Draft IPO filings reveal that OpenAI has secured warrants for shares in energy player SB Energy, with an estimated value of $5.5 billion. SB Energy is building out the power and data center infrastructure needed to keep AI running at scale.

What Happened

The warrants give OpenAI the right to snag a stake in SB Energy, and the package is valued at around $5.5 billion, according to those IPO documents.

SB Energy and Nvidia: The Backstory

Nvidia previously put $1.5 billion into SB Energy and agreed to a guarantee of up to $105 billion for OpenAI's data center lease in Ohio. As AI’s hunger for compute grows, SB Energy is doubling down on building out the power plants and data centers that make AI services possible.

AI, Energy & Compute: The Power Trio

This setup brings together an AI developer (OpenAI), an infrastructure provider (SB Energy), and a chip giant (Nvidia)—a trio at the heart of the next wave of AI infrastructure expansion.