What SB Energy does
SB Energy develops, constructs and plans to operate gigawatt-scale data center facilities, and develops, constructs, owns and operates power generation assets, according to its SEC registration statement (Sep 2026).[1] Founded in 2019, SB Energy describes itself as an integrated infrastructure development and ownership platform.[2] SB Energy is building and operating the 1.2GW Stargate data center in Milam County, Texas, reported by Data Center Dynamics (Sep 2026).[3] It plans an up-to-10GW site in Pike County, Ohio, with the full capacity slated to be leased to OpenAI, reported by Data Center Dynamics.[3]
Business model and customers
SoftBank and OpenAI are SB Energy's only customers, and its IPO prospectus says it is substantially dependent on OpenAI as a tenant and equity investor, reported by Data Center Dynamics in September 2026.[3] SB Energy says it has signed roughly 8.8 gigawatts of IT lease capacity, including the PORTS-Pike campus in Ohio for OpenAI (Sep 2026).[4] SB Energy reported revenue of $213.5 million for 2025, down 8.1% from $232.2 million in 2024, according to its S-1.[1] Revenue rose 66.4% to $138.7 million in the six months ended June 30, 2026, from $83.3 million a year earlier, according to the S-1.[1] Of that first-half 2026 revenue, $58.7 million was revenue from contracts with customers and $67.4 million was an unrealized change in the fair value of power price swap derivatives, per the S-1.[1]
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Key Metrics
Total funding
$1B (OpenAI + SoftBank combined investment for Texas facility, 2026)
As of 2026Value Add Pulse research
Company Snapshot
SB Energy is a Energy company, based in Redwood City, California, USA, founded 2019. Total funding $1B (OpenAI + SoftBank combined investment for Texas facility, 2026) (As of 2026).
Recent changes
- Sep 22, 2026Sep 22, 2026SB Energy Clears SEC Review, Roadshow Comes Next Pulse story
- Sep 21, 2026Sep 21, 2026First reported revenue: $268.84M (TTM to Jun 2026)Rumored SEC EDGAR
- Sep 21, 2026Sep 21, 2026Nvidia Adds $1.5B More To SB Energy Ahead Of IPO Pulse story
- Sep 4, 2026Sep 4, 2026SB Energy Amends S-1 for a $439B Backlog Listing Pulse story
- Sep 1, 2026Sep 1, 2026IPO Undisclosed CNBC
Earlier changes (8)
- Sep 1, 2026Sep 1, 2026SB Energy Files IPO, Warns It's Tied to OpenAI Pulse story
- Sep 2026Sep 2026First reported valuation: ~$50B+ (IPO target, per Sept 2026 S-1 reporting; final pricing not yet set)Rumored Value Add Pulse enrichment
- Aug 17, 2026Aug 17, 2026Raised $1.5B Prepaid forward contract (liability; settles in stock at IPO) SEC EDGAR (SB Energy S-1/A)
- Aug 17, 2026Aug 17, 2026New investor: Nvidia SEC EDGAR (SB Energy S-1/A)
- Jan 9, 2026Jan 9, 2026Raised $1B SB Energy
- Jan 9, 2026Jan 9, 2026New investor: OpenAI SB Energy
- Jan 9, 2026Jan 9, 2026New investor: SoftBank Group SB Energy
- 20262026First reported total funding: $1B (OpenAI + SoftBank combined investment for Texas facility, 2026) Value Add Pulse enrichment
Funding History
3 events · sources dated per row| Date | Event | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Sep 1, 2026 | IPO filing (S-1; not priced) | Undisclosed | — | CNBC | |
| Aug 17, 2026 | Prepaid forward contract (liability; settles in stock at IPO) | $1.5B | — | NvidiaLeadunverified | SEC EDGAR (SB Energy S-1/A) |
| Jan 9, 2026 | funding round | $1B | — | OpenAIunverifiedSoftBank Groupunverified | SB Energy |
How SB Energy has been funded
Ares Infrastructure Opportunities funds invested $800 million of redeemable preferred equity in SB Energy in 2025, according to the company.[2] SB Energy expects to redeem Ares's preferred equity in full before or at the completion of its IPO, according to the S-1.[1] OpenAI and SoftBank Group are each investing $500 million in SB Energy, which the company describes as equity funding.[2] On August 17, 2026, Nvidia invested $1.5 billion in SB Energy through a prepaid forward contract that converts into equity on a future financing or liquidity event, according to the S-1.[1] Nvidia has also committed to buy $1.5 billion of non-voting Class N common stock in a private placement at the IPO price, according to the S-1.[1] SB Energy separately granted OpenAI warrants that were issued in January 2026 at $3.6 billion, reported by The Next Web.[5] A $4.9 billion debt package for SB Energy faced weak demand, the Financial Times reported in September 2026; that financing is debt, not equity.[4]
Investors and their roles
- SoftBank Group (controlling shareholder; invested $500 million alongside OpenAI)[1],[2]
- OpenAI (invested $500 million; tenant at Milam County and the Ohio campus)[2],[3]
- Nvidia (invested $1.5 billion in August 2026 and committed another $1.5 billion at the IPO)[1]
- Ares Infrastructure Opportunities (invested $800 million of redeemable preferred equity in 2025)[2]
Investors
Latest Pulse
- Sep 25, 2026Nscale Raises $3.36B in Pre-IPO Convertible FinancingNscale disclosed a $3.36 billion pre-IPO convertible round led by Third Point, its second big financing in ten days as it pushes toward a US listing targeting a $25 billion valuation.→
- Sep 24, 2026This Fall's IPO Cohort, Scored Deal By DealSix live IPO storylines this week produced wildly different outcomes -- from a 19% Hong Kong pop to a pulled US deal -- and the spread says this fall's IPO window rewards individual fundamentals, not just good timing.→
- Sep 24, 2026The Fall IPO Pipeline, By The NumbersSix companies are mid-IPO-process on US and Indian exchanges this week, from Oura's $15.6B roadshow to Bamboo Insurance's all-secondary listing, and the spread across sectors says the fall IPO window is genuinely open.→
- Sep 22, 2026SB Energy Clears SEC Review, Roadshow Comes NextSoftBank-owned SB Energy has finished SEC review of its IPO registration and plans to begin roadshow marketing next, moving its Nasdaq listing under ticker SBE closer to pricing at a targeted valuation of $50 billion or more.→
- Sep 21, 2026Nvidia Adds $1.5B More To SB Energy Ahead Of IPONvidia is buying an additional $1.5 billion in SB Energy shares ahead of the SoftBank-backed data center developer's US IPO, bringing its total commitment to $3 billion at a price equal to 90% of the offering price.→
- Sep 8, 2026Nuclear Is the Next AI Trade Nobody's Pricing RightHoltec's priced IPO and SB Energy's hyperscaler-backed backlog both sell the same underlying thesis -- that data centers will pay a premium for firm power -- and public investors are about to test whether that premium is real.→
- Sep 8, 2026Backlog vs. Balance Sheet: Two Very Different Energy IPOsHoltec's IPO is priced off physical assets it already owns and operates; SB Energy's is priced off a $439 billion contract backlog against $269 million of current revenue -- two structurally different bets inside the same AI-power IPO wave.→
- Sep 8, 2026Three Companies Filed to Go Public Today. Two Nobody NoticedHoltec's priced IPO shared EDGAR's docket Tuesday with two smaller, unnoticed filers -- Evolution Metals & Technologies and Ocean Power Technologies -- a reminder the pipeline is wider than the handful of names anyone tracks.→
- Sep 8, 2026Holtec Sets Its Price: Up to $900M, $10B Nuclear IPOHoltec Nuclear set terms for its Nasdaq IPO -- 50 million shares at $15 to $18, raising up to $900 million at a valuation near $10.2 billion -- moving the SMR and spent-fuel company from filed to priced.→
- Sep 7, 2026Filed, Retained or Just Talking: 2026's IPO TiersSeven companies dominate 2026's IPO chatter, but only two -- Oura and SB Energy -- have an actual filing on record; the rest range from retained bankers to a CEO's public comment.→
Coverage Timeline
newest first- Sep 22, 2026IPOSB Energy Clears SEC Review, Roadshow Comes Next$5-7B target raise→
- Sep 21, 2026IPONvidia Adds $1.5B More To SB Energy Ahead Of IPO$1.5B additional→
- Sep 8, 2026IPONuclear Is the Next AI Trade Nobody's Pricing Right→
- Sep 8, 2026IPOBacklog vs. Balance Sheet: Two Very Different Energy IPOs→
- Sep 7, 2026IPOThe IPO Market's Real Bottleneck Is Banker Bandwidth→
- Sep 4, 2026IPOSB Energy Amends S-1 for a $439B Backlog Listing$5B-$7B targeted raise→
- Sep 1, 2026IPOWhy I'm Wary of OpenAI's Circular Financing Web→
- Sep 1, 2026IPOSB Energy Files IPO, Warns It's Tied to OpenAI$5-7B target raise→
All Coverage
IPO$5-7B target raise
SB Energy Clears SEC Review, Roadshow Comes Next
SoftBank-owned SB Energy has finished SEC review of its IPO registration and plans to begin roadshow marketing next, moving its Nasdaq listing under ticker SBE closer to pricing at a targeted valuation of $50 billion or more.
FOLLOW-UP
Nvidia Adds $1.5B More To SB Energy Ahead Of IPO
IPO$1.5B additional
Nvidia Adds $1.5B More To SB Energy Ahead Of IPO
Nvidia is buying an additional $1.5 billion in SB Energy shares ahead of the SoftBank-backed data center developer's US IPO, bringing its total commitment to $3 billion at a price equal to 90% of the offering price.
FOLLOW-UP
Nuclear Is the Next AI Trade Nobody's Pricing Right
IPO
Nuclear Is the Next AI Trade Nobody's Pricing Right
Holtec's priced IPO and SB Energy's hyperscaler-backed backlog both sell the same underlying thesis -- that data centers will pay a premium for firm power -- and public investors are about to test whether that premium is real.
DEEP DIVE
Backlog vs. Balance Sheet: Two Very Different Energy IPOs
IPO
Backlog vs. Balance Sheet: Two Very Different Energy IPOs
Holtec's IPO is priced off physical assets it already owns and operates; SB Energy's is priced off a $439 billion contract backlog against $269 million of current revenue -- two structurally different bets inside the same AI-power IPO wave.
DEEP DIVE
The IPO Market's Real Bottleneck Is Banker Bandwidth
IPO
The IPO Market's Real Bottleneck Is Banker Bandwidth
The same handful of banks are simultaneously leading Anthropic's, Oura's and SB Energy's mega-IPOs, and staffing capacity at the top underwriters may be constraining 2026's listing calendar more than investor demand.
THE VC READ
SB Energy Amends S-1 for a $439B Backlog Listing
IPO$5B-$7B targeted raise
SB Energy Amends S-1 for a $439B Backlog Listing
SoftBank's data center and power arm filed an amended registration statement on September 4 as it moves toward a Nasdaq debut under SBE, with Nvidia committing $1.5 billion at the IPO price.
FOLLOW-UP
Why I'm Wary of OpenAI's Circular Financing Web
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.
THE VC READ
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
Value Add Research
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Shared investors
SB Energy FAQ
What is SB Energy's valuation?
SB Energy has not set an IPO price; reports in September 2026 said it was targeting a $5bn to $7bn raise that would value it at about $50bn, according to Data Center Dynamics.[3]
How much revenue does SB Energy make?
SB Energy reported revenue of $213.5 million in 2025 and $138.7 million in the six months ended June 30, 2026, according to its S-1.[1]
Who owns SB Energy?
SB Energy is controlled by SoftBank Group Corp., whose voting power will make it a controlled company after the IPO, according to its S-1 (Sep 2026).[1]
When is the SB Energy IPO?
SB Energy has applied to list on the Nasdaq Global Select Market and Nasdaq Texas under the symbol SBE, but its September 21, 2026 S-1/A left the price range blank.[1] The Financial Times reported on September 22, 2026 that SB Energy had slowed its IPO preparations.[4]
Who invested in SB Energy?
SB Energy's investors include SoftBank Group and OpenAI ($500 million each), Nvidia ($1.5 billion in August 2026) and Ares, which holds $800 million of redeemable preferred equity.[2],[1]
Who is the CEO of SB Energy?
SB Energy is led by Co-Chief Executive Officers Rich Hossfeld and Abhijeet Sathe (Sep 2026).[1]
How much has SB Energy raised?
SB Energy has raised $1B (OpenAI + SoftBank combined investment for Texas facility, 2026) in total funding (As of 2026, Value Add Pulse research).
References
researched 2026-10-19Sources & methodologyshow
Where these figures come from
- SB Energyprimary source1 fact
- SEC EDGAR (SB Energy S-1/A)primary source1 fact
- Bloombergmajor outlet1 fact
- CNBCmajor outlet1 fact
- Value Add Pulse researchValue Add VC data1 fact
Figures are labelled Reported (a source states it), Estimated, Derived (computed from other facts) or Rumored (in talks / unconfirmed). Rumors never replace a confirmed figure. Each figure keeps its own as-of date; history is preserved rather than overwritten.