.png){kind=logo}
OpenAI received warrants valued at an estimated $5.5 billion from SB Energy before its planned US IPO. The Wall Street Journal reported the deal on August 31, citing draft IPO documents reviewed by the Journal.
SB Energy issued the warrants to secure OpenAI as a major data center tenant ahead of its IPO. The SoftBank-backed firm used the equity incentive to deepen ties with OpenAI across planned AI infrastructure projects.
The warrants represented option-like rights rather than a direct $5.5 billion cash investment. The structure potentially gave OpenAI significant upside from SB Energy’s future growth and market valuation.
The arrangement also strengthened an expanding relationship between OpenAI and SB Energy. OpenAI had already invested in the infrastructure company earlier in 2026, while SoftBank remained a major backer.
SB Energy had planned three data centers with SoftBank and OpenAI as expected tenants. The company had also prepared a US listing targeting between $5 billion and $7 billion in proceeds. Reuters previously reported that the company could seek a valuation above $50 billion.
The deal gained further importance through SB Energy’s Ohio project. OpenAI had agreed to lease roughly 8 gigawatts at the PORTS-Pike Technology Campus under a 20-year arrangement. SB Energy planned to build, own, and operate the facility for OpenAI.
Nvidia had also invested $1.5 billion in SB Energy and provided major financial support for the Ohio project. The development showed how AI companies increasingly linked compute demand with power, data centers and infrastructure financing.
The reported $5.5 billion warrant package therefore marked a notable shift in AI infrastructure deals. AI firms gained financial interests alongside long-term access to computing capacity.
Also Read: OpenAI CEO Sam Altman Warns Time is Running Out for AI Cyber Defense
