SB Energy, SoftBank's AI data-center and power developer, is targeting a roughly $50 billion valuation and a $5-7 billion raise in its Nasdaq IPO under ticker SBE — but six weeks after its last SEC amendment, the offering still hasn't priced.
SB Energy publicly filed a Form S-1 with the SEC on September 1, 2026, and has applied to list on the Nasdaq Global Select Market and Nasdaq Texas. The company combines gigawatt-scale AI data-center development with the solar, battery and gas generation that powers it — and its two biggest backers, Nvidia and OpenAI, are also two of its biggest customers.
Figures from SB Energy's S-1 filings (SEC EDGAR) and Bloomberg/CNBC reporting, September 2026.
SB Energy IPO: Target Valuation, Raise, and Terms
SB Energy's own S-1 left the share count and price range blank — standard for an initial filing — but Bloomberg and CNBC both reported the company is seeking $5 billion to $7 billion in the offering at a valuation around $50 billion. J.P. Morgan, Goldman Sachs, Morgan Stanley, Citigroup and Mizuho are the joint lead book-running managers, according to SB Energy's own September 1, 2026 press release.
| Metric | Detail |
|---|---|
| Exchange / Ticker | Nasdaq Global Select Market & Nasdaq Texas: SBE |
| Original S-1 filed | September 1, 2026 |
| Amendments filed | September 4 and September 21, 2026 |
| Target raise | $5B-$7B (Bloomberg, CNBC) |
| Target valuation | ~$50B (Bloomberg, CNBC) |
| Contracted backlog | ~$439B ($430B data centers, $10B power) |
| Contracted/under-construction capacity | 8.8 GW |
| Revenue (TTM to June 30, 2026) | $268.84M |
| Net loss (TTM to June 30, 2026) | $7.01B |
| Operational data centers | None |
| Lead book-runners | J.P. Morgan, Goldman Sachs, Morgan Stanley, Citigroup, Mizuho |
How we counted: figures from SB Energy's S-1 and S-1/A filings (SEC EDGAR) and Bloomberg/CNBC reporting on deal terms; as of the September 21, 2026 amendment.
A $439 Billion Backlog Against Zero Operating Revenue
SB Energy's S-1 reports roughly $439 billion of contracted backlog — about $430 billion in data-center commitments and $10 billion in standalone power — across 8.8 gigawatts of capacity contracted or under construction in Texas and Ohio, according to Yahoo Finance's reporting on the filing. None of that capacity is operational yet: about 803 megawatts-IT is under construction in Texas, the Ohio campus's first phase targets 2028, and later buildings are slated for 2031 and 2032.
Backlog of this kind is the undiscounted sum of what customers would pay if every campus gets built, energized and operated for the full multi-decade contract term — not bookings that convert next quarter. Against that $439 billion figure, SB Energy reported revenue of $268.84 million and a net loss of $7.01 billion for the twelve months ended June 30, 2026, per the company's amended S-1 on SEC EDGAR. The company also carries roughly $3.8 billion in accumulated deficit and about $4 billion of debt, per Yahoo Finance's review of the filing. SB Energy's own S-1 states it will "require significant additional capital to construct and complete certain of our projects."
Why Nvidia and OpenAI Are Both Investors and Customers
Nvidia has committed $3 billion total to SB Energy's offering: a $1.5 billion prepaid forward contract and a $1.5 billion private placement of newly issued, non-voting Class N shares, both priced at 90% of the public offering price, according to Bloomberg's September 21, 2026 report on the filing. Separately, Nvidia has guaranteed up to $105 billion tied to the initial 4.25 gigawatt-IT Ohio phase, with an option to guarantee the remaining 3.78 gigawatts-IT, per the S-1 as reported by Yahoo Finance.
OpenAI is SB Energy's anchor tenant, having signed 20-year leases covering roughly 8.0 gigawatts-IT across 17 buildings at the Ohio PORTS-Pike campus specifically built to supply its AI compute. SB Energy's own S-1 discloses that the company is "substantially dependent" on OpenAI as a customer. That structure — Nvidia financing the power infrastructure behind a major GPU customer, while SoftBank separately invests tens of billions in that same customer — means supplier, investor and tenant overlap across the deal in ways that make SB Energy's revenue quality hard to assess independent of its counterparties' own financial health.
What the headline misses
A $50 billion valuation target and a $439 billion backlog describe a company that is, by its own numbers, pre-revenue on the business the IPO is actually selling: none of SB Energy's data centers are energized, and the $268.84 million it has booked over the past year comes almost entirely from legacy power operations, not AI hosting. The circular financing — Nvidia as investor, guarantor and GPU supplier; OpenAI as tenant while SoftBank separately bankrolls OpenAI elsewhere — means a stumble at any one of the three companies shows up on all of their balance sheets at once. And six weeks after its most recent amendment, SB Energy hasn't even set a price range, which is itself a signal that the roadshow Bloomberg described in September hasn't converted into investor demand on the timeline the company hoped for.
Bottom line: SB Energy is asking public investors to price a $50 billion AI infrastructure bet on a $439 billion backlog that's still almost entirely unbuilt, backed by Nvidia and OpenAI — who are also its biggest counterparties. The company hadn't set a price range as of its September 21, 2026 amendment, and the real test is whether energized megawatts, not backlog dollars, start showing up on schedule once the offering actually prices.
Track SB Energy and the rest of the 2026 pipeline on the Tech IPO Tracker.
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