SB Energy Files for IPO Amid AI Data Center Boom

SB Energy, an AI power infrastructure company backed by Softbank, OpenAI, and Nvidia, has filed for an initial public offering (IPO) with the Securities and Exchange Commission.

The company's data center business is still in its early stages, having not yet generated any revenue from that portion. None of its data centers are operational as of the filing date.

SB Energy relies heavily on outside financing from partners for its data center campuses, and has incurred net losses of approximately $3.2 billion in the first half of 2026 due to 'substantial investments' in its data center strategy.

The company is also dependent on OpenAI's performance as both a tenant and equity investor, with OpenAI CEO Sam Altman being an early personal investor in SB Energy.

Nvidia has committed $105 billion in financing for an OpenAI data center in Ohio that will be built by SB Energy, which the companies hope will unlock investment-grade financing and ensure project success.