SB Energy files for IPO amid data center power demand growth

SB Energy Corp., a power infrastructure company backed by prominent investors including SoftBank Group Corp. and OpenAI, has filed for a U.S. initial public offering (IPO) with the Securities and Exchange Commission (SEC). The company, based in Redwood City, California, reported a net loss of $3.2 billion on revenue of $139 million for the first half of 2026. This represents a significant increase from the previous year's first half, where the company incurred a net loss of $216 million on revenue of $83 million.

SB Energy's business model revolves around operating a portfolio of solar and battery storage assets. However, the company is strategically pivoting its focus towards digital infrastructure. To this end, the firm is developing a massive 9.2 gigawatt natural gas plant in Ohio. This plant will supply power to an artificial intelligence data center that will be built and operated by SB Energy itself.

The company's growth strategy is backed by substantial investments from its key partners. SoftBank and OpenAI have each committed to injecting $500 million into SB Energy. Additionally, venture capital firm Ares Management Corp. has also shown confidence in the company. The investor list also includes major financial institutions such as JPMorgan, Goldman Sachs, Morgan Stanley, Citigroup, and Mizuho, who are leading the IPO offering.

The IPO, which will see the company's shares listed on the Nasdaq Global Select Market and Nasdaq Texas, will be under the ticker symbol SBE.