SB Energy, an AI power infrastructure company backed by SoftBank, OpenAI, and Nvidia, has filed for an IPO with the SEC despite having zero operational data centers and no revenue to date. The company posted a $3.2 billion net loss in the first half of 2026 from heavy data center investment, and remains heavily dependent on OpenAI as both a key tenant and investor. SB Energy is targeting $5-7 billion in proceeds, with shares set to list on Nasdaq under ticker SBE.
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