SB Energy, an AI power infrastructure company majority-owned by SoftBank and backed by OpenAI and Nvidia, has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering on Nasdaq and Nasdaq Texas under the ticker symbol SBE. The company is looking to raise between $5 billion and $7 billion, according to the Wall Street Journal, and could begin trading as soon as this month, though it has not announced pricing or a firm debut date. SoftBank is the controlling shareholder and will keep the firm a controlled company after the listing. OpenAI CEO Sam Altman was an early personal investor, and the Tuesday filing states SB Energy is substantially dependent on OpenAI as both a tenant and equity investor, tying near-term revenues, project-level financing, and development plans to OpenAI’s performance under lease and related agreements. Nvidia has committed to invest $3 billion as part of the offering, split between a concurrent private placement and a prepaid forward contract, and previously announced $105 billion in financing support for an OpenAI data center in Ohio to be built by SB Energy. OpenAI holds 4.0 million warrants estimated at $5.5 billion and a board designation right while its stake exceeds 5%. None of the company’s data centers are operational and the data-center business has not generated revenue; first data-center revenue is expected in the fourth quarter of this year. Contracted data-center capacity totals 8.8 gigawatts, with 803 megawatts under construction, alongside a 5.5-gigawatt standalone solar and battery portfolio. In the first half of 2026, SB Energy incurred net losses of roughly $3.2 billion and generated about $139 million in revenue, mostly from its legacy energy business. The prospectus also cites community opposition to data centers, technological obsolescence, weaker AI adoption, regulatory changes, and decelerating hyperscaler capital spending among key risks.