SB Energy, an AI infrastructure platform majority-owned by Soft Bank, has filed for an initial public offering. The company plans to trade on Nasdaq under the symbol SBE, aiming to raise between $5 billion and $7 billion. A key highlight of the offering is Nvidia's commitment to invest $3 billion, split between a private placement and a prepaid forward contract.

Additionally, OpenAI has been granted board designation rights and issued warrants estimated at $5.5 billion. SB Energy's portfolio includes 8.8 gigawatts of contracted data center capacity, with its flagship Ports-Pike Technology campus in Ohio slated to become the world's largest data center campus. The company expects to generate revenue in Q4 2024.

Soft Bank and OpenAI are long-term lease customers at three campuses, constituting a significant portion of near-term revenue. SB Energy also plans to pay Soft Bank 1% of gross profit in royalties and $50 million through 2028 for OpenAI software. Shares will be offered to U.K. retail investors via Marex Financial.