According to a draft of the Initial Public Offering (IPO) document obtained by The Wall Street Journal, OpenAI had acquired warrants for new shares of SB Energy, a subsidiary of SoftBank Group. The assumed value of these warrants is approximately $5.5 billion. This right allows OpenAI to acquire SB Energy shares under pre-determined conditions.
SB Energy was established in 2019 and is constructing multiple data center campuses to meet the computational demand of AI systems. OpenAI and SoftBank Group are expected to become tenants of three data centers operated by SB Energy.
Nvidia invested $1.5 billion in SB Energy in early August. It also agreed to provide guarantees of up to $105 billion to support OpenAI in leasing the data center in Ohio that SB Energy is developing.
SB Energy may go public as early as September 2026, with a potential IPO valuation exceeding $50 billion. SB Energy and OpenAI did not comment when reached outside of business hours.
Sources (consolidated from one outlet):