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SoftBank-Backed SB Energy Files for US IPO as AI Data Centre Ambitions Accelerate

By Tim Clark3 min read
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NEW YORK, 21 May 2026 – SB Energy, a power infrastructure company backed by SoftBank Group and OpenAI, has confidentially filed for an initial public offering in the United States, marking the latest sign that artificial intelligence-linked power and data centre infrastructure is becoming a major capital markets theme.

The company develops large-scale power and data centre infrastructure projects, with a focus on supporting rising electricity and compute demand from AI workloads. Founded in 2019, SB Energy has raised more than US$18 billion in project capital and manages an energy portfolio of about 5 gigawatts of operating and under-construction capacity.

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Author

  • Tim Clark is a Senior Geopolitical Analyst for The Ledger Asia, specializing in the intersection of international relations and market stability. With over a decade of experience, Tim provides deep-dive insights into Indo-Pacific security, global supply chain resilience, and the strategic competition between major powers.

    Previously a consultant for leading international think tanks, he focuses on how shifting diplomatic landscapes and maritime disputes impact corporate governance and trade policy. At The Ledger Asia, Tim’s analysis equips readers with the clarity needed to navigate the complex regulatory and economic environments of Southeast Asia and beyond.