Published on: 2026-09-02
Updated on: 2026-09-02
SB Energy has filed to list under SBE, but it has not yet announced its IPO price, share count, or listing date. The company reports roughly $439 billion of backlog and 8.8 GW of contracted data-centre capacity, yet none of that data-centre capacity is operating today. OpenAI, Nvidia and SoftBank sit at the centre of the contracts, capital and guarantees supporting that expansion.
SB Energy filed for a Nasdaq IPO under SBE, but its IPO price, share count and listing date remain unannounced.
Its roughly $439 billion backlog is dominated by long-term data-centre contracts, while none of its 8.8 GW contracted data-centre capacity is operating yet.
OpenAI is a major customer, investor and warrant holder, having invested $500 million in SB Energy alongside SoftBank.
Nvidia separately combines equity exposure with credit support. Its initial guarantees cover about 4.25 GW and carry a maximum $105 billion cap, while its IPO-linked equity arrangements total about $3 billion.
| IPO detail | Current status |
|---|---|
| Proposed ticker | SBE |
| Exchange | Nasdaq Global Select Market; Nasdaq Texas dual listing |
| IPO price | Not announced |
| Listing date | Not announced |
| Shares offered | Not announced |
| Reported potential raise | $5B–$7B, not official terms |
SB Energy filed its Form S-1 on September 1, but the filing does not yet specify an IPO price, share count or listing date. The Wall Street Journal has reported that the company could seek roughly $5 billion to $7 billion, but that range is not part of the formal offering terms currently on file.
About $430 billion of SB Energy’s $439 billion backlog comes from its data-centre business. Its contracted portfolio totals 8.8 GW-IT, with roughly 0.8 GW under construction and another 8.0 GW contracted but not yet under construction. None of that data-centre capacity is operating today.
The backlog therefore reflects contracted amounts expected over long periods from infrastructure that largely still has to be built and placed into service. It is not current revenue, cash already received or 8.8 GW of operating capacity.
SB Energy is not starting from zero as an infrastructure developer. As of June 30, it had roughly 2.2 GW of solar and battery assets in operation and another 2.5 GW under construction. Its existing business is rooted in utility-scale power, while the much larger data-centre expansion is being built around long-term relationships with OpenAI, Nvidia and controlling shareholder SoftBank.
OpenAI and SoftBank each invested $500 million in SB Energy in January 2026. OpenAI also selected SB Energy to develop and operate its Milam County data-centre campus, while SB Energy agreed to become a major customer of OpenAI's software and APIs.
OpenAI's amended warrant covers about 3.99 million SB Energy shares at a $0.01 exercise price, subject to its vesting terms. The filed agreement says the original warrant was issued as a “material inducement” for OpenAI to enter the foundation agreement and related leases.
At PORTS-Pike in Ohio, OpenAI will use about 8 GW of capacity under 20-year leases, while SB Energy will build, own and operate the data-centre infrastructure. Nvidia will provide the compute infrastructure and credit support for part of the campus.
Based on the disclosed 8.0 GW PORTS-Pike capacity and 8.8 GW portfolio, the project accounts for roughly 91% of SB Energy's current data-centre capacity.
Nvidia’s $105 billion figure is the maximum aggregate cap on guarantees supporting about 4.25 GW of IT capacity at PORTS-Pike. It is not a $105 billion equity investment in SB Energy.
The guarantees take effect progressively as individual facilities become ready for service and their leases commence. Nvidia would face payment obligations only under specified tenant defaults, while its exposure declines as OpenAI fulfils the 20-year leases. The guarantees cover defined land, power and building-shell obligations rather than the full cost of PORTS-Pike or every obligation owed by OpenAI.
OpenAI has agreed to reimburse Nvidia for amounts Nvidia actually pays under the guarantees. Nvidia can also extend credit support to approximately another 3.8 GW as PORTS-Pike expands.
Nvidia’s equity arrangements are separate. It has agreed to buy $1.5 billion of non-voting Class N shares at the IPO price immediately after the offering closes. A separate $1.5 billion prepaid forward with Energy Global entitles Nvidia to shares at a price based on 90% of the IPO price if the listing occurs. Together, the arrangements give Nvidia about $3 billion of IPO-linked equity exposure, although only the first transaction represents a new share purchase from the IPO entity at closing.
Nvidia also has a direct commercial reason for PORTS-Pike to reach operation. The company estimates that each generation of Nvidia infrastructure deployed there could involve about 1.5 million GPUs and represent approximately $150 billion to $200 billion of Nvidia revenue, with the campus capable of supporting later hardware generations.
The roughly $430 billion data-centre portion of SB Energy's backlog becomes revenue only as contracted capacity is built, placed into service and reaches rent commencement. Until those steps are completed, the long-term leases represent contracted future demand rather than data-centre revenue being earned today.
That gap is visible in the company’s current financials. SB Energy generated $138.7 million of revenue in the first half of 2026, predominantly from its existing power business, while reporting a $3.21 billion net loss. The headline loss was dominated by noncash charges, including about $2.57 billion from warrant revaluation and $589.5 million from stock-based compensation, rather than an equivalent amount of operating cash leaving the business.
SB Energy expects its first meaningful data-centre revenue when the initial phase of the Cosmos Technology Campus reaches rent commencement in the fourth quarter of 2026. That would establish the first revenue contribution from the new business, while the much larger test remains the pace at which the rest of its contracted portfolio moves from signed agreements into completed, revenue-producing infrastructure.
An amended S-1 should provide more detail on the price range, share count and expected deal size, although the final IPO price will not be known until the offering is priced. Those terms will establish SB Energy's implied equity valuation, allowing that valuation to be compared with its existing power operations and the long-dated data-centre contracts behind the $439 billion backlog.
Operating progress will answer the harder question. Initial rent commencement, construction at PORTS-Pike and additional capacity entering service will show how quickly signed contracts become operating infrastructure and recognised revenue.
The IPO terms will show what the market is being asked to value. The operating milestones will show how much of SB Energy’s contracted future it can actually deliver.
