OpenAI to Secure Up to 5% Stake and Board Seat in SB Energy IPO

SB Energy filed its IPO prospectus on Monday, disclosing a deep financial and operational partnership with OpenAI. The AI firm leases a large portion of the developer’s capacity, has signed a services contract lasting to 2028, and holds warrants originally issued in early 2026 that were valued at $3.6 billion and have risen to an estimated $5.5 billion as of June 30. If OpenAI acquires at least a 5% equity position, it will be entitled to nominate a director to SB Energy’s board.

The company is building its first two data-center campuses in Texas—one dedicated to OpenAI and the other to SoftBank, which owns a majority stake in SB Energy. A third, 8-gigawatt site is planned for southern Ohio, with OpenAI and Nvidia as partners. The filing warns that any adverse change in OpenAI’s financial health could materially affect SB Energy’s business, liquidity and stock value.