SoftBank-Backed Firm to File for IPO on Data Center Ambition

(Bloomberg) -- SoftBank Group Corp.-backed digital infrastructure firm SB Energy Corp. plans to file a confidential draft registration statement for a proposed initial public offering in the US, the company said in a Wednesday statement.

SB Energy, based in Redwood City, California, is looking to capture investor demand for firms building out power infrastructure for artificial intelligence data centers. The company has raised more than $1.8 billion to fulfill its data center ambitions from SoftBank, OpenAI and Ares Management over the past year.

In February, SB Energy unveiled plans for a 9.2-gigawatt natural gas power plant with an estimated cost of $33 billion. That plant would power SB Energy’s massive AI data center project being developed on a former uranium enrichment site in Piketon, Ohio. (One gigawatt is equivalent to a traditional nuclear reactor.)

Founded as a solar and battery storage developer, SB Energy has expanded its portfolio to include natural gas and building digital infrastructure for data centers.

That pivot has helped the firm tap into the data center boom. In January, OpenAI and SoftBank each committed $500 million to SB Energy and tapped the company to build and operate OpenAI’s 1.2 gigawatt data center in Milam County, Texas.

(Updates with context on the planned capacity of the Ohio project mentioned in the third paragraph. A prior version corrected the entity developing that project.)

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