OpenAI's entanglements with a data center company go on display in a new filing

SB Energy, a data center developer, is set to go public and is closely tied to OpenAI, the AI lab behind ChatGPT. The prospectus for SB Energy's IPO reveals that the company has granted OpenAI stock warrants that could be worth up to $5.5 billion. OpenAI will also receive a 5% ownership stake in SB Energy and the right to nominate a board member.

SB Energy is building data centers in Texas and Ohio, with one site reserved for OpenAI. The data center developer has warned that its relationship with OpenAI is crucial, as any adverse change in OpenAI's financial condition or willingness to perform contractual obligations could significantly impact SB Energy's business. The IPO prospectus also highlights other commitments, including a $50 million spend on OpenAI's services through 2028.