Wall St Engine(@wallstengine):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.

2026.08.31 09:43

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.

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