SB Energy, a company under the SoftBank Group, is preparing to confidentially submit a draft registration statement for an initial public offering (IPO) to the U.S. Securities and Exchange Commission (SEC).

The digital infrastructure and energy company stated on Wednesday that the offering and its timing will depend on market conditions and other factors, pending the completion of the SEC's review process.

In January of this year, SoftBank Group and OpenAI announced they would each invest $500 million in SB Energy. This move is part of the "Stargate" project, an initiative aimed at creating a comprehensive AI infrastructure platform through collaboration among several U.S. companies. Additionally, OpenAI has selected SB Energy to build and operate its previously announced data center in Milam County, Texas.