What SB Energy does

SB Energy is a fully integrated U.S. data center and power infrastructure platform that develops, constructs, owns, and operates utility-scale energy assets and AI data center campuses. Founded in 2019 as a wholly-owned SoftBank Group subsidiary and headquartered in Redwood City, California, the company operates two tightly linked business lines: (1) energy projects — utility-scale solar PV, battery energy storage (Fluence), and natural gas peaking generation — with ~5 GW operating and under construction and a 20+ GW development pipeline, and (2) AI data center campuses — including the 1.2 GW Milam County "Freebird" campus in Texas and the proposed 10 GW PORTS Technology Campus in Piketon, Ohio. The company reaches commercial operation on the 900 MWdc Orion Solar Belt in October 2024, signed a 942 MW PPA with Google in 2022, and entered a $1B strategic partnership with OpenAI and SoftBank in January 2026 as the build-and-operate partner for the Stargate initiative.

The core technology is a co-located, multi-source energy and data center delivery model that combines utility-scale solar, battery storage, and gas generation with first-party data center design (via the OpenAI partnership) and in-house construction management (via the Studio 151 acquisition, covering 20 data center campuses). The platform is designed to bypass grid interconnection queues by co-locating generation with data center load, securing priority interconnection at constrained sites, and qualifying projects for IRA domestic content and energy community adders. The company has raised $18B+ in project capital since 2019, including the first U.S. utility-scale financings to reach financial close with the IRA domestic content adder, and leads a 21-company U.S.–Japan consortium for the 9.2 GW Portsmouth gas and 10 GW Piketon data center project.

The business model is anchored on long-dated, multi-gigawatt bilateral contracts with hyperscalers (Google PPAs, OpenAI build/lease/operate) and utilities/CCAs (San Diego Community Power, Austin Energy, LCRA), plus public-private partnerships (U.S. DOE, AEP Ohio). Revenue mechanics include subscription/recurring 15-year PPAs, managed-services build/lease/operate fees on data center campuses (e.g., 20-year OpenAI lease), and capacity/ancillary services from storage assets. Pricing is quote-based and not publicly disclosed. The company filed a confidential S-1 in May 2026 for a proposed U.S. IPO as early as September 2026 at a target valuation exceeding $50B.

Name

SB Energy

Legal name

SB Energy Global, LLC

Website

https://sbenergy.com

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

251–500 employees

Short description

SB Energy is a SoftBank-backed, fully integrated U.S. platform that develops, builds, owns, and operates utility-scale solar, battery storage, natural gas generation, and AI data center campuses. It serves hyperscalers (Google, OpenAI) and utilities via long-dated PPAs and build/lease/operate agreements.

Ownership category

akta.pro rank

Product category

AI Data Center and Power Infrastructure

NAICS

Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), PV Balance of System (BOS) & Electrical Infrastructure (Inverters, Transformers, Cabling, Substations) (EUACAGAC), Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE)

Keywords

• Utility-scale solar development
• Battery energy storage systems
• AI data center infrastructure
• Power purchase agreements
• Renewable energy projects

Headquarters

HQ city

Redwood City

HQ country

United States

HQ region

North America

Offices14 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain

Revenue model

1. Long-term Power Purchase Agreements (PPAs): Multi-year (e.g., 15-year) fixed-price PPAs with hyperscalers (Google) and community choice aggregators (San Diego Community Power) for energy and renewable attributes; ~942 MW of the Orion portfolio under a 15-year PPA with Google as anchor offtake.
2. Data Center Development, Construction, and Operations: Build, own, and operate hyperscale AI data center campuses (1.2 GW Milam County TX, 10 GW PORTS Piketon OH, Borden County TX, Lubbock TX), with long-dated lease structures (e.g., 20-year OpenAI lease) and large upfront capex financed via equity, tax equity, and project debt.
3. Energy Storage and Capacity Services: Develop, own, and operate utility-scale battery energy storage (1.6 GWh Athos in Riverside County with Fluence; 954 MWh Pelican's Jaw in Kern County) providing capacity, ancillary services, and storage-as-a-transmission to California grid (CAISO).
4. OpenAI Enterprise Customer Relationship: SB Energy will become a major customer of OpenAI, leveraging its APIs and deploying ChatGPT for its employees — reciprocal revenue flow under the strategic partnership.
5. International Data Center Build-Out (France JV): JV with SoftBank and Schneider Electric to invest up to €75 billion in French AI data center infrastructure (3.1 GW phase 1, up to 5 GW total) across Dunkirk, Bosquel, and Bouchain — revenue via build fees, ownership, and power supply.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels8 records

Core offering

SB Energy is a fully integrated U.S. data center and power platform that develops, constructs, owns, and operates utility-scale solar PV, battery energy storage, natural gas generation, and multi-gigawatt AI data center campuses. The company sells firm, 24/7 carbon-aware power under long-term Power Purchase Agreements (PPAs) with hyperscalers and utilities, and provides build/lease/operate services for hyperscale AI data center campuses, including a 1.2 GW Stargate site for OpenAI and a 10 GW proposed campus in Ohio.

Product overview

SB Energy operates a unified, fully integrated U.S. data center and power infrastructure platform that develops, constructs, owns, and operates critical physical infrastructure for the AI economy. The platform combines two tightly linked business lines — (1) energy projects (solar, battery storage, and natural-gas generation) and (2) data center campuses — that are designed to work together so SB Energy can deliver "speed to power" for hyperscalers. Energy products include the operating Orion Solar Belt (900 MWdc) powering Google data centers, the Athos Storage (1.6 GWh) and Pelican's Jaw (954 MWh storage + 570 MWdc solar) projects under construction, and a 20+ GW project pipeline. Data center products include the PORTS Technology Campus (10 GW, Piketon, OH), the Milam Data Center (1+ GW, Milam County, TX — built for OpenAI under the Stargate initiative), the Borden County Data Center Campus, and additional multi-gigawatt campuses in development. The platform is reinforced by the in-house Studio 151 data center construction management capability (acquired in 2026), $18 billion+ in project capital raised since 2019, and a $1 billion strategic partnership with OpenAI and SoftBank (plus $800 million of prior Ares redeemable preferred equity) supporting execution.

Differentiator

Problem solved

Functional benefit

Products and services

• PORTS Technology Campus A 10 GW total capacity AI data center campus being developed at the U.S. Department of Energy's Portsmouth Site in Piketon, Ohio, under negotiation for a 20-year lease with OpenAI; first 800 MW phase targeted for 2028, full build-out estimated at ~$500B. Supported by a $4.2B 765-kV transmission project built by AEP Ohio and a 9.2 GW natural gas generation complex.
• Milam Data Center (Stargate / Freebird) A 1+ GW AI data center campus under construction in Milam County, Texas, built and operated by SB Energy under a 1.2 GW lease with OpenAI as part of the Stargate initiative. First phase of 548,950 sq ft targeted for October 2026.
• Borden County Data Center Campus A multi-gigawatt data center campus in Borden County, Texas, part of SB Energy's growing multi-gigawatt data center development pipeline.
• Orion Solar Belt (Orion I, II, III and Eiffel) Approximately 900 MWdc of operating utility-scale solar capacity across three projects in Milam County, Texas, using 1.3+ million American-made First Solar modules and U.S.-sourced steel; powers Google data centers in Ellis County and the Dallas cloud region under a 15-year PPA; first U.S. utility-scale projects to reach financial close with the IRA domestic content adder.
• Athos Storage A 1.6 GWh battery energy storage system under construction in Riverside County, California, using Fluence storage technology; owned and operated by SB Energy to provide grid reliability and storage services to CAISO.
• Pelican's Jaw A 954 MWh battery storage and 570 MWdc solar hybrid project under construction in Kern County, California, with San Diego Community Power as the anchor offtaker.
• Studio 151 Data Center Construction Services In-house data center construction management, procurement, engineering, and operations services for hyperscale AI data center campuses, following the acquisition of Studio 151 (track record spanning 20 data center campuses).

Quantifiable outcome

• $18B+ in project capital raised since 2019
• +11 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability8 records

Feature8 records

Partnerships

13 partnerships are on record, tiered core, minor and flagship.

• NvidiacoreStrategic or Co-development Partner · 22 June 2026Under OpenAI's 10 GW Ohio data center lease negotiations, Nvidia would supply hardware and provide financial guarantees for both OpenAI's 20-year lease obligations and SB Energy's project financing (estimated total build-out cost ~$500B).
• Roze (SoftBank robotics spinoff)minorStrategic or Co-development Partner · 26 May 2026SoftBank Group is reportedly planning to spin off Roze (targeting $100B valuation) with potential incorporation of SB Energy assets and robotics operations for AI data center construction workflows. SB Energy and Roze may share parent/IPO banking relationships.
• Portsmouth Consortium (21 Japanese and U.S. companies)coreStrategic or Co-development Partner · 21 March 2026SB Energy leads a 21-company consortium of Japanese and U.S. suppliers and financial institutions to develop 9.2 GW of natural gas generation and a 10 GW AI data center at the DOE Portsmouth Site in Piketon, Ohio, under the U.S.-Japan Strategic Trade and Investment Agreement. Initial phase cost $30-40B with first 800 MW operational in early 2028.
• American Electric Power (AEP Ohio)coreStrategic or Co-development Partner · 20 March 2026Public-private partnership (with U.S. DOE) for the 10 GW PORTS Technology Campus at the Portsmouth Gaseous Diffusion Plant in Piketon, Ohio. AEP Ohio will build a $4.2B 765-kV high-voltage transmission project funded by SB Energy to deliver power to the campus by 2029 without raising customer rates.
• OpenAIflagshipStrategic or Co-development Partner · 9 January 2026Strategic partnership and $500M equity investment (Jan 2026) in SB Energy as part of the $500B Stargate initiative. OpenAI has signed a 1.2 GW data center lease for SB Energy's Milam County, Texas site, and SB Energy will become a major customer of OpenAI's APIs. Together with SoftBank, the parties formed a non-exclusive preferred partnership to develop a new model for data center builds that brings together OpenAI's first-party data center design with SB Energy's speed, cost discipline, and integrated energy delivery. SB Energy is also in advanced negotiations for OpenAI to lease a 10 GW data center campus in Ohio (PORTS) under a 20-year lease with first 800 MW phase targeted for 2028.
• Schneider ElectriccoreTechnology or Integration · 1 January 2026JV partner with SB Energy and SoftBank to invest up to €75B into AI infrastructure in France — 3.1 GW phase 1 across three data center locations in Hauts-de-France (Dunkirk, Bosquel, Bouchain) with total planned capacity up to 5 GW.
• Studio 151coreStrategic or Co-development Partner · 1 January 2026Acquired by SB Energy to bring in-house data center construction management, procurement, engineering, and operations capabilities. Studio 151 has a track record spanning 20 data center campuses; SB Energy and OpenAI had worked with Studio 151 across multiple data center projects for 18 months prior to acquisition.
• Fluence EnergycoreTechnology or Integration · 16 October 2025Supplier of battery energy storage technology for SB Energy's 1.6 GWh Athos Storage project in Riverside County, California, partially funded by a California Energy Commission grant.
• ESS TechminorOthers · 15 July 2025An SB Energy affiliate executed a production tax credit transaction as part of ESS Tech's $31M insider-led funding package.
• Blattner (EPC)coreImplementation/ SI/ Consulting Partner · 18 October 2024Engineering, procurement, and construction (EPC) services provider for the Orion Solar Belt (Orion I, II, III) — 900 MWdc of solar capacity in Milam County, Texas, with over 1.3M American-made modules and 22,800 tons of U.S. structural steel.
• GerdauminorOthers · 18 October 2024Supplier of 22,800 tons of structural steel from Gerdau steel mills in Midlothian, Texas and Cartersville, Georgia for the Orion Solar Belt, supporting domestic content and IRA qualification.
• GoogleflagshipStrategic or Co-development Partner · 1 November 202215-year Power Purchase Agreement (Google's largest combined clean energy transaction in Texas to date) for ~75% of output (942 MW) from four SB Energy solar projects in Milam County and Ellis County, Texas — the Orion I-III and Eiffel projects totaling 1.2 GW. Google's anchor PPA powers its Midlothian data center and Dallas cloud region.
• First SolarcoreTechnology or Integration · 1 March 2022Multi-year module supply partnership: original 1.7 GW procurement in 2020 plus an additional 1.5 GW order in March 2022 — bringing total partnership to 3.2 GW of U.S. solar projects. First Solar's Ohio-manufactured thin-film modules qualified SB Energy's Orion I-III projects for the IRA domestic content adder (1.1M+ modules in the Orion portfolio).

Scale indicators27 records

Recent moves9 records

Expansion highlights8 records

Direct peers

• Intersect Power: Utility-scale solar and storage developer that originally sold 1.7 GW of projects to SB Energy in 2019; develops co-located data center and generation campuses with hyperscaler PPAs, directly competing for AI-power infrastructure deals.
• Talen Energy: Operates Susquehanna nuclear-powered data center campus with Amazon Web Services; directly comparable as a co-located nuclear-plus-AI data center play targeting hyperscaler tenants.
• Vantage Data Centers: Hyperscale data center developer and operator with multi-gigawatt campuses across North America and Europe; competes for hyperscaler build-to-suit and powered-shell deals alongside SB Energy's data center products.
• Greenbacker Renewable Energy: Utility-scale solar, storage, and wind developer with operating portfolio and project finance track record; competes in the same tax equity and PPA markets as SB Energy for utility-scale renewables.
• Avantus (formerly 8minute Solar Energy): Large-scale solar and storage developer with 30+ GW pipeline; directly competes with SB Energy on utility-scale solar development for hyperscaler and utility offtakers in the Western U.S.

Broad incumbents

• Equinix: Global colocation and hyperscale data center incumbent with 260+ IBX data centers; competes broadly for hyperscaler capacity and is expanding into AI-dedicated build-outs, though not vertically integrated with power generation.
• DigitalBridge: Digital infrastructure investment firm operating across data centers, towers, and fiber; comparable as a capital partner and competing platform for AI infrastructure capital flows adjacent to SB Energy's project finance ecosystem.

Emerging players

• Crusoe Energy: AI compute infrastructure company that pivoted from flared-gas crypto mining to building AI data centers with stranded/renewable power; comparable as an emerging vertically integrated AI-power platform serving frontier model customers.
• Aligned Energy: Hyperscale data center provider with adaptive cooling technology and rapid-deployment campuses; competes in the AI data center build-to-suit market where SB Energy positions Milam County and PORTS.
• Quinbrook Infrastructure Partners: Specialist renewable and AI infrastructure investor/developer with utility-scale solar, storage, and co-located data center projects; emerging peer pursuing similar hyperscaler-aligned AI infrastructure strategies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/sbenergyglobal
• YouTubeyoutube.com/watch?v=uAznOSSwKnY
• LinkedInlinkedin.com/company/sb-energy-softbank-group-

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SB Energy