Overview
- Draft IPO documents published in late August show SB Energy issued stock warrants to OpenAI that were valued at about $5.5 billion by the end of June.
- OpenAI earlier invested $500 million in SB Energy and has executed roughly 17 leases that together cover about eight gigawatts of capacity at SB Energy’s planned southern Ohio campus.
- SB Energy has no operating data centers, about 800 megawatts under construction, and contracts for nearly nine gigawatts of compute capacity concentrated in the Ohio project.
- The company is preparing a $5 billion to $7 billion U.S. IPO and its filing discloses that financing for the Ohio build depends on Nvidia’s residual‑value guarantees and roughly $3 billion in private commitments from the chip maker.
- SB Energy reported a $3.2 billion net loss in the first half of 2026 driven largely by changes in warrant valuations, and the layered ties among SoftBank, OpenAI and Nvidia raise execution, financial and regional grid‑capacity risks if the IPO or vendor backstops do not materialize.