SB Energy, the SoftBank-backed developer of power and data center campuses based in Redwood City, is gearing up to file a confidential draft registration statement for a U.S. initial public offering, according to Bloomberg. The company has positioned itself as a builder and operator of multi-gigawatt data center campuses, plus the generation and grid work that feeds them, giving public investors a direct way to back the energy layer of the AI infrastructure boom.
According to Bloomberg, SB Energy plans to submit its draft registration to the U.S. Securities and Exchange Commission on a confidential basis, a step companies use to have SEC staff review an S-1 without immediately revealing deal terms. The filing is aimed at tapping investor demand for firms that build power infrastructure for AI data centers.
Big backers and recent fundraising
SB Energy's recent financing has been sizable. The company says SoftBank Group and OpenAI each committed $500 million, while Ares invested $800 million of redeemable preferred equity, giving SB Energy more than $1.8 billion in new capital over roughly the past year. SB Energy also said it has acquired Studio 151 to bring data center construction and program management capabilities in-house, and that its partnership with OpenAI accelerates its ability to deliver advanced AI data center campuses and integrated energy infrastructure, per SB Energy.
Projects and power
SB Energy is developing several multi gigawatt campuses and has been selected to build and operate a previously announced 1.2 gigawatt OpenAI site in Milam County, Texas as part of the Stargate initiative. The company's model pairs on-site generation and grid upgrades with purpose-built data centers to reduce timelines and minimize water use. SoftBank's investor presentation highlights SB Energy's move into data center construction and power assets as central to its U.S. strategy, per SoftBank Group.
Why markets might care
Public markets have shown an appetite this year for companies tied to the AI infrastructure stack, and an IPO would let investors buy the power side of that trade rather than raw compute or chipmakers. Bloomberg notes that SB Energy's pitch is timed to that demand, although valuation, underwriters and timing were not disclosed.
What a confidential filing means
A confidential draft submission allows an issuer to submit a Form S-1 to the SEC for nonpublic review and is increasingly used by companies that want to preserve flexibility while they sort out details with regulators and banks. In 2025, the SEC expanded the availability of confidential reviews, broadening the types of issuers and transactions that can seek nonpublic comment, according to Linklaters.
Next steps and local angle
If SB Energy proceeds with a public offering, it would likely move through a quiet SEC review before filing a public S-1 and setting a road show timetable that depends on market conditions. The company is based in Redwood City and says the Milam County project will create thousands of construction jobs, which could amplify regional grid and workforce impacts as the buildout scales.
