2 September 2026

SB Energy, SoftBank's data center unit, files to go public with $50 billion valuation

First reported

CNBC ran this on 1 September, a day before the next source picked it up.

SB Energy Inc., owned by SoftBank Group Corp., builds power plants and data centers for AI companies. It filed to list shares on Nasdaq under ticker SBE, seeking to raise $5 billion to $7 billion.
The company lost $3.2 billion in the first half of 2026 while earning $139 million, mostly from legacy energy projects. No revenue came from its data center business, which remains under construction.
SB Energy is building a 10-gigawatt data center campus in Ohio for OpenAI, with a nearby $33 billion power plant and $4.2 billion transmission lines. Nvidia, which owns stakes in both companies, guaranteed $105 billion in residual value.
The SEC filing states SB Energy is 'substantially dependent on OpenAI' as a tenant and investor. OpenAI appears 306 times in the prospectus, showing how concentrated the customer base is.
The company flagged growing public opposition to AI data centers and infrastructure as a business risk, alongside concerns that rapid technological change could make facilities obsolete.