SoftBank's SB Energy Files for IPO With $105B Nvidia Backstop for OpenAI Data Centers

SoftBank's SB Energy unit has filed for an initial public offering to fund its massive AI infrastructure pipeline, reportedly targeting a valuation north of $50 billion. The infrastructure developer reported a $3.2 billion loss on just $139 million in revenue during the first half of 2026, but outlined a staggering $430 billion project backlog in its prospectus. The company's flagship project is a 10-gigawatt data center campus in Ohio being built specifically for OpenAI, which requires an adjacent $33 billion power plant and $4.2 billion in new transmission lines. Nvidia is heavily underwriting the expansion, providing a residual value guarantee worth up to $105 billion for 4.25 gigawatts of capacity at the Ohio site. The chipmaker has also committed to purchasing $1.5 billion in shares at the IPO listing price, while OpenAI holds $5.5 billion in stock warrants.