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SB Energy, the digital infrastructure arm backed by SoftBank, has filed a draft registration statement with the SEC as it prepares for what could be one of the largest US IPOs in recent memory. The company’s contracted backlog sits at a staggering $439 billion, almost entirely tied to data center and power generation projects built to feed the AI boom.
The confidential S-1 filing landed on May 20, 2026, with a public filing and potential listing expected by late September 2026. SB Energy is reportedly targeting a raise of between $5 billion and $7 billion, at an estimated valuation of roughly $50 billion.
The numbers behind the filing
SB Energy currently has approximately 9 GW in contracted compute capacity across its pipeline. Its marquee projects include a 1.2 GW campus in Texas developed in partnership with OpenAI and a planned behemoth in Pike County, Ohio, projected to reach 9 to 10 GW when fully built out.
The company has recently pulled in more than $1.8 billion in equity and project capital. SoftBank and OpenAI each committed $500 million, while Ares Management contributed $800 million.
The partner ecosystem tells the real story
OpenAI received $5.5 billion in warrants tied to a 20-year lease agreement with SB Energy. Nvidia, meanwhile, has committed up to $105 billion in guarantees.
No revenue, big dreams
There is an important caveat buried beneath the headline numbers. SB Energy currently has no operational data centers and limited revenue generation from its data center segment. The entire thesis rests on execution: building out multi-gigawatt campuses on time, on budget, and at the scale promised to partners.
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