SB Energy Files for IPO Amid Dependence on OpenAI

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

The company's filing highlights its substantial dependence on OpenAI as both a tenant and equity investor, which means its near-term revenues, project-level financing arrangements, and development plans are linked to OpenAI's performance under their lease and related agreements.

SB Energy relies heavily on outside financing from partners for its data center campuses, but hasn't yet generated any revenue from that portion of its business. The company incurred net losses of roughly $3.2 billion in the first half of 2026, citing 'substantial investments' in its data center strategy.

Nvidia announced in August that it would provide $105 billion in financing for an OpenAI data center in Ohio that will be built by SB Energy, which is expected to unlock investment-grade financing and ensure project success.