SB Energy is backed by an artificial intelligence power infrastructure company. Softbank, OpenAI and Nvidiahas filed for an initial public offering with the Securities and Exchange Commission.
Among the risk factors listed in Tuesday’s filing, SB Energy said it is “highly dependent” on OpenAI’s performance as both a tenant and an equity investor. OpenAI CEO Sam Altman was also an early private investor in the company.
“This concentration means that our short-term revenues, project-level financing arrangements, and development plans are significantly tied to OpenAI’s continued performance under the lease and related agreements,” the filing states.
The company relies heavily on external funding from partners for its data center campus and has not yet generated revenue from that portion of its business, according to SEC filings. SB Energy’s data center is not yet operational.
SB Energy suffered a net loss of approximately $3.2 billion in the first half of 2026, citing “significant investments” in its data center strategy, and generated approximately $139 million in revenue during the same period, primarily from its legacy energy business.
In August, Nvidia announced it would provide a $105 billion loan for SB Energy’s OpenAI data center to be built in Ohio.
“The reason NVIDIA is in our equation here is because it helps us unlock things like, you know, investment grade financing. It helps us make sure the project is successful,” CEO Rich Hossfeld said on CNBC’s “Squawk Box” after the funding announcement.
The company trades on Nasdaq and Nasdaq Texas under the ticker symbol SBE. Softbank is the controlling shareholder.
The company has not announced pricing or a specific schedule for its debut, but the Wall Street Journal reported that trading could begin as early as this month. The company is aiming to raise between $5 billion and $7 billion in the offering, the paper said.
The IPO prospectus also points out the growing public backlash against data centers as a risk factor.
“We may face community opposition, regional moratoriums, and highly localized opposition, including increased public resistance to AI and AI-related infrastructure, which could adversely impact our data center and power generation businesses and operations,” the filing said.
Other risks the company identified in its S-1 include advances in technology that “could make our facilities obsolete or unmarketable,” failure of companies to adopt AI, regulatory changes, and a slowdown in capital spending from hyperscalers.
OpenAI is mentioned almost as often as SoftBank itself, appearing 306 times across S-1 compared to SoftBank’s 325 times. Nvidia is mentioned 135 times.
