SB Energy, a SoftBank Group company that owns, develops, and builds gigawatt-scale data centers, has started the process of launching the initial public offering (IPO) of its common stock. The company filed its Form S-1 with the US Securities and Exchange Commission (SEC) this week.
The data center developer stated in a press release that it had applied to list its common stock on the Nasdaq Global Select Market and Nasdaq Texas under the symbol “SBE”. As part of the offering, SB Energy will also offer shares to retail investors tax resident and located in the UK via a platform operated by Marex Financial.
In its Form S-1 filing, SB Energy declared that NVIDIA has committed to purchasing US$ 1.5 billion of a new class of non-voting equity securities in a private placement, at a price per share equal to that of the initial offering. SB Energy did not disclose how many shares it would include in its IPO nor the valuation it is seeking, although Reuters reported in May 2026 that according to people familiar with the matter, SB Energy was targeting a valuation of US$ 50 billion.
Within its prospectus, SB Energy notes that the pricing of its IPO will unlock a tranche of OpenAI warrants. The warrants form part of a package the AI company was granted to become an anchor tenant at SB Energy’s Milam County data center facility in Texas.
As of June 30, 2026, the total OpenAI warrant liability was valued at US$ 5.5 billion, up from US$ 3.6 billion when the warrants were issued in January 2026. The arrangement is being treated as a discount against OpenAI’s payments, and once the data center leases commence, the cost of the warrants will be recognized as a reduction of lease revenue over the applicable term.
SB Energy has also partnered with NVIDIA and SoftBank to build an AI data center at the PORTS-Pike Technology Campus in Pike County, Ohio. Readers will recall w.media’s report from last month that detailed that OpenAI had signed a 20-year lease at the data center where it will have access to 8 GW of IT capacity. The entire campus will have a capacity of 10 GW with 9.2 GW of natural gas power generation.
J.P. Morgan, Goldman Sachs & Co. LLC, Morgan Stanley, Citigroup, and Mizuho are acting as joint lead book-running managers for SB Energy’s proposed offering.