US AI infrastructure company SB Energy, backed by SoftBank, OpenAI, and Nvidia, has filed for an initial public offering with the US Securities and Exchange Commission and said none of its data centers are operational yet.

The filing said SB Energy is substantially dependent on OpenAI as both a tenant and an equity investor.

It posted a net loss of about US$3.2 billion on revenue of about US$139 million in the first half of 2026, with most revenue still coming from its legacy energy business.

Nvidia said in August it would provide US$105 billion in financing for an OpenAI data center in Ohio that SB Energy plans to build. The project, identified as the PORTS-Pike technology campus, would secure compute capacity for OpenAI.

The filing also warned of risks including public opposition and regulation.

In Ohio, lawmakers have begun hearings on the effects of data centers on the power grid and local communities, and regulators have approved rules for connecting large data centers to the grid.

🔗 Source: CNBC

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