SB Energy, backed by SoftBank Group, is reportedly offering OpenAI warrants worth about $5.5 billion as part of a plan to secure OpenAI as a tenant for its data centers ahead of an IPO.

Nvidia is a major investor in SB Energy, having contributed $1.5 billion to support the Ohio project, highlighting growing ties between AI firms, compute demand, and infrastructure financing.

SB Energy’s plans include a large southern Ohio site anchored by 17 long-term leases with OpenAI covering roughly 8 GW of computing capacity, plus a separate 900 MW Texas site awaiting a customer and planned natural gas power generation.

The piece emphasizes a broader trend: AI infrastructure deals are reshaping partnerships and capital needs across the industry.

Microsoft remains a leading designer and marketer of operating systems, software for PCs/servers, and computer equipment, underscoring the broader ecosystem context.

Questions linger about post-IPO execution, the profitability timeline of these large-scale builds, and how competitive and regulatory pressures in the data-center sector will influence outcomes.

The arrangement highlights ongoing concerns about circular financing in OpenAI’s AI infrastructure expansion.

A circular dynamic emerges where model, data-center, and parent entities (including Nvidia-backed and Stargate) hold stakes in the same buildout, making each valuation partly dependent on others’ continued commitments.

Market mechanics show that model companies need power and facilities while accelerator manufacturers seek chip sockets, with lenders backing gigawatt-scale leases; developers convert leases into power plants and grids, whereas lessees face cash rents but may gain warrants upside.

As OpenAI moves toward public markets, investors will scrutinize how these infrastructure arrangements affect spending, ownership, and long-term computing costs.

In summary, OpenAI’s IPO is a test case for pricing AI infrastructure assets amid huge contracts, backers, and the risk of long-horizon data-center revenue and financing terms.

The overall story frames the AI Power Trade as a foundational shift in tech capital formation, where equity in energy infrastructure ties into colossal compute demand and public market access.