SB Energy, Backed by Nvidia & OpenAI, Files for Nasdaq IPO
AI power infrastructure company, SB Energy, backed by SoftBank, has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering on the Nasdaq stock exchange. The company will be listed under the ticker symbol SBE. The filing was submitted on Tuesday, September 1, and reveals a company deeply intertwined with some of the biggest names in tech, carrying significant financial risk alongside enormous ambition.
According to its IPO prospectus, SB Energy is aiming to raise between $5 billion and $7 billion from the offering, with a potential valuation exceeding $50 billion. Nvidia has committed to invest $3 billion as part of the offering, split between a private placement and a prepaid forward contract. On the other hand, OpenAI has been issued warrants valued at approximately $5.5 billion. The company also noted that OpenAI signed 17 leases covering roughly 8 gigawatts of planned computing capacity in Ohio.
However, the filing came with a stark warning. SB Energy openly states it is “substantially dependent” on OpenAI, which serves as both its largest tenant and an equity investor. None of SB Energy’s data centers are yet operational, and the company posted a net loss of $3.2 billion on just $139 million in revenue for the first half of 2026. Most of that revenue stemmed from its legacy energy business. The Wall Street Journal reports the company could begin trading as early as this month.
Source: CNBC – SB Energy Files for IPO