SB Energy has filed for an IPO, relying heavily on OpenAI, with a target to raise between $5 billion and $7 billion.

MindWatch Beating AI News Flash: AI infrastructure company SB Energy has filed for an IPO with the U.S. SEC, planning to list on the Nasdaq and Nasdaq Texas Exchange under the ticker symbol "SBE," with SoftBank as the majority shareholder. According to the prospectus, SB Energy states that its business is "highly dependent" on OpenAI, which is both a tenant of its data centers and a shareholder. The operational performance of OpenAI will significantly impact the company's recent revenue, project financing, and development plans.

As of the IPO filing date, SB Energy has not yet started operations in its data centers, and the data center business has not generated any revenue. In the first half of 2026, the company reported a net loss of approximately $3.2 billion and revenue of about $139 million, mainly from its traditional energy business. The company also disclosed that the construction of AI data centers is highly dependent on external financing and partner support.

According to WSJ, SB Energy is seeking to raise around $5 billion to $7 billion through the IPO and could potentially go public as early as this month. The company is backed by SoftBank and has received investments from OpenAI, NVIDIA, and others. NVIDIA previously announced a $10.5 billion financing for OpenAI's data center project in Ohio, which will be constructed by SB Energy.

SB Energy also cautioned that AI data centers face risks such as community opposition, local regulatory restrictions, a slowdown in AI infrastructure demand, technology advancements leading to facility obsolescence, and declining capital expenditures by hyperscale cloud providers.