SB Energy files for IPO, heavily reliant on OpenAI, projected to raise $5–7 billion.

Beating AI News Flash: AI power infrastructure firm SB Energy has filed an initial public offering (IPO) application with the U.S. Securities and Exchange Commission (SEC), planning to list on the Nasdaq and Nasdaq Texas Stock Exchange under the ticker symbol "SBE", with SoftBank as its controlling shareholder. According to the prospectus, SB Energy states its business is "highly dependent" on OpenAI, which acts as both a data center tenant and a shareholder. OpenAI’s operational performance will significantly impact the company’s near-term revenue, project financing, and development plans. As of the prospectus filing date, SB Energy has not yet put any data centers into operation, and its data center business has not generated revenue. In the first half of 2026, the company recorded a net loss of approximately $3.2 billion and revenue of around $139 million, primarily from its traditional energy operations. The company also disclosed that AI data center construction relies heavily on external financing and partner support. According to a Wall Street Journal (WSJ) report, SB Energy is seeking to raise between $50 billion and $70 billion via the IPO, with a potential listing as early as this month. Backed by SoftBank, the firm has secured investments from OpenAI, NVIDIA, and other entities. NVIDIA previously announced it would provide $105 billion in financing for OpenAI’s Ohio data center project, which will be built by SB Energy. SB Energy further warned that AI data centers face risks including community opposition, local regulatory constraints, slowing demand for AI infrastructure, technological advancements making facilities obsolete, and declining capital expenditures from hyperscale cloud providers.