SB Energy Inc., a data center firm backed by SoftBank Group, aims to raise up to $500 million in the Japanese portion of its planned US IPO. The company will begin taking investor orders this month, following regulatory filings. Proceeds will fund infrastructure development, including data centers and power plants.

Strategic investors include OpenAI and Nvidia Corp. Mizuho Financial Group, Daiwa Securities Group, PayPay Securities Corp, Rakuten Securities Inc, and SBI Holdings Inc. will act as selling agents. The offering targets Japan's household financial assets of approximately $15 trillion, similar to the SpaceX IPO in June. That deal raised $2.2 billion, allowing retail investors to directly participate.

Local offerings in large global deals are rare in Japan, where only one IPO has raised at least $500 million this year—the $607 million listing of Go Inc. in June. The offering allows Japanese investors to participate in unprecedented spending on AI infrastructure. Analysts at UBS Group AG expect $511 billion to be spent by 2030 to close the power demand gap, largely driven by data centers.

SB Energy combines data centers and solar power with battery storage, holding 8.8 gigawatts of data center capacity contracted or under construction across campuses in Texas and Ohio. It also has 5.5 gigawatts (AC) of power projects. The company has issued 3.99 million warrants to OpenAI, with remaining warrants expiring in 2036.

Nvidia agreed to buy $1.5 billion in non-voting shares at the equivalent IPO price.