IPO
Latest Pulse
- Sep 1, 2026Why I'm Wary of OpenAI's Circular Financing WebOpenAI's expanding financial ties to SB Energy -- as tenant, investor and warrant holder -- raise questions about how much of AI infrastructure's 'market price' is actually set by related parties.→
- Sep 1, 2026SB Energy Files IPO, Warns It's Tied to OpenAISoftBank-backed SB Energy filed for a US IPO warning investors it is substantially dependent on OpenAI, which is both its largest tenant and an equity holder.→
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IPO
Why I'm Wary of OpenAI's Circular Financing Web
OpenAI's expanding financial ties to SB Energy -- as tenant, investor and warrant holder -- raise questions about how much of AI infrastructure's 'market price' is actually set by related parties.
TRACE'S TAKE
IPO
SB Energy Files IPO, Warns It's Tied to OpenAI
IPO$5-7B target raise
SB Energy Files IPO, Warns It's Tied to OpenAI
SoftBank-backed SB Energy filed for a US IPO warning investors it is substantially dependent on OpenAI, which is both its largest tenant and an equity holder.
DEEP DIVE