SB Energy (SoftBank-backed renewable energy infrastructure builder) aims to raise $500 million from Japan to fund US IPO.

SB Energy, a data center developer backed by SoftBank Group, plans to raise up to $500 million through the Japanese portion of its upcoming U.S. initial public offering. The move follows recent high-profile listings that have successfully tapped Japan’s deep pools of capital. According to a regulatory filing submitted on Tuesday, the company will begin accepting investor orders later this month. Proceeds will fund the development and construction of infrastructure, including data centers and power plants. SB Energy, which counts OpenAI and Nvidia among its strategic investors, formally filed for the U.S. IPO earlier this month.

Mizuho Financial Group, Daiwa Securities Group, PayPay Securities, Rakuten Securities, and SBI Holdings will serve as selling agents for Mizuho’s U.S. subsidiary, while Mizuho itself is among the firms coordinating the listing.

The offering aims to access approximately $15 trillion in Japanese household financial assets, mirroring the structure of SpaceX’s June IPO. SpaceX, a rocket, satellite, and AI company, raised $2.2 billion in Japan, distinguishing it as one of the few global listings that permitted direct retail investor participation. Domestic allocations within large international offerings remain uncommon in Japan, where substantial IPO activity has historically been limited. To date, only one Japanese listing this year has exceeded the $500 million threshold: the $607 million June debut of taxi operator Go.

For Japanese investors, the deal presents an opportunity to capitalize on unprecedented investments in artificial intelligence infrastructure. Citing an IDC estimate in its filing, SB Energy notes that AI infrastructure is projected to generate a $20 trillion global economic impact by 2030. Within the energy sector specifically, UBS Group analysts forecast $511 billion in cumulative spending by 2030 to address the widening power demand gap, a shortfall primarily driven by data center expansion.

SB Energy operates an integrated model combining data centers, solar generation, and battery energy storage. According to a filing with the U.S. Securities and Exchange Commission, the company has contracted or is actively constructing 8.8 gigawatts of data center capacity across its campuses in Texas and Ohio. Additionally, it manages power projects that are contracted, under construction, or operational, collectively set to deliver 5.5 gigawatts of usable electricity.

Equity and warrant arrangements with key partners are detailed in the filings. SB Energy has issued 3.99 million warrants to OpenAI, with a portion already vested and the remaining 2.25 million scheduled to expire in 2036. Separately, Nvidia has committed to purchasing $1.5 billion in nonvoting shares through a private placement priced at a level equivalent to the IPO.