SoftBank-Backed SB Energy Files for US IPO to Fund AI Data Center Power Projects

SB Energy Corp., a power infrastructure company backed by SoftBank Group and OpenAI, filed for a U.S. initial public offering on Tuesday, aiming to capitalize on the surging demand for energy to power artificial intelligence data centers.

Filing Details

The Redwood City, California-based company submitted its IPO filing with the U.S. Securities and Exchange Commission. SB Energy plans to list its shares on the Nasdaq Global Select Market and Nasdaq Texas under the ticker symbol "SBE".

A consortium of major banks is leading the offering, according to the filing. The lead underwriters include:

• JPMorgan
• Goldman Sachs
• Morgan Stanley
• Citigroup
• Mizuho

Strategic Shift to AI Power

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The public offering comes as SB Energy pivots its strategy from a portfolio of solar and battery storage assets toward developing digital infrastructure. The company is developing a 9.2 gigawatt natural gas plant in Ohio specifically to power an AI data center.

This strategic shift is supported by key players in the AI industry. Both OpenAI and SoftBank have each agreed to invest $500 million into SB Energy to build and operate a 1.2 gigawatt data center in Texas for OpenAI's use. Ares Management Corp. is also listed as an investor in the company.

Financial Snapshot

According to the filing, SB Energy's investments in this new direction are reflected in its recent financial performance. For the first half of 2026, the company reported a net loss of $3.2 billion on revenue of $139 million.

This represents a significant increase in losses compared to the same period in 2025, when the company recorded a net loss of $216 million on revenue of $83 million. The widening loss indicates substantial capital expenditure as the company builds out its new energy infrastructure projects.