SB Energy Files for $5 Billion-$7 Billion IPO as $3.2 Billion Losses Mount
Updated
Updated · CNBC · Sep 1
SB Energy Files for $5 Billion-$7 Billion IPO as $3.2 Billion Losses Mount
2 articles · Updated · CNBC · Sep 1
Summary
SB Energy filed with the SEC for a Nasdaq and Nasdaq Texas IPO that the Wall Street Journal said could raise $5 billion to $7 billion and begin trading as soon as this month.
The SoftBank-controlled company disclosed a roughly $3.2 billion net loss for the first half of 2026 and just $139 million in revenue, mostly from its legacy energy business.
OpenAI sits at the center of the pitch and the risk: SB Energy said it is substantially dependent on OpenAI as both a tenant and equity investor, while none of its data centers are yet operational.
Nvidia last month committed $105 billion in financing for an OpenAI data center in Ohio that SB Energy will build, but the filing also warned of community backlash, regulatory shifts and slower hyperscaler AI spending.