Key facts
- SB Energy, a SoftBank Group unit, has filed for an IPO on the Nasdaq.
- The company is targeting a valuation exceeding $50 billion.
- Nvidia is investing $3 billion in SB Energy and providing guarantees for data center capacity.
- SB Energy's data center business reported no revenue in the first half of 2026.
- The company has a $430 billion project backlog, primarily for OpenAI.
SB Energy Inc., an AI infrastructure developer backed by SoftBank Group Corp., has filed for an initial public offering on the U.S. Nasdaq market, with reports indicating a target valuation exceeding $50 billion and fundraising between $5 billion and $7 billion.
Despite the ambitious valuation, the company's IPO prospectus reveals zero revenue from its core data center business in the first half of 2026. This suggests that SB Energy's market value is significantly propped up by its strategic relationships with major players like Nvidia and OpenAI.
Nvidia Corp. is set to invest $3 billion in SB Energy through IPO-related transactions and will provide a substantial residual value guarantee, potentially worth up to $105 billion, for a significant portion of the data center capacity. OpenAI, the developer of ChatGPT, is a key customer, with SB Energy building multiple data center campuses for the company, including a flagship 10-gigawatt facility in Ohio. OpenAI has also received stock warrants valued at $5.5 billion.
SB Energy's strategy involves developing power generation facilities and large-scale data centers, which it plans to lease long-term to SoftBank Group and OpenAI. The company operates a 900-megawatt solar farm in Texas powering a Google data center and is constructing energy storage facilities in California. The prospectus acknowledges a substantial dependence on OpenAI as a potential risk, while also highlighting its vertically integrated approach as a competitive differentiator.
SoftBank Group will remain the controlling shareholder of SB Energy following the listing. The company reported losses of $3.2 billion on sales of $139 million in the first half of 2026, with nearly all revenue stemming from energy infrastructure projects.