SB Energy가 50억~70억 달러 규모의 자금 조달을 목표로 IPO를 신청했다.

SoftBank-backed AI data center and energy infrastructure firm SB Energy has filed for an initial public offering on the Nasdaq Global Select Market and Nasdaq Texas. The company is targeting a capital raise of $5 billion to $7 billion, which would place its valuation at approximately $50 billion.

J.P. Morgan, Goldman Sachs & Co., Morgan Stanley, Citigroup, and Mizuho have been appointed as joint lead book-running managers for the proposed offering. As part of the transaction, SB Energy will also conduct a public share offer targeted at retail investors who are tax residents located in the United Kingdom.

In its publicly available IPO prospectus, the company disclosed that it is “substantially dependent” on the performance of OpenAI, citing its dual role as both a tenant and equity investor. This concentration represents a material vulnerability, as SoftBank and OpenAI currently stand as the firm’s only customers. SB Energy warned that if it “lost either tenant due to insolvency, exercise of contractual rights, force majeure, breach, early termination, a reduction in lease scope, or a failure to renew,” the resulting loss of related revenue could severely damage the business.

SB Energy plans to develop an up-to-10-gigawatt facility in Pike County, Ohio, with the entire capacity slated for lease to OpenAI. In August, reports indicated that Nvidia would invest $1.5 billion in SB Energy, down from a reported $3 billion, and support it in securing land, power, and shell (LPS) capacity at a Department of Energy (DOE) site. Additionally, SB Energy and SoftBank intend to invest at least $4.2 billion in new regional grid infrastructure through a partnership with AEP Ohio, a move the companies state is designed to protect ratepayers. The firm has also committed to building and operating the previously announced 1.2-gigawatt Stargate data center in Milam County, Texas.

Founded as a SoftBank subsidiary in 2011, SB Energy later established a separate global entity, SB Energy Global, in 2015 to develop projects outside the Japanese market.