business. It also disclosed that building AI data centers relies heavily on external financing and partner support.
The Wall Street Journal reports that SB Energy is seeking to raise approximately $5 billion to $7 billion through the IPO and could go public as soon as this month. The company is backed by SoftBank and counts OpenAI and Nvidia among its investors. Nvidia previously announced it would provide $105 billion in financing for OpenAI's data center project in Ohio, which SB Energy will build.
SB Energy also warned that AI data centers face risks including community opposition, local regulatory restrictions, slowing demand for AI infrastructure, technological advances making facilities obsolete, and declining capital expenditures by hyperscale cloud providers.