SB Energy, the digital infrastructure arm backed by SoftBank, filed a confidential draft registration statement with the SEC on May 20, 2026, as it prepares for a US IPO targeting a raise of $5 billion to $7 billion at an estimated valuation of roughly $50 billion. The company’s contracted backlog stands at $439 billion, almost entirely tied to data center and power generation projects built to feed the AI boom. SB Energy currently has approximately 9 GW in contracted compute capacity, including a 1.2 GW campus in Texas developed in partnership with OpenAI and a planned 9 to 10 GW facility in Pike County, Ohio. The company has raised over $1.8 billion in equity and project capital, with SoftBank and OpenAI each committing $500 million and Ares Management contributing $800 million. Despite significant partner commitments, including $5.5 billion in warrants from OpenAI and up to $105 billion in guarantees from Nvidia, the company currently has no operational data centers and limited revenue, making execution the key risk factor.
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