SB Energy Files for US IPO With $439B Backlog

SB Energy has filed for a US IPO, disclosing a 66.4% revenue jump in the first half of 2026 and a backlog of roughly $439 billion as AI infrastructure demand accelerates.

SB Energy reports strong revenue growth and substantial backlog. The SoftBank-backed data center developer recorded the revenue increase in the first half of 2026, according to its IPO paperwork filed on Tuesday. The company, founded in 2019, focuses on pairing power generation with data centers to address AI's growing energy constraints and currently holds a backlog of roughly $439 billion.

The firm has no operational data centers and is substantially dependent on OpenAI. SB Energy currently does not have any operational data centers, according to its filing. It is substantially dependent on OpenAI, with SoftBank and OpenAI serving as customers at three of its data center campuses through long-term leases. Those lease payments are expected to account for a major portion of the company’s near-term data center revenue.

Partnerships with OpenAI, SoftBank, and Nvidia underpin the business. The company is partnering with OpenAI and SoftBank on a $500 billion multi-year initiative to build AI data centers for training and inference. OpenAI and SoftBank each invested $500 million in SB Energy earlier this year as part of the Stargate initiative. Nvidia has committed to invest $1.5 billion in a private placement at the IPO price, while OpenAI has been issued warrants worth roughly $5.5 billion.

Key dependencies and risks are highlighted in the prospectus. The company and OpenAI are highly dependent on Nvidia for chips needed for the sprawling data center in Ohio being developed for the ChatGPT maker. Nvidia had earlier this month unveiled the $1.5 billion investment and agreed to provide a guarantee of up to $105 billion to help OpenAI lease the Ohio data center. IPOX Research Associate Lukas Muehlbauer noted that investors must be convinced that hundreds of billions of contracted demand can be turned into cash flow over the coming years.

SB Energy plans to expand beyond its current customer concentration. The Redwood City, California-based company signaled plans to broaden its customer base and pursue acquisitions to accelerate growth. Muehlbauer observed that OpenAI’s 20-year leases are reassuring from a contractual perspective but stretch across an unusually long horizon for an industry evolving this quickly. Few people can say with much confidence what the AI landscape will look like even five or ten years from now.