OpenAI was issued warrants valued at approximately $5.5 billion in SB Energy, the Wall Street Journal reported on August 31, citing draft IPO documents. SB Energy, a subsidiary of SoftBank Group, develops power and data‑center infrastructure to support AI workloads, a business it began in 2019. Earlier this month, Nvidia invested $1.5 billion in SB Energy and agreed to provide a guarantee of up to $105 billion to facilitate OpenAI’s lease of a data‑center campus in Ohio being built by the company. SoftBank and OpenAI are slated to be tenants in three SB Energy data centers, according to the report. The company is pursuing a valuation exceeding $50 billion in a market debut that could occur as soon as next month, the report said. Reuters was unable to verify the report, and SB Energy and OpenAI did not respond to requests for comment outside regular business hours. The timing of the IPO remains subject to market conditions.