SB Energy, the SoftBank-backed developer of AI power campuses, filed an S-1 on Tuesday for a proposed IPO, CNBC and Reuters reported. The company applied to list on Nasdaq and Nasdaq Texas under the ticker SBE. SoftBank is the controlling shareholder. OpenAI and Nvidia are also backers, and OpenAI chief executive Sam Altman was an early personal investor.
The Redwood City, California company was founded in 2019 and pairs power generation with data-center campuses. Its filing says it is “substantially dependent” on OpenAI as a tenant and equity investor, with near-term revenues, financing, and development plans tied to OpenAI’s lease performance. None of its data centers are operational, it has not recorded data-center revenue, and it relies heavily on outside partner financing. SoftBank and OpenAI are customers at three campuses through long-term leases.
Reuters reported that Nvidia committed to a $1.5 billion private placement at the IPO price and that OpenAI holds warrants worth roughly $5.5 billion. OpenAI and SoftBank each invested $500 million earlier as part of Stargate, Reuters said. CNBC reported that Nvidia announced in August it would provide $105 billion in financing for an OpenAI data center in Ohio built by SB Energy. Chief executive Rich Hossfeld told CNBC the Nvidia role helps unlock investment-grade financing.
The company disclosed a backlog of roughly $439 billion and 8.8 gigawatts of data-center capacity contracted or under construction, Reuters reported. In the first half of 2026, SB Energy posted a net loss of about $3.21 billion, compared with $215.5 million a year earlier, on revenue of about $139 million. That revenue came mostly from its legacy energy business and was up 66.4 percent from about $83.3 million.
The Wall Street Journal, cited by CNBC, said SB Energy could begin trading as soon as this month and is looking to raise $5 billion to $7 billion. Share count and a price range have not been set. Reuters has previously reported a possible valuation of more than $50 billion, not a confirmed IPO price. Risk factors include community opposition and local moratoria on AI data centers, technological obsolescence, and decelerating hyperscaler capital spending. J.P. Morgan, Goldman Sachs, Morgan Stanley, Citigroup, and Mizuho are joint lead bookrunners.