SB Energy reportedly issued warrants to OpenAI as an incentive to become a tenant, with those instruments later valued at about $5.5 billion.
The detail comes from draft IPO documents reviewed by The Wall Street Journal that were reported in the disclosure.
SB Energy, which is majority-owned by Masayoshi Son’s SoftBank, is preparing to list in the U.S. and is targeting a raise of about $5 billion to $7 billion.
The company currently has no operational data centers, says it has about 800 megawatts under construction, and reports contracts for nearly nine gigawatts of computing capacity 800 megawatts nearly nine gigawatts.
SB Energy plans to source most of that capacity from a southern Ohio campus that would rely on a planned nearby natural gas-fired power plant.
The firm’s data-center unit has not generated revenue, but SB Energy says its contracted backlog in the unit exceeds $400 billion.
Its renewable-power business reported about $140 million in revenue in the first half of 2026, up 66% year over year $140 million.
SB Energy’s net loss widened to $3.2 billion in the first half of 2026 from roughly $250 million a year earlier, a swing the filing ties largely to changes in warrant valuations.
OpenAI invested $500 million in SB Energy earlier this year and is expected to hold a single-digit percentage after the IPO, with warrant tranches vesting on market-value milestones $500 million.
SB Energy has committed to buy at least $50 million of OpenAI software and services through 2028, including ChatGPT Enterprise, and warned investors it is substantially dependent on OpenAI $50 million.
OpenAI also signed 17 leases for roughly eight gigawatts at SB Energy’s Ohio project, which the company says is supported by about 10 gigawatts of power 17 leases about eight gigawatts.
Nvidia holds an equity stake and committed $3 billion to SB Energy through private transactions tied to the IPO, and SB Energy says its ability to finance the Ohio campus depends in part on Nvidia providing a residual-value guarantee $3 billion.
