SB Energy Files for US IPO With $439 Billion Backlog and Zero Data Center Revenue

Nvidia committed $3 billion around the offering for SB Energy, comprising a $1.5 billion private placement and a $1.5 billion prepaid forward. The SoftBank backed power infrastructure firm filed to list on Nasdaq and Nasdaq Texas under the ticker $SBE, revealing a $439 billion contracted backlog primarily linked to AI data centers. None of the company's data center capacity is currently operational, and the first revenue from its Texas based Cosmos project is due in the fourth quarter of 2026.

Only $1 billion of the total backlog will convert to revenue in the next 24 months, with $357 billion slated beyond year 8. The company's largest project is an 8 GW-IT campus in Ohio with 20 year leases signed by OpenAI, supported by Nvidia guarantees capped at $105 billion. OpenAI holds warrants for approximately 4 million shares valued at an estimated $5.5 billion, according to draft documents reviewed by the Wall Street Journal. SB Energy reported a $3.21 billion net loss for H1 2026, including a $2.57 billion non cash warrant charge, and carries roughly $4 billion in debt.