SoftBank-backed SB Energy offered OpenAI a major incentive as it tries to secure the artificial intelligence company as a data center tenant ahead of its planned initial public offering. Draft IPO documents show OpenAI received warrants in SB Energy worth about $5.5 billion, adding to a relationship that already included an earlier investment by OpenAI in the company. SB Energy is expected to publicly file for its IPO as soon as this week and could move ahead with the listing as early as next month. The company is targeting a fundraising range of $5 billion to $7 billion. The filing also shows SB Energy’s current data center customer base is made up of companies that are also investors, with SoftBank and OpenAI planning to become tenants at three of its data centers. A fourth site in Scurry County, Texas, with 900 megawatts of capacity, has not yet secured a customer.
ChainCatcher reported that SoftBank-backed SB Energy offered OpenAI a large incentive ahead of the company’s planned IPO as it seeks to bring OpenAI on as a data center tenant.
Draft IPO filings show OpenAI received warrants in SB Energy worth about $5.5 billion. OpenAI had already invested in the company earlier.
SB Energy is expected to publicly file for its IPO as soon as this week. The company is working with bankers and could proceed with the offering as early as next month, targeting fundraising of $5 billion to $7 billion.
At present, SB Energy’s data center customer base consists of companies that are also investors in the business. The filing says SoftBank and OpenAI plan to become tenants at three of SB Energy’s data centers.
A fourth data center in Scurry County, Texas, has 900 megawatts of installed capacity and has not yet secured a customer.
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