SB Energy IPO Puts AI Data Center Revenue Far in the Future

SB Energy’s prospectus says it has $430 billion in data center orders, but none of its planned sites is operating yet. According to Sina Finance, the company could launch its IPO as soon as this month. The filing says roughly 82% of the signed backlog will not be realized for at least eight years, and most of the revenue comes from the PORTS-Pike technology campus in Ohio. The project is planned to come online in phases from 2028 to 2032, with a total power load of 10 gigawatts. The prospectus also says the project’s capital spending is expected to reach $174 billion. It adds that the flagship PORTS-Pike campus depends on a 9.2-gigawatt natural gas power plant that SB Energy does not own or operate, and that there are still no binding financing, construction, ownership, or operating agreements for the plant. According to Sina Finance, if PORTS-Pike is delayed, OpenAI will receive one day of free base rent for each day of delay, with the free-rent period doubling after 90 days. The filing also says that if the Texas Milam County data center is delayed by one year, OpenAI can exercise a purchase option at a price significantly below the lease income SB Energy could otherwise have received.