SB Energy files for US IPO with $439 billion contracted backlog

SB Energy, SoftBank's AI data center and power infrastructure company, filed its S-1 for a US IPO on Nasdaq and Nasdaq Texas under ticker SBE. The filing reveals $439B of contracted backlog, heavily back-loaded with only ~$1B expected to convert to revenue over the next 24 months. First data center revenue is expected in Q4 2026 from a 50 MW lease to SoftBank. OpenAI is a major customer with 8 GW-IT leased at PORTS-Pike. NVIDIA committed $3B around the IPO and has guarantees capped at $105B. Financials show H1 2026 revenue of $138.7M and a net loss of $3.21B, largely from non-cash charges. IPO share count and price range are not yet set.