SB Energy files for IPO at a valuation above $50 billion

SB Energy, the SoftBank-backed power and data centre developer, has filed for a US initial public offering that could value the company at more than $50 billion. It is seeking to raise between $5 billion and $7 billion, with shares expected to trade on Nasdaq under the symbol SBE later this month. JPMorgan, Goldman Sachs, Morgan Stanley, Citigroup and Mizuho are leading the offering.

The company sits at the junction of the two things the AI build-out is short of: electricity and the buildings to put computers in. Its contracted backlog stands at $439 billion, almost entirely tied to data centre and power generation projects.

Its customers are also its investors. OpenAI and SoftBank have each put $500 million into SB Energy to build and operate a 1.2 gigawatt data centre in Texas for OpenAI, and Nvidia has committed to invest $1.5 billion in a private placement at the IPO price.

The financial picture is a growth story and a loss-making one at once. In the first half of 2026 the California-based firm lost $3.2 billion on revenue of $139 million, against a $216 million loss on $83 million of revenue a year earlier. Revenue grew; losses grew much faster.

The backdrop is a demand forecast rather than a guarantee. Goldman Sachs Commodities Research expects US data centre power demand to more than double, to 66 gigawatts in 2027 from 31 gigawatts in 2025.

This article is a market report, not investment advice.