SB Energy of the United States Plans to Offer Up to US$500 Million in Shares to Japanese Investors

en.Wedoany.com Reported - On September 15, a document submitted by SB Energy to Japan's Ministry of Finance showed that the company plans to offer up to US$500 million in shares to Japanese investors as part of its U.S. initial public offering. Mizuho Securities, Daiwa Securities, PayPay Securities, Rakuten Securities, and SBI Securities will handle the related sales in the Japanese market. SB Energy filed an S-1 registration statement with the U.S. Securities and Exchange Commission on September 1 to pursue a U.S. listing, and the specific IPO offering size and price range have not yet been finalized.

The proceeds from SB Energy's IPO will be mainly used for the development of large data centers, power facilities, energy storage, and related infrastructure. According to the registration materials submitted by the company to U.S. securities regulators, the net proceeds from this offering are planned to be used primarily for working capital, operating expenses, and capital expenditures for data center, power generation, energy storage, and supporting infrastructure projects. The company currently has three major business segments: data centers, independent energy, and integrated solutions, among which the data center business is still in the early stage of revenue generation.

In its data center business, SB Energy has signed data center contracts for approximately 8.8 GW of IT load. Its largest project is the PORTS Technology Campus in Ohio, United States, which is planned to have approximately 8 GW of IT capacity, corresponding to approximately 10 GW of total power load, with an initial plan to be supported by 9.2 GW of natural gas power generation facilities. Part of the project construction has already begun, and the first phase is scheduled to commence operations in 2028, with subsequent construction to continue, though it remains subject to regulatory approvals, financing, long-lead equipment procurement, transmission, and natural gas pipelines and other supporting conditions.

SB Energy's existing independent energy business has approximately 5.5 GW of contracted solar and battery energy storage projects, of which approximately 2.2 GW is already in operation, approximately 2.5 GW is under construction, and another approximately 0.8 GW has been contracted but has not yet started construction. The company has also submitted approximately 4.2 GW of grid connection applications for power generation projects supporting data centers, forming an integrated development model of data centers and power infrastructure.

In conjunction with the IPO, Nvidia has committed to make a US$1.5 billion private investment in SB Energy at the IPO price. Nvidia had previously signed a multi-year cooperation arrangement with SB Energy around the Ohio PORTS project, providing residual value guarantees for leases related to approximately 4.25 GW of IT load and having the option to support another approximately 3.8 GW of capacity. An OpenAI affiliate will serve as the data center tenant for the project.

SB Energy is currently backed by SoftBank Group and is transforming from its original solar and energy storage developer into a development platform for large AI data centers and supporting energy infrastructure. This offering of up to US$500 million in shares in the Japanese market is part of its U.S. IPO financing structure and is linked to the previous Nvidia investment and the financing arrangements for the large PORTS data center project.