OpenAI Holds $5.5 Billion in SB Energy Warrants to Lease Nvidia-Backed AI Data Centers
According to draft IPO documents reviewed by the Wall Street Journal, OpenAI holds warrants in SoftBank Group subsidiary SB Energy valued at approximately $5.5 billion as of June 30, 2026. These warrants were issued earlier this year and are expected to vest after SB Energy's IPO based on valuation milestones. The arrangement highlights a complex relationship where OpenAI is both an investor and customer in the energy firm while leasing AI data centers backed by Nvidia. Nvidia has invested $1.5 billion in SB Energy and agreed to cover potential losses from OpenAI’s leases, with exposure capped at $105 billion. This backing underscores the scale of financial commitments tied to building out AI infrastructure. Meanwhile, SB Energy is yet to launch a single data center but already holds nearly nine gigawatts of contracted computing capacity and over $400 billion in backlog.
