SB Energy develops, builds and operates power and data-center infrastructure for OpenAI. Reuters reported that the SoftBank-backed company plans to issue up to $500 million of new shares to Japanese investors as part of its United States IPO, citing a Sept. 15 filing. The proceeds are intended for operating costs tied to data centers, power generation and related infrastructure.
The Japanese allocation is one piece of the offering, not the full deal. The filing did not reveal the total size of the United States IPO, so the $500 million ceiling applies only to this proposed tranche and does not establish how much equity SB Energy will ultimately sell.
The business starts with power and construction, not servers. SB Energy coordinates the interface among generation, the grid and data-center buildings. OpenAI selected the company to build and operate its 1.2-gigawatt Milam County site, while SB Energy’s acquisition of Studio 151 brought construction management, procurement, engineering and operations capabilities in-house.
SB Energy says it has about 5 gigawatts of power projects operating or under construction and three AI data centers being built. That puts two different stages of the business inside the IPO story: a power portfolio that already includes operating assets and a data-center pipeline that still requires construction.
PORTS-Pike shows how the ownership model is intended to work at scale. SB Energy is to build, own and operate the Ohio campus under a 20-year lease to OpenAI, which will use 8 gigawatts of computing capacity. Nvidia will supply the site’s computing infrastructure exclusively, with capacity expected to enter service in phases beginning in 2028.