OpenAI is reportedly acquiring warrants from SB Energy worth approximately $5.5 billion

Before the IPO of SB Energy, supported by SoftBank, the company offered a huge incentive to attract OpenAI as a tenant for its data centers. The IPO draft documents show that OpenAI received warrants worth approximately $5.5 billion from SB Energy, which OpenAI had previously invested in.

SB Energy is expected to publicly submit its IPO documents as early as this week, and the company is working with bankers to potentially conduct the IPO next month, aiming to raise between $5 billion and $7 billion. Currently, SB Energy's data center customer base consists of companies that are also investors in the company. The documents indicate that SoftBank and OpenAI plan to become tenants of three data centers of SB Energy. The fourth data center, located in Scurry County, Texas, has a capacity of 900 megawatts and currently does not have confirmed customers.