SB Energy offered OpenAI a major perk to land it as a data-center tenant ahead of the SoftBank-backed company’s initial public offering.
SB Energy is hoping to convince investors that it can build data centers—and secure the enormous amount of power they need—faster than traditional developers. The vast majority of that capacity is expected to come from its southern Ohio campus, which hasn’t been built yet. That campus would rely on a planned nearby natural gas-fired power plant. The firm’s revenue primarily comes from its renewable power unit, which focuses on developing solar and battery systems.
For now, however, it doesn’t have any data centers in operation and has 800 megawatts of computing capacity under construction, according to the documents. It generated around $140 million in revenue during the first half of 2026, up 66% from the same period a year earlier, the documents show. Its net loss increased to $3.2 billion from around $250 million in the first half of 2025, largely driven by changes in the estimated value of its warrant liabilities, the documents show. OpenAI’s warrants were valued at $3.6 billion when they were first awarded in January, but increased to $5.5 billion at the end of June, according to the documents.
The company has contracts with customers for nearly nine gigawatts of computing capacity, which it says is among the largest power pipelines of any U.S. data-center developer, according to the documents.
SB Energy, in turn, has committed to purchase at least $50 million of OpenAI software and services through 2028, including ChatGPT Enterprise, according to the documents.
Nvidia also has an equity stake in SB Energy. The draft filing shows the chip maker committed $3 billion to SB Energy through two private transactions tied to SB Energy’s IPO, including one that allows the chip maker to acquire shares at a 10% discount to the public offering price.
