SB Energy Files for Nasdaq IPO, Posts $3.2 billion Net Loss in H1 2026

SB Energy, an artificial intelligence data center company backed by SoftBank, OpenAI, and Nvidia, has filed a registration statement with the U. S. Securities and Exchange Commission for an initial public offering. The company plans to list on the Nasdaq and the Nasdaq Texas market under the ticker symbol SBE, with SoftBank as the controlling shareholder.

In the filing submitted on Tuesday, SB Energy identified its "significant reliance" on OpenAI as a tenant and equity investor as a risk factor. OpenAI Chief Executive Sam Altman was also an early personal investor in the company. The filing stated that this concentration means the company's near-term revenue, project-level financing arrangements, and development plans are materially tied to OpenAI's continued performance under leases and related agreements. Currently, SB Energy has no operational data centers, and its data center campus business has not generated any revenue.

For the first half of 2026, SB Energy recorded a net loss of approximately $3.2 billion, primarily driven by substantial investments in its data center strategy. During the same period, the company generated revenue of about $139 million, mostly from its traditional energy business. The company relies heavily on external financing from partners to build its data center campuses. In August, Nvidia announced it would provide $105 billion in financing for an OpenAI data center in Ohio, which is to be constructed by SB Energy.

The prospectus also highlighted risks related to public opposition to data centers.