AI data center firm SB Energy, which is backed by Softbank, Nvidia and OpenAI, files for IPO

SB Energy, the artificial intelligence power infrastructure company backed by Softbank, OpenAI and Nvidia, has filed for an initial public offering with the Securities and Exchange Commission.

Among the risk factors listed in the Tuesday filing, SB Energy said it's "substantially dependent" on the performance of OpenAI as both a tenant and equity investor. OpenAI CEO Sam Altman was an early personal investor in the company as well.

"This concentration means that our near-term revenues, project-level financing arrangements, and development plans are significantly linked to OpenAI's continued performance under our lease and related agreements," the filing states.

The company relies heavily on outside financing from partners for its data center campuses, and hasn't yet generated any revenue from that portion of its business, according to the SEC filing. None of SB Energy's data centers are operational yet.

For the first half of 2026, SB Energy incurred net losses of roughly $3.2 billion, citing "substantial investments" in its data center strategy, and generated about $139 million in revenue mostly from its legacy energy business over the same period.