SB Energy is asking public-market investors to value an AI infrastructure pipeline that is already enormous on paper but has not yet produced data-center revenue.
The SoftBank-backed company filed for a US IPO after reporting $138.7 million of revenue and a $3.21 billion net loss for the six months ended June 30, while Reuters has reported the offering could value the company above $50 billion.
Revenue rose 66.4% from $83.3 million a year earlier, but the net loss widened from $215.5 million.
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The headline loss is not simply a measure of operating burn. The Wall Street Journal reported, based on IPO documents, that the increase was driven largely by changes in the estimated value of warrant liabilities. Warrants issued to OpenAI were valued at about $3.6 billion when issued in January and about $5.5 billion at June 30.
The valuation case instead rests on contracted future capacity. SB Energy disclosed roughly $439 billion of backlog, according to Reuters. However, the website lists three AI data centers under construction.
Those projects are tightly linked to OpenAI and Nvidia. OpenAI and SoftBank each invested $500 million in SB Energy in January. Nvidia has made or committed two $1.5 billion equity investments tied to SB Energy, including a $1.5 billion private placement at the IPO price disclosed in the prospectus.
Nvidia has also agreed to guarantees capped at $105 billion for leases covering about 4.25 GW of IT load at SB Energy’s PORTS Technology Campus in Ohio. The guarantees become effective in phases as facilities are completed and are triggered only under specified tenant-default conditions. OpenAI is the tenant and has agreed to reimburse Nvidia for payments made under the guarantees.
SB Energy plans to list on Nasdaq and Nasdaq Texas under “SBE.” The filing does not yet disclose the number of shares to be sold or an IPO price range.
