Softbank's SB Energy files for IPO, says it's 'substantially dependent' on OpenAI
SB Energy hasn't generated any revenue from its data center business, and none of its data centers are operational yet.
TL;DR
- SB Energy, backed by Softbank, OpenAI, and Nvidia, has filed for an IPO.
- The company is 'substantially dependent' on OpenAI's performance for its near-term revenues, financing, and development plans.
- SB Energy has not yet generated revenue from its data center business, and none of its data centers are operational.
- The company incurred net losses of approximately $3.2 billion in the first half of 2026, with most of its $139 million revenue coming from its legacy energy business.
- Nvidia is providing $105 billion in financing for an OpenAI data center to be built by SB Energy.
- SB Energy plans to trade on the Nasdaq under the ticker SBE, with Softbank as the controlling shareholder.
- The IPO could raise between $5 billion and $7 billion.
- The filing also lists community opposition to data centers and technological advancements as risk factors.