SB Energy (SBE Proposed), a data center and power infrastructure company backed by SoftBank of Japan, has filed to go public in what could be a multibillion-dollar deal. No terms were disclosed in the S-1 filing, which was dated Aug. 31, 2026. SB Energy’s IPO will be listed on both the NASDAQ and the NASDAQ Texas exchange.
J.P. Morgan, Morgan Stanley, Goldman Sachs, Citigroup and Mizuho are the joint lead global book-runners. BNP Paribas, BTIG, Jefferies, Natixis and RBC Capital Markets are also joint book-runners. The underwriting syndicate includes another nine investment banks.
NVIDIA & OpenAI In the Deal
Nvidia has committed to buying $1.5 billion of a new class of SB Energy’s non-voting equity securities – its Class N common stock – at the IPO price in a concurrent private placement, the prospectus said.
SB Energy, based in Redwood City, California, is developing gigawatt-scale data center facilities to serve “our customers’ rapidly growing demand for compute,” according to the prospectus. The company also owns and operates power generation assets.
SB Energy was founded in 2019 with original backing from SoftBank.
As of Aug. 31, 2026, SB Energy had a backlog of about $439 billion.
“SoftBank and OpenAI are strategic investors and customers at our data center campuses – Cosmos (SoftBank), Milam County (OpenAI) and PORTS-Pike Technology Campus (OpenAI) – and NVIDIA is a strategic investor and residual value guarantor at the PORTS-Pike Technology Campus,” SB Energy said in the prospectus.
“No data center capacity is currently in operation,” SB Energy said in the prospectus.
The Cosmos center for SoftBank is in Austin, Texas. The Milam County center for OpenAI – also known as the Stargate Milam County Data Center – is near Burlington and Cameron, Texas. The PORTS-Pike Technology Campus for OpenAI – a leased facility – is in Pike County, Ohio, near Piketon.
In the prospectus, SB Energy compared the impact of AI on the global economy to the impact of the electric power grid on the modern industrial economy and the impact of the interstate highway system on the consumer economy. By 2030, AI is projected to generate a cumulative global economic impact of $20 trillion, according to International Data Corp.
Rivers of Red Ink
SB Energy’s prospectus shows that building multi-GW data centers is an expensive business.
SB Energy is not profitable: Net loss of $7.01 billion on revenue of $268.84 million for the 12 months that ended on June 30, 2026.
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