SB Energy has submitted its initial public offering (IPO) application to the Securities and Exchange Commission, aiming to raise between $5 billion and $7 billion. The company is heavily reliant on OpenAI, both as a tenant and an equity investor, which raises concerns about its revenue stability and project financing.
In the first half of 2026, SB Energy reported net losses of approximately $3.2 billion, primarily due to substantial investments in its data center strategy, while generating only $139 million in revenue from its legacy energy business. Notably, none of its data centers are operational yet.
The company has also acknowledged risks such as community opposition to data centers, technological advancements that could make its facilities obsolete, and potential regulatory changes. The IPO prospectus mentions OpenAI 306 times, underscoring its critical role in SB Energy's business model.
The company plans to trade on the Nasdaq under the ticker symbol SBE, with Softbank as the controlling shareholder