SoftBank's data center and energy infrastructure arm, SB Energy, is reportedly accelerating its move toward a public listing. According to a report, the company could file its IPO application as early as this week, with a launch planned for September, aiming to raise between $5 billion and $7 billion.

The filing documents reviewed by the media reveal that SB Energy has secured over $400 billion in contracted backlog within the data center sector, despite not yet generating revenue from these projects. The company has inked agreements for nearly 9GW of computing capacity with clients, while its current pipeline under construction stands at 800MW.

Parent company SoftBank and OpenAI are slated as planned tenants for three of SB Energy's data center sites, while a fourth facility in Scurry, Texas, has yet to secure a client. This brings into focus the intricate relationship between the SoftBank group and the AI startup. SoftBank, as a major investor in OpenAI, is intertwined with the company on multiple levels. OpenAI serves as both a key customer for SB Energy and, notably, an investor in SB Energy itself, with SB Energy flagging a potential deterioration in OpenAI's financial health as a significant operational risk. Additionally, SB Energy is also a customer of OpenAI.

Earlier this year, OpenAI invested $500 million in SB Energy, a sum that equates to a single-digit percentage stake post-IPO. SB Energy has also granted OpenAI warrants currently valued at approximately $5.5 billion, which are set to vest in tranches based on the company's post-listing market valuation. As part of the arrangement, SB Energy is committed to purchasing at least $50 million worth of OpenAI software and services by 2028.

Beyond OpenAI, NVIDIA also holds an equity position in SB Energy. The chip giant has funneled $3 billion into the company through two private placements, with one deal allowing NVIDIA to purchase shares at a 10% discount to the eventual public offering price.