SB Energy files for US IPO with $439B contracted backlog

SB Energy, the digital infrastructure arm backed by SoftBank, has filed a draft registration statement with the SEC as it prepares for what could be one of the largest US IPOs in recent memory. The company’s contracted backlog sits at a staggering $439 billion, almost entirely tied to data center and power generation projects built to feed the AI boom. The confidential S-1 filing landed on May 20, 2026, with a public filing and potential listing expected by late September 2026. SB Energy is reportedly targeting a raise of between $5 billion and $7 billion, at an estimated valuation of roughly $50 billion. The numbers behind the filing SB Energy currently has approximately 9 GW in contracted compute capacity across its pipeline. Its marquee projects include a 1.2 GW campus in Texas developed in partnership with OpenAI and a planned behemoth in Pike County, Ohio, projected to reach 9 to 10 GW when fully built out. The company has recently pulled in more than $1.8 billion in equity and project capital. SoftBank and OpenAI each committed $500 million, while Ares Management contributed $800 million. The partner ecosystem tells the real story OpenAI received $5.5 billion in warrants tied...