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By Arasu Kannagi BasilBengaluru — SB Energy recorded a 66.4% increase in revenue in the first half of 2026, the SoftBank-backed data centre developer disclosed on Tuesday in paperwork for its US initial public offering (IPO).The US-based power and data centre infrastructure platform reported a net loss of $3.21bn on revenue of $138.7m in the six months ended June 30, compared with a net loss of $215.5m on revenue of $83.3m a year earlier.Companies tied to the AI expansion have increasingly turned to the IPO market this year as hyperscalers and technology firms pour billions of dollars into expanding data centres to meet soaring demand for computing.The listing will be an important test of investor appetite for the AI infrastructure trade, which has come under pressure in recent weeks as concerns about the sustainability of the AI spending boom grow.Nvidia last week unveiled a rare long-term outlook of 70% revenue growth for next year, helping ease concerns that the AI boom is fading.AI infrastructure investment by the biggest hyperscalers is expected to exceed $1.3-trillion by 2027, according to S&P Global Ratings.Founded in 2019, SB Energy focuses on pairing power generation with data centres to help address AI’s growing energy constraints. The firm is partnering with OpenAI and SoftBank on a $500bn multiyear initiative to build AI data centres for training and inference.SB Energy had a backlog of about $439bn.Nvidia and OpenAI commitmentsNvidia has committed to invest $1.5bn in SB Energy in a private placement at the IPO price, according to the prospectus.Earlier this month the chipmaker unveiled a $1.5bn investment in SB Energy and agreed to provide a guarantee of as much as $105bn to help OpenAI lease a huge data centre in Ohio being developed by the SoftBank-backed company.OpenAI has also been issued warrants worth about $5.5bn, according to SB Energy’s prospectus.The latest investments have sharpened scrutiny regarding Nvidia’s financial ties across the AI industry as concerns mount over so-called circular deals between the chipmaker and its customers.SB Energy has broadened its investor base this year, attracting new investments from Nvidia and OpenAI. Private capital firm Ares Management has been a long-standing investor in the firm.OpenAI and SoftBank earlier this year each invested $500m in SB Energy as part of the Stargate initiative.JPMorgan, Goldman Sachs and Morgan Stanley are among the underwriters for the offering. SB Energy will list on the Nasdaq and Nasdaq Texas under the symbol SBE.
