Mentioned:
SB Energy is building out power for infrastructure required for artificial intelligence. And now, they’re preparing to make their Wall Street debut.
What’s happening:
- SB Energy has filed a Form S-1 with the United States Securities and Exchange Commission to become a publicly traded company on the Nasdaq
Why it matters:
- SB Energy initially started as a utility-scale solar and storage developer and now has one of the largest contracted portfolios of data centre leases in the United States with roughly 8.8 gigawatts of capacity under long term leases
Going deeper:
- SoftBank is one of the earliest investors in SB Energy and has put more then $3.2B USD in growth capital into the company since inception
- Nvidia (NASDAQ: NVDA) has committed to investing $3B in SB Energy with $1.5B USD already having been invested through a prepaid forward and the remaining $1.5B USD to be executed as a strategic equity investment concurrently with SB Energy’s IPO round
- OpenAI and SB Energy have an existing long term deal for 20 year leases of roughly 8.7 gigawatts of data centre capacity across campuses in Ohio and Texas
The intrigue:
- OpenAI was also granted approximately 3.9M warrants in SB Energy as part of their long term deal with roughly 44% of the warrants vesting on or before the IPO and the remaining warrants vesting upon future market capitalization milestones
