OpenAI Secures About $5.5 Billion in SB Energy Warrants as SoftBank's Data Center Unit Pushes for IPO

TradingKey - On August 30, Eastern Time, The Wall Street Journal reported, citing draft IPO documents from SB Energy, that OpenAI was granted warrants by SB Energy. As of the end of June 2026, these warrants were valued at approximately $5.5 billion.

[Source: The Wall Street Journal]

SB Energy is an energy and digital infrastructure company under SoftBank, headquartered in Redwood City, California. The company was previously engaged mainly in the development of energy projects such as solar power and energy storage, and is currently accelerating its deployment of AI data center infrastructure.

SB Energy is currently advancing multiple data center projects. Its largest project is located in southern Ohio, with overall plans supported by approximately 10 gigawatts (GW) of power.

According to the draft IPO document disclosed by The Wall Street Journal, OpenAI previously signed 17 lease agreements in this project, involving approximately 8 gigawatts (GW) of computing capacity; the project has not yet been fully built, and power supply will include planned natural gas power generation facilities.

In addition, SB Energy has a data center project of approximately 900 megawatts (MW) in Scurry County, Texas, for which a customer has not yet been determined. The Wall Street Journal reported that all of SB Energy's current data center customers have investment relationships with the company.

According to disclosures in the draft IPO document, among the four main data centers planned for construction by the company, SoftBank Group and OpenAI have already planned to occupy three of them.

The partnership between OpenAI and SB Energy began in January 2026. At that time, SB Energy announced that OpenAI and SoftBank each invested $500 million in the company, bringing total investment to $1 billion.

Meanwhile, OpenAI chose SB Energy to build and operate its 1.2-gigawatt (GW) data center project in Milam County, Texas.

This warrant arrangement is closely linked to SB Energy's upcoming IPO. According to the draft IPO document, OpenAI is expected to hold a single-digit percentage stake in SB Energy after its listing; as SB Energy's valuation rises, the value of its warrants increases accordingly. SB Energy also committed to purchasing at least $50 million in OpenAI software and services by 2028.

SB Energy is currently preparing to move forward with a U.S. IPO, targeting to raise approximately $5 billion to $7 billion. The company expects it could list as early as September 2026, but the specific offering timing and terms remain unfinalized.

From a business model perspective, OpenAI is both an investor in SB Energy and a tenant in its data centers, while SoftBank is both the controlling entity of SB Energy's parent company and a major investor in OpenAI.

Under this model, the interests of AI companies, data center developers, and capital providers are bound together. Whether commercial returns can ultimately be realized remains to be seen based on data center construction progress, the implementation of long-term leases, and SB Energy's valuation pricing in the IPO.