SB Energy files for IPO backed by Nvidia's $3 billion investment and OpenAI warrants

SB Energy, an integrated data center and power infrastructure firm backed by SoftBank, filed to list on the Nasdaq Global Select Market and Nasdaq Texas under the ticker "SBE". The filing follows a $3 billion commitment from NVDA, split across two private transactions: a $1.5 billion private placement of non-voting shares priced at the IPO price, and a separate $1.5 billion prepaid forward contract signed August 17. OpenAI, meanwhile, holds warrants now valued at roughly $5.5 billion, up from $3.6 billion when they were issued in January, covering close to 4 million shares at a nominal $0.01 strike, with about 1.73 million of those set to vest when the IPO completes.

The two commitments are not the same kind of exposure. Nvidia's stake also comes with residual-value guarantees covering roughly 4.25 gigawatts of the project's initial capacity, guarantees the reporting puts at an aggregate $105 billion, far larger than the headline $3 billion figure suggests. OpenAI's position layers on top of an earlier $500 million direct investment (matched by a $500 million SoftBank investment in January) and 17 lease agreements covering about 8 gigawatts of capacity at SB Energy's Ohio campus, positioning OpenAI as SB Energy's investor, warrant holder, and largest tenant at once.

The filing also shows the cost of that buildout: SB Energy's net loss widened to about $3.2 billion in the first half of 2026, from roughly $250 million a year earlier, even as revenue from its renewable energy unit rose about 66% year over year to near $140 million. Bloomberg and the Wall Street Journal also covered the filing, and the convergence of two of the largest AI-infrastructure balance sheets behind a single IPO underscores how much capital is now chasing the physical buildout of AI compute.

Market watchers may focus on the IPO pricing, with bankers reportedly targeting proceeds of $5 billion to $7 billion at a valuation that could exceed $50 billion, along with how Nvidia's and OpenAI's positions vest and whether OpenAI's warrant exercise could shape SB Energy's governance down the line.

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