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SB Energy, backed by SoftBank and OpenAI, has filed for a U.S. IPO as demand for power infrastructure to support AI data centers continues to surge. The Redwood City, California-based company reported a $3.2 billion net loss on $139 million in revenue in the first half of 2026, compared with a $216 million loss on $83 million in revenue a year earlier.
SB Energy operates solar and battery-storage assets and is developing a 9.2-gigawatt natural-gas power plant in Ohio to supply an AI data center. OpenAI and SoftBank have each committed $500 million to build and operate a 1.2-gigawatt Texas data center for OpenAI, while Ares Management is also an investor.
The IPO could help SoftBank reduce pressure on its balance sheet by shifting part of the financing burden for its massive AI infrastructure investments to subsidiaries. .
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