SB Energy Files For US IPO, Eyes Nasdaq Listing To Fund AI Data Centre Push Backed By Nvidia And OpenAI

SB Energy has filed for an initial public offering with the US Securities and Exchange Commission, moving closer to a Nasdaq listing as the company seeks to expand its business around AI data-centre infrastructure.

The company, backed by SoftBank, OpenAI and Nvidia, plans to list on Nasdaq and Nasdaq Texas under the ticker SBE. SB Energy has not yet disclosed the size or pricing of the offering.

The Wall Street Journal reported that the company could seek to raise between $5 billion and $7 billion through the IPO and could begin trading as soon as this month.

The listing comes as demand for power and infrastructure to support artificial intelligence data centres continues to grow, putting companies such as SB Energy at the centre of the broader AI investment cycle.

$105 Billion Nvidia-OpenAI Project

A major part of SB Energy's IPO story is its involvement in an OpenAI data-centre project in Ohio.

Nvidia committed $105 billion in financing for the project in August, with SB Energy set to build the data centre. The financing is part of a broader push by technology companies to secure the computing infrastructure required for increasingly powerful AI systems.

SB Energy CEO Rich Hossfeld said Nvidia's participation could help the company access investment-grade financing and support the execution of the project.

The deal also gives SB Energy exposure to some of the biggest companies driving the current AI infrastructure buildout.

Data-Centre Business Yet To Generate Revenue

Despite the scale of its expansion plans, SB Energy's data-centre operations are still at an early stage.

None of its data centres were operational as of the IPO filing, and the company has not generated revenue from that business so far.

SB Energy reported a net loss of about $3.2 billion in the first half of 2026, largely reflecting investments in its data-centre strategy. It generated around $139 million in revenue during the period, mainly from its legacy energy operations.

The company also relies on external financing partners to develop its data-centre campuses, making access to capital a key factor in its expansion plans.

OpenAI Exposure Adds To Risk

OpenAI is another important part of SB Energy's business plans. The company said in its filing that it is “substantially dependent” on OpenAI as both a tenant and equity investor.

SB Energy said its near-term revenue, project financing arrangements and development plans are significantly linked to OpenAI's performance under its lease and related agreements.

This concentration could become a key consideration for investors as they assess the company's valuation and future growth prospects.

SB Energy has also warned about risks associated with developing large AI data centres. These include community opposition, local restrictions, regulatory changes and potential resistance to AI-related infrastructure.

Other risks highlighted by the company include technological advances that could make facilities obsolete, slower-than-expected adoption of AI and a potential slowdown in capital spending by major technology companies.

SoftBank remains SB Energy's controlling shareholder. With the IPO now moving forward, investors will get a closer look at how public markets value an AI infrastructure company that has secured major technology partners but is yet to generate revenue from its planned data-centre business.

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