SB Energy, which develops and operates power generation infrastructure focused on AI and data centers, filed on Tuesday with the SEC to raise up to $5.0 billion in an initial public offering.
The company develops, builds, and plans to operate gigawatt-scale data center campuses alongside the power generation assets that supply them. It earns revenue from long-term data center leases with hyperscalers and AI labs, electricity sales under fixed-price PPAs, and construction and operations services to its own projects. SoftBank and OpenAI are strategic investors and anchor tenants; NVIDIA is an investor and residual value guarantor. Its 8.8 GW-IT portfolio is almost entirely contracted rather than built.
The Redwood City, CA-based company was founded in 2019 and booked $269 million in revenue for the 12 months ended June 30, 2026. It plans to list on the Nasdaq under the symbol SBE. SB Energy filed confidentially on May 22, 2026. It had been on our Private Company Watchlist since May 2026. J.P. Morgan, Goldman Sachs, Morgan Stanley, Citi, Mizuho Securities, BNP Paribas, BTIG, Jefferies, Natixis, RBC Capital Markets, Truist Securities, ING, MUFG Securities America, Santander, SMBC Nikko, Daiwa Securities, Newmark Securities, Raymond James, and Rosenblatt Securities are the joint bookrunners on the deal.
