SB Energy's OpenAI-anchored data-center IPO

SoftBank-backed SB Energy filed for an IPO disclosing a contracted backlog of $439 billion covering 8.8 gigawatts of planned data-center capacity. OpenAI is SB Energy's primary customer, having invested $500 million and received warrants valued at approximately $5.5 billion that were issued to secure its anchor-tenant role. OpenAI's signed leases are expected to account for a major share of SB Energy's near-term data-center revenue. Nvidia committed $1.5 billion at the IPO price and is providing guarantees capped at $105 billion covering 4.25 gigawatts of OpenAI leases in Ohio; those guarantees activate in phases as facilities are completed, giving SB Energy financing support before most of the planned capacity begins generating lease revenue.