SB Energy, the AI power infrastructure company backed by Softbank, OpenAI, and Nvidia, filed for an initial public offering with the Securities and Exchange Commission on Tuesday. The company relies heavily on OpenAI as both a tenant and equity investor, with CEO Sam Altman as an early personal investor. SB Energy incurred net losses of roughly $3.2 billion in the first half of 2026 while generating about $139 million in revenue mostly from its legacy energy business, as it invests substantially in its data center strategy with no operational facilities yet.
SB Energy Reports $3.2 Billion Net Loss in First Half of 2026
For the first half of 2026, SB Energy incurred net losses of roughly $3.2 billion, citing "substantial investments" in its data center strategy, according to the SEC filing. The company generated about $139 million in revenue over the same period, mostly from its legacy energy business. None of SB Energy's data centers are operational yet. The company relies heavily on outside financing from partners for its data center campuses and hasn't yet generated any revenue from that portion of its business.
Company Discloses Heavy Dependence on OpenAI Partnership
Among the risk factors listed in the Tuesday filing, SB Energy said it's "substantially dependent" on the performance of OpenAI as both a tenant and equity investor. OpenAI CEO Sam Altman was an early personal investor in the company as well. "This concentration means that our near-term revenues, project-level financing arrangements, and development plans are significantly linked to OpenAI's continued performance under our lease and related agreements," the filing states.
Nvidia Provides $105 Billion Financing for Ohio Data Center
Nvidia announced in August that it would provide $105 billion in financing for an OpenAI data center in Ohio that will be built by SB Energy. "The reason Nvidia is on our part of the equation here is that, you know, helps us to unlock things like investment-grade financing. It helps to ensure the project is a success," CEO Rich Hossfeld told CNBC's "Squawk Box" after the financing announcement.
SB Energy Plans Nasdaq Listing Under Ticker SBE
The company will trade on the Nasdaq and Nasdaq Texas under the ticker symbol SBE. Softbank is the controlling shareholder. While the company hasn't announced pricing or a specific timeline for its debut, it could begin trading as soon as this month, The Wall Street Journal reported. According to the Journal, the company is looking to raise between $5 billion and $7 billion from the offering.
IPO Filing Flags Community Opposition and Technology Risks
The IPO prospectus flagged the growing public backlash against data centers as a risk factor. "We may face community opposition, local moratoria and hyper-local dissent, including growing public resistance to AI and AI-related infrastructure, that may adversely affect our data center and power generation businesses and operations," the filing read. Among other risks the company disclosed in its S-1 were technological advancements that "could render our facilities obsolete or unmarketable", failure of businesses to adopt AI, regulatory changes, decelerating capex from hyperscalers, and the growing public backlash to AI, which has reached a fever pitch recently as more than half of Americans said they're more concerned than excited about the technology's use in daily life.
FAQ
What did SB Energy file with the SEC on Tuesday?
SB Energy filed for an initial public offering with the Securities and Exchange Commission on Tuesday. The company will trade on the Nasdaq and Nasdaq Texas under the ticker symbol SBE, with Softbank as the controlling shareholder.
How much did SB Energy lose in the first half of 2026?
SB Energy incurred net losses of roughly $3.2 billion in the first half of 2026, citing "substantial investments" in its data center strategy. The company generated about $139 million in revenue over the same period, mostly from its legacy energy business.
What financing did Nvidia announce for SB Energy in August?
Nvidia announced in August that it would provide $105 billion in financing for an OpenAI data center in Ohio that will be built by SB Energy. CEO Rich Hossfeld stated the Nvidia financing helps unlock investment-grade financing and ensures the project's success.
