SB Energy has submitted an application for a initial public offering to the U.S. Securities and Exchange Commission. The company disclosed that this power infrastructure firm, supported by SoftBank, OpenAI, and NVIDIA, plans to list on NASDAQ under the ticker symbol SBE with a fundraising target of $5 billion to $7 billion.
No data centers are currently in operation.
The company's disclosure shows that SB Energy currently does not have any data centers in operation, and has not yet generated any revenue. The business status presented in the prospectus reflects that it is still in the stage of large-scale construction and investment.
Net loss of $3.2 billion in the first half of the year
Due to continuous investment in data center construction, SB Energy recorded a net loss of $3.2 billion in the first half of 2026. This loss is mainly related to previous capital expenditures and infrastructure expansion, which also indicates that the company is still focusing on investing for future production capacity.
- Net loss in the first half of 2026: $3.2 billion
- Current revenue: 0
- Planned fundraising scale: $5 billion to $7 billion
High dependency on OpenAI.
The company disclosed that OpenAI is not only an important tenant of SB Energy but also one of the investors. This indicates that the company maintains a deeper connection with OpenAI in terms of customer base and capital support.
This structure helps it to achieve the expected orders when the demand for AI infrastructure increases, but it also draws more attention from the outside world to its customer concentration, as well as the progress of project implementation and data center operation.
Additional information:The core selling point of SB Energy is not the existing operational data, but rather the future expansion prospects surrounding the power supply and infrastructure construction of the AI data center.
