The $5.5 Billion Perk SoftBank’s Data-Center Venture Offered to Land OpenAI

SoftBank-backed company SB Energy is offering OpenAI a significant incentive to become a data-center tenant ahead of its upcoming IPO. According to the draft IPO documents reviewed by the Wall Street Journal, OpenAI has been granted warrants valued at approximately $5.5 billion. This financial arrangement is part of SB Energy's strategy to secure the massive energy requirements of its data centers faster than traditional developers.

SB Energy, which is majority-owned by SoftBank, is currently working on securing an IPO that could raise between $5 billion and $7 billion. The company's data center portfolio includes customers that are also its investors, with SoftBank and OpenAI set to be tenants in three of its data centers. A fourth, 900-megawatt site in Texas remains unoccupied.

The expansion into AI infrastructure is a key focus for SB Energy, which is racing to build data centers and secure the necessary power capacity ahead of its IPO. While the company does not currently operate any data centers, it has 800 megawatts of computing capacity under construction, with a significant portion of that capacity slated for its southern Ohio campus.

SB Energy's revenue primarily comes from its renewable power unit, focusing on solar and battery systems, generating around $140 million in revenue during the first half of 2026, a 66% increase from the same period a year earlier. However, the company's net loss increased to $3.2 billion in the first half of 2026, largely due to changes in the estimated value of its warrant liabilities.

The draft IPO documents reveal the close ties between SB Energy, SoftBank, and OpenAI. OpenAI has invested $500 million in SB Energy and is expected to own a small percentage of shares post-IPO. In return, SB Energy has committed to purchasing at least $50 million in OpenAI software and services through 2028, including ChatGPT Enterprise.

The company faces potential risks, including its dependence on OpenAI's financial stability and the need for Nvidia to provide a residual value guarantee tied to its IPO. OpenAI has also signed numerous leases for computing capacity at SB Energy's Ohio project, which is backed by 10 gigawatts of power.