SB Energy filed for IPO disclosing $439 billion contracted backlog, 8.8GW capacity, and Nvidia guarantees capped at $105 billion on Ohio leases
Following·since 31 Aug 2026·Day 2·2 sources
SB Energy IPO Filing Discloses $439B Backlog With OpenAI as Anchor
The gist
The filing puts concrete figures on the scale of AI data-center investment underway, with a single anchor customer relationship tied to a $439 billion contracted backlog. Nvidia's phased guarantee structure shows how infrastructure financing is being arranged ahead of revenue generation.
The full picture
SoftBank-backed SB Energy filed for an IPO disclosing a contracted backlog of $439 billion covering 8.8 gigawatts of planned data-center capacity. OpenAI is SB Energy's primary customer, having invested $500 million and received warrants valued at approximately $5.5 billion that were issued to secure its anchor-tenant role. OpenAI's signed leases are expected to account for a major share of SB Energy's near-term data-center revenue. Nvidia committed $1.5 billion at the IPO price and is providing guarantees capped at $105 billion covering 4.25 gigawatts of OpenAI leases in Ohio; those guarantees activate in phases as facilities are completed, giving SB Energy financing support before most of the planned capacity begins generating lease revenue.
How it developed
SB Energy issued OpenAI warrants valued at roughly $5.5 billion to secure OpenAI as anchor tenant for planned data centers
Sources
Rohan Paul Twitter
The Neuron
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