SB Energy, the artificial-intelligence power infrastructure company backed by Softbank, OpenAI and Nvidia, has filed for an initial public offering with the Securities and Exchange Commission, CNBC reports. The company plans to list on Nasdaq and Nasdaq Texas under the ticker SBE, according to CNBC’s account of the filing. Softbank is the controlling shareholder. The filing centers on financing and building power and data-center capacity before those data-center assets are producing revenue. CNBC reports that SB Energy has not yet generated revenue from its data-center business, and that none of its data centers are operational. For the first half of 2026, the company recorded roughly $3.2 billion in net losses and about $139 million in revenue, mostly from its legacy energy business. OpenAI sits at the center of the risk profile. CNBC reports that SB Energy described itself in the filing as heavily dependent on OpenAI, which is both a tenant and an equity investor. OpenAI CEO Sam Altman was also an early personal investor, according to CNBC. The company told investors that its near-term revenue, project financing and development plans are closely tied to OpenAI’s performance under lease and related agreements. That concentration matters because the business is still pre-operational on the data-center side. SB Energy is relying heavily on outside financing from partners for its campuses, CNBC reports. In August, Nvidia announced it would provide $105 billion in financing for an OpenAI data center in Ohio that SB Energy will build, according to CNBC. SB Energy CEO Rich Hossfeld told CNBC after that financing announcement that Nvidia’s role helps unlock investment-grade financing and support the project’s success. The company has not announced IPO pricing or a firm listing date. CNBC cites The Wall Street Journal as reporting that SB Energy could begin trading as soon as this month and is looking to raise between $5 billion and $7 billion. Those figures should be treated as reported expectations until the company sets formal terms. The S-1 also shows how quickly AI infrastructure has moved from capacity race to permitting and public-acceptance problem. CNBC reports that SB Energy flagged community opposition, local moratoria and resistance to AI-related infrastructure as risks to its data-center and power-generation operations. Other disclosed risks include technological advances that could make facilities obsolete or harder to market, slower business adoption of AI, regulatory changes and decelerating capital spending from hyperscalers. For investors, the IPO highlights a company with no current data-center revenue, no operational data centers and substantial dependence on OpenAI. SB Energy is asking markets to value future campuses, financing relationships and demand from OpenAI before its data-center assets are operating. That concentrates execution, financing and demand risk in the same place. Who benefits: SB Energy could gain a large pool of public capital if the offering prices successfully. Softbank is the controlling shareholder. Who's exposed: Public-market buyers would be exposed to a company with no operating data centers and no current revenue from that business. OpenAI concentration, local opposition, regulatory changes and slower hyperscaler capital spending are all named risks in the filing as reported by CNBC.