SB Energy (SBE) Registration filing summary

Company overview and business model

• Develops, constructs, and plans to operate gigawatt-scale data center facilities and power generation assets, focusing on AI-driven demand.

• Vertically integrated, power-first model designed to deliver data center capacity with speed, reliability, and cost discipline.

• Generates revenue from long-term data center leases, power sales under PPAs, and infrastructure services.

• Strategic partnerships with SoftBank, OpenAI, and NVIDIA, who are also anchor customers and investors.

• As of June 30, 2026, has 8.8 GW-IT of contracted data center capacity and 5.5 GWac of power operating, under construction, or contracted.

Financial performance and metrics

• For the six months ended June 30, 2026: $138.7M revenue, net loss of $3,208.9M (including $589.5M stock-based compensation and $2,573.1M warrant liability expense).

• For 2025: $213.5M revenue, net loss of $738.0M (including $674.1M stock-based compensation).

• For 2024: $232.2M revenue, net income of $106.1M (including $140.3M stock-based compensation).

• As of June 30, 2026: $1.2B cash, $3.9B debt, $3.8B accumulated deficit.

• Total Segment Adjusted EBITDA for six months ended June 30, 2026: $62.4M.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used for working capital, operating expenses, and capital expenditures for data center, power, storage, and related infrastructure projects.

• May use a portion for technology development or acquisitions, but no binding agreements exist.

• Proceeds may also be used to repay outstanding indebtedness under the Hickory Facilities.