Performance since IPO
Confirmed share price history
No published trading history yet
IPO recap
Offering not completed
SB Energy filed IPO documents on Sep 1, 2026. IPO date and IPO offer price are not yet confirmed.
FiledSep 1
Pricing—
First trade—
Lockup ends—
The short version
SB Energy has filed for a US IPO under proposed symbol SBE. September’s amendment separates NVIDIA’s funded advance from a placement conditional on listing.
Key takeaway 1
Public US filing; SBE remains a proposed symbol.
Key takeaway 2
NVIDIA’s advance and conditional placement have different funding dates.
Key takeaway 3
Planned capacity needs construction and power delivery.
Company in detail
SB Energy develops, builds and owns power and data-center infrastructure for large computing customers. Founded in 2019 and based in Redwood City, the business combines energy development with construction and operating capabilities. Rich Hossfeld and Abhijeet Sathe serve as co-CEOs, and Studio 151 adds in-house expertise in delivering data centers.
Its public registration makes the IPO process concrete. SB Energy announced its S-1 on 1 September 2026 and filed a second amendment on 21 September. It proposes SBE on Nasdaq Global Select Market and Nasdaq Texas. A final offer price and first trading date were not verified in the 7 October review.
Capital arrangements deserve particular attention. The January partnership involved $500 million each from OpenAI and SoftBank. The amended filing also distinguishes NVIDIA’s $1.5 billion prepaid advance from a further $1.5 billion private share purchase conditional on the IPO. These amounts describe private financing, rather than proceeds raised from public investors.
The infrastructure story extends beyond money already invested. The Ohio PORTS-Pike project is planned to enter service in phases beginning in 2028. Contracted gigawatts and planned buildings should be compared with facilities actually completed, connected and earning income.
Our analysis centers on the gap between project commitments and cash generation. Construction spending, electricity access, customer concentration and the eventual ownership structure can influence the return available to new shareholders.
Operating metrics
Initial OpenAI lease
1.2 GWContracted buildout in Milam County, Texas; not an operating-capacity measure.
Jan 9, 2026Company profile
- Legal name
- SB Energy, Inc.
- Headquarters
- Redwood City, California
- Founded
- 2019
- Co-CEOs
- Rich Hossfeld and Abhijeet Sathe
- Sponsor
- SoftBank Group
- Business
- Power and data-center infrastructure
- Capability acquisition
- Studio 151 construction and operations
- Listing application
- Nasdaq Global Select Market and Nasdaq Texas
- Employees
- No published figure
Timeline
- OpenAI and SoftBank partnership
Capital is linked to data-center development.
- Public S-1 announced
SB Energy announces its registration.
- S-1 amended
Amendment No. 2 is filed with the SEC.
- PORTS-Pike development announced
An 8 IT-GW Ohio campus is planned, with phased operations expected from 2028.
Initial OpenAI lease
1.2GWContracted buildout in Milam County, Texas; not an operating-capacity measure.
Conditional NVIDIA share purchase
$1.5billionAdditional share purchase conditional on IPO closing; not a second payment already received.
Valuation
—Not confirmed
Employees
—No published figure
Net income
—No published figure
Operating cash flow
—No published figure
Financials
No complete financial history available
Revenue
Financial history unavailableComparable financial periods will appear here when available.
No comparable financial series
Available dated disclosures are included in the company overview. View disclosures →
Valuation & peers
Price-to-sales, revenue growth and gross margin
Comparable metrics unavailableComparable company figures for the same date are not available.
Revenue growth (%)
| Company | P/S | Growth | GM |
|---|---|---|---|
| SB Energy | — | — | — |
| No published peer comparison | |||
Context: Private financing valuations and modeled market values do not establish an IPO valuation. Revenue run-rate is not used here to calculate a price-to-sales ratio.
Private valuation and funding details
Partner equity investment
USD 1 billionOpenAI and SoftBank each announced USD 500m; private equity, not IPO proceeds.
NVIDIA prepaid forward
$1.5 billionFunded on 17 August; Class N shares delivered at 90% of the IPO price. Separate from the conditional IPO-closing share purchase.
Conditional NVIDIA share purchase
$1.5 billionAdditional share purchase conditional on IPO closing; not a second payment already received.
IpoHub score
How we score—Not rated
Balance sheet—
Growth—
Community—
Profitability—
Valuation—
Individual category scores are not available.
Where the money goes
—
Use of proceeds—
Allocation percentages—
Net proceeds—
Details on the use of IPO proceeds are not available.
Key risks
Editorial analysisConstruction and power
Permits, grid infrastructure and project schedules can shift costs and cash flows.
Partner and governance concentration
Major customers and SoftBank’s proposed controlled-company position require review.
Share issuance
Placements and warrants can change public shareholders’ ownership and economics.
Deal terms
- Ticker
- SBE
- Exchange
- Nasdaq Global Select / Nasdaq Texas (proposed)
- IPO price
- Not confirmed
- Price range
- Not confirmed
- Pricing date
- Not confirmed
- First trading day
- Not confirmed
- Shares offered
- Not confirmed
- Deal size
- Not confirmed
- Underwriters
- Not confirmed
- Greenshoe shares
- Not confirmed
- Lockup
- Not confirmed
- Quiet period expirations
- Not confirmed
SB Energy IPO: where and how to invest
Where can I invest in the SB Energy IPO?
The SB Energy IPO is currently marked as filed; public share trading is not yet confirmed in this profile. If IPO subscriptions become available, you need a broker offering that specific deal to investors in your country. Having an account does not guarantee an allocation. After a confirmed listing, you can look for a broker that supports the relevant exchange.
Can I buy SB Energy shares now?
Public trading in SB Energy shares is not yet confirmed here. An announced or priced offering does not automatically mean you can buy the stock on an exchange. An IPO subscription and a private share purchase each have separate access requirements.
When is the SB Energy IPO?
A confirmed first trading day for SB Energy has not yet been published here. Check official company announcements and final offering documents; a planned timetable can change.
What is the SB Energy IPO share price?
A confirmed IPO offer price for SB Energy has not yet been published here. Private funding valuations and modeled private-market prices do not establish the eventual IPO share price.
What is SB Energy's stock ticker and exchange?
The ticker recorded in this profile is SBE. The exchange recorded here is Nasdaq Global Select / Nasdaq Texas (proposed). A proposed symbol or exchange does not establish that trading has begun. Verify the final listing announcement before placing an order.
Can I buy SB Energy shares before the IPO?
Private transactions or funds may sometimes provide exposure to SB Energy if a specific offer exists and you meet its requirements. This profile does not confirm an available private offer. A fund interest may provide indirect exposure rather than direct ownership of company shares. Private investments can have resale restrictions, uncertain valuations and limited exit options; a future IPO is not guaranteed.
Where can I find the SB Energy IPO prospectus?
Check SB Energy's official investor-relations announcements and publications from the relevant regulator and exchange. A confidential submission or an announcement about it is not a publicly available prospectus. Before subscribing, read the final prospectus for the risks, price, share class and offering terms.
More questions about the SB Energy IPO
Is the IPO confirmed?
The registration is public. Final pricing and a first trading date were not verified as of 7 October 2026.
What is the proposed ticker?
SBE, on Nasdaq Global Select Market and Nasdaq Texas.
Has NVIDIA already invested $3 billion in cash?
The filing separates a funded $1.5 billion advance from a further $1.5 billion purchase conditional on IPO completion.
Are contracted gigawatts operating capacity?
No. Contracted and planned capacity differs from commissioned facilities.
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