SB Energy Files for IPO as OpenAI, Nvidia Back Massive AI Infrastructure Buildout

SB Energy filed for an initial public offering Tuesday as the SoftBank-backed infrastructure company prepares to fund a major expansion into data centers built for artificial intelligence. The company has applied to list on the Nasdaq Global Select Market and Nasdaq Texas under the ticker SBE, according to its Form S-1. SB Energy has not yet disclosed the number of shares it plans to sell or the expected IPO price range.

SB Energy has 8.8 gigawatts of contracted data-center capacity, with OpenAI and SoftBank serving as strategic investors and customers at its planned campuses. The company said none of its data centers are operational yet, with the first expected to begin generating revenue in the fourth quarter of 2026. Its data-center backlog totaled approximately $439 billion as of June 30, reflecting contracted future revenue associated with its planned campuses.

The filing also details SB Energy's close financial relationships with some of the largest companies funding the AI buildout. Nvidia has agreed to purchase $1.5 billion of non-voting SB Energy shares in a private placement connected with the IPO, while OpenAI and SoftBank have each previously committed $500 million to the company. Nvidia is also providing financial support for SB Energy's PORTS-Pike Technology Campus in Ohio, where OpenAI has agreed to lease data-center capacity.

SB Energy remains heavily in investment mode as it develops that infrastructure. Revenue increased 66% to $138.7 million during the first six months of 2026, while the company reported a $3.2 billion net loss. Its existing revenue comes from its power business rather than operating data centers. The IPO filing does not yet establish how much SB Energy will raise or at what valuation, leaving those details to a future amendment to the registration statement.