SB Energy IPO filing shows about 5.5 GWac of contracted solar and storage

SB Energy, Inc., the SoftBank-backed developer that describes itself in the filing as "a leading, integrated data center and power infrastructure company," filed a Form S-1 with the SEC dated August 31, 2026 and posted on September 1 for an initial public offering on the Nasdaq Global Select Market and Nasdaq Texas under the symbol SBE. The share count and price range are blank; what the filing does fill in is the size of the power business the data center plans sit on: a Standalone Power Contracted Portfolio of approximately 5.5 GWac of solar and battery storage, of which about 2.2 GWac was operating, 2.5 GWac under construction, and 0.8 GWac contracted but not yet under construction as of the prospectus date, drawn from approximately 12.4 GWac of project sites the company says it has originated since 2019, counted by filed generator interconnection requests.

The operating assets sit primarily in CAISO and ERCOT, per the filing. Libra, in Mineral and Lyon Counties, Nevada, which the filing calls its "largest solar-plus-storage hybrid project to date," pairs 700 MWac of solar with 700 MW/2,800 MWh of storage under a fixed-price 25-year power purchase agreement with NV Energy, and its project companies closed a $2.4 billion construction and bridge loan commitment on March 13, 2026. The solar-only operating fleet of approximately 2,142 MWac generated approximately 5,097 GWh in 2025 at a 27.2% capacity factor.

Of approximately $439 billion of backlog, which the filing defines as the estimated revenue remaining to be recognized over the life of its executed and binding customer contracts and calls "a hypothetical estimate based on management's assumptions," about $10 billion belongs to the power segment and about $430 billion to data centers, a segment the filing says has not generated significant revenue to date and has no capacity in operation. The weighted average remaining contract length is 16.6 years for the power projects and 19.6 years for the data centers. The 8.0 GW-IT PORTS-Pike Technology Campus in Pike County, Ohio, leased to OpenAI in August 2026 under a 20-year term, represents 10 GW of gross power load "expected to be supported by the PJM transmission system and new neighboring gas-fired generation facilities"; the filing describes those as planned 9.2 GW gas-fired facilities "being developed by an affiliate of SoftBank that is not our subsidiary" and "not yet financed, constructed or contracted." The risk factors state that the company is "substantially dependent on OpenAI."