SB Energy, a power infrastructure firm backed by SoftBank and OpenAI, filed for a US initial public offering, becoming the latest company to seek to capitalize on the growing power demand for data centers

SB Energy just filed to go public under the ticker $SBE with $439B of contracted backlog which is almost entirely tied to long-term AI data center leases with OpenAI and SoftBank. $NVDA is also putting $3B into IPO and separately backing portions of the massive Ohio buildout.

SB ENERGY FILES FOR U.S. IPO WITH $439 BILLION OF CONTRACTED BACKLOG Here’s everything you need to know: SB Energy, SoftBank’s AI data center and power infrastructure company, has publicly filed its S-1 and plans to list under the ticker $SBE on Nasdaq and Nasdaq Texas. The IPO share count and price range have not yet been set. The $100M offering size listed in the filing is only a placeholder. SoftBank will remain the controlling shareholder following the offering, making SB Energy a “controlled company” under Nasdaq rules. THE $439 BILLION BACKLOG: SB Energy has roughly $439B of contracted backlog, including: • ~$430B from data centers • ~$10B from power projects But the backlog is heavily back-loaded. Only about $1B is expected to convert into revenue over the next 24 months, while roughly $357B sits beyond year 8. Weighted average remaining contract term: • Data centers: 19.6 years • Power: 16.6 years THE DATA CENTER PORTFOLIO: SB Energy currently has 8.8 GW-IT of signed data center leases, concentrated entirely across two customers: SoftBank and OpenAI. Cosmos, Travis County, Texas: • 50 MW-IT leased to SoftBank • 15-year lease • ~$2.5B of contracted rent • First revenue expected Q4 2026 That would mark SB Energy’s first-ever data center revenue. Milam County, Texas: • 753 MW-IT leased to OpenAI • Currently under construction • Ready-for-service targeted for 2028 PORTS-Pike, Pike County, Ohio: This is by far the company’s largest project. OpenAI has signed 20-year leases covering roughly 8 GW-IT across 17 buildings at the former Department of Energy uranium-enrichment site. The broader campus buildout is expected to run through 2032, with the first 800 MW expected to become available in 2028. SB Energy believes PORTS-Pike could become one of the largest data center campuses in the world. The company also has another roughly 1.7 GW-IT development pipeline in Borden and Scurry County, Texas that is not yet included in backlog. NVIDIA’S ROLE: NVIDIA is involved as both an investor and a credit backstop. According to the filing, NVIDIA has committed $3B around the IPO: • $1.5B concurrent private placement at the IPO price • $1.5B prepaid forward funded August 17 at 90% of the eventual IPO price Separately, NVIDIA has guarantees capped at $105B supporting certain land, power and shell obligations tied to the first roughly 4.25 GW-IT at PORTS-Pike. Importantly, this is NOT a blanket $105B guarantee of all OpenAI lease obligations. The guarantees phase in as the initial data centers become ready for service, apply following certain tenant defaults, cover defined portions of lease and power obligations, and decline as OpenAI fulfills its obligations over the 20-year lease terms. NVIDIA also has the option to extend its support to another roughly 3.8 GW-IT at PORTS-Pike. The campus is also expected to exclusively host NVIDIA AI infrastructure, subject to limited exceptions. OPENAI’S ROLE: OpenAI is simultaneously a customer, investor and shareholder-linked partner. The company holds 3,991,809 warrants with a $0.01 exercise price, with roughly 1.7M shares expected to be issued through net exercise at the IPO closing. OpenAI also maintains a board seat while its ownership remains above 5%. FINANCIALS: H1 2026: • Revenue: $138.7M • Net loss: $3.21B The H1 loss included a $2.57B non-cash warrant remeasurement charge and $589.5M of stock-based compensation. FY 2025: • Revenue: $213.5M • Net loss: $738.0M FY 2024: • Revenue: $232.2M • Net income: $106.1M Essentially all revenue to date has come from SB Energy’s power business. None of its data center capacity is currently operational. BALANCE SHEET + POWER BUSINESS: SB Energy has roughly $4.0B of debt outstanding, including $999M of 8.875% notes due 2031 used to fund the Cosmos project. Its power platform includes: • 2.2 GWac of solar + storage operating • 2.5 GWac under construction • 0.8 GWac contracted OTHER DETAILS: SB Energy has 223 full-time employees and is led by co-CEOs Rich Hossfeld and Abhijeet Sathe. SoftBank founded the company in 2019 and has contributed roughly $3.2B to date. J.P. Morgan, Goldman Sachs, Morgan Stanley and Citigroup are among the lead banks in a 19-underwriter syndicate. Source: SEC S-1

SB Energy gave OpenAI warrants valued at $5.5B to help secure it as a major data-center tenant, according to draft IPO documents reviewed by WSJ. The SoftBank-backed company is preparing a potential $5B-$7B IPO and says it has nearly 9 GW of contracted compute capacity, despite having no data-center revenue yet. Its data-center backlog is expected to exceed $400B, with OpenAI signing 17 leases for ~8 GW at its planned Ohio campus. OpenAI invested $500M in SB Energy, while Nvidia has committed $3B and is also providing a residual-value guarantee tied to financing the Ohio buildout.