OpenAI has acquired $5.5 billion in warrants for SB Energy, a SoftBank-backed firm preparing for a U.S. IPO. The deal secures OpenAI as a long-term tenant for upcoming AI data centers. This move highlights how AI developers are now directly financing the energy and computing infrastructure needed to sustain their growing models.
OpenAI has established a significant financial position in SB Energy, the power and infrastructure arm of the SoftBank Group. According to recent disclosures, OpenAI holds warrants in the firm valued at approximately $5.5 billion as of June 2026. This move is timed ahead of SB Energy's planned U.S. initial public offering, which is expected to seek between $5 billion and $7 billion in proceeds as early as next month.
For investors, it is important to understand that this is not a traditional cash investment. Instead, these warrants function as an equity incentive. By holding these, OpenAI secures its position as an anchor tenant for SB Energy’s massive data center projects. The arrangement helps OpenAI guarantee long-term access to critical infrastructure, which is essential for managing the high power and cooling demands of advanced artificial intelligence models.
The broader industry trend behind this deal is the creation of a closed-loop system for AI development. This strategy involves major players like SoftBank, Nvidia, and OpenAI working together to control the entire supply chain. Nvidia has already committed $1.5 billion to SB Energy and provided a $105 billion financial guarantee for a major data center project in Ohio. By linking energy infrastructure, chip supply, and ownership stakes, these companies are attempting to build an independent support system for AI that operates outside of traditional utility and data center models.
Despite the scale of these partnerships, there are significant risks that investors should monitor. SB Energy is currently in the development phase and does not yet have any operational data centers. This presents a high risk of project delay or cost overruns, which is common in large infrastructure construction. Furthermore, the company faces a high customer concentration risk. Its business model relies heavily on OpenAI remaining as a tenant; if OpenAI were to change its expansion plans or face financial difficulties, SB Energy could see its revenue stability tested.
Additionally, the current valuation of these warrants is based on future expectations, not current cash flow. While the valuation grew from $3.6 billion in early 2026 to $5.5 billion by mid-year, these figures remain sensitive to market volatility and the final terms set during the upcoming public market debut.
The most important update for market observers will be the final IPO filing documents. Investors may track the project timelines for the planned 9 gigawatts of computing capacity to see if the company can transition from construction to operational revenue generation.