SB Energy Inc., the SoftBank-backed data center and power infrastructure company, has filed for a U.S. initial public offering, disclosing a contracted data center portfolio of 8.8 GW-IT across Texas and Ohio and approximately $439 billion of total backlog.
The company’s Form S-1 registration statement was filed with the U.S. Securities and Exchange Commission on September 1. According to the filing materials summarized in the market notice, SB Energy’s backlog includes about $430 billion tied to the data center segment and about $10 billion tied to standalone power.
The filing positions SB Energy as an integrated developer of gigawatt-scale data center campuses and power assets at a time when AI infrastructure demand is forcing customers, utilities and financiers to evaluate projects around power availability as much as real estate.
Texas and Ohio anchor the disclosed portfolio
SB Energy said its data center portfolio includes 0.8 GW-IT under construction and 8.0 GW-IT contracted, with a near-term pipeline of about 1.7 GW-IT in Borden and Scurry counties in Texas, according to a TradingView notice based on the IPO filing.
The Ohio portion of the portfolio is tied to the PORTS-Pike Technology Campus in Pike County, where NVIDIA said in August that it had secured land, power and shell capacity through a partnership with SB Energy. Under that arrangement, NVIDIA said it would provide credit support for an initial 4.25 GW-IT at the PORTS-Pike campus, with an option covering an additional 3.75 GW-IT.
NVIDIA said OpenAI would be the customer for 8 GW-IT at the Ohio campus and that SB Energy would build, own and operate the data center under a 20-year lease to OpenAI. The planned capacity is expected to come online in phases beginning in 2028, according to NVIDIA’s announcement.
Power strategy is central to the IPO story
The prospectus is notable for data center operators and investors because SB Energy is not presenting the business as a conventional colocation or wholesale data center platform. The company’s disclosed strategy combines data center development with ownership and development of power generation and storage assets.
SB Energy’s filing materials describe a standalone power business with approximately 2.2 GW operating, about 2.5 GW under construction and roughly 0.8 GW contracted, according to the market notice. That power portfolio may be an important part of how the company intends to support hyperscale AI campuses that require unusually large, firm and staged power commitments.
In Ohio, NVIDIA said SB Energy and SoftBank would build at least 10 GW of new energy generation and invest at least $4.2 billion in regional grid infrastructure through a partnership with AEP Ohio. The company also said the plan was designed to protect ratepayers, a claim that will likely remain a key policy and regulatory focus as the project advances.
Public-market test for AI infrastructure finance
The IPO filing also puts SB Energy’s capital structure and customer concentration in front of public investors. NVIDIA said it would invest $1.5 billion in SB Energy in connection with the Ohio arrangement, joining existing investors SoftBank Group and OpenAI.
Bloomberg Law reported that SB Energy filed for a U.S. IPO to fund its AI infrastructure ambitions and that the company had 8.8 GW of data center capacity contracted or under construction across Texas and Ohio.
For the data center sector, the filing is significant less as a conventional IPO process than as a disclosure event. It gives operators, utilities, site selectors and equipment suppliers a rare look at the scale of contracted AI load being packaged for public investors, including how much of the business case depends on long-duration leases, credit support, grid upgrades, power development and phased delivery schedules.
The company has not yet disclosed the final size or pricing of the offering. Until those details are set, the main industry takeaway is the scale of SB Energy’s stated contracted portfolio and the degree to which future data center development is being financed around integrated power and campus infrastructure rather than shell capacity alone.
