SB Energy, the energy subsidiary of Masayoshi Son’s Japanese technology conglomerate SoftBank, is planning to file for an initial public offering (IPO) in the US market.

According to a statement, the California-based company is seeking to file for an IPO amid growing investor demand for companies building power infrastructure, especially in the AI data center market. The company has already raised upwards of $1.8 billion to support its infrastructure buildout, with contributions from AI kingpin OpenAI.

The company was founded initially as a solar and battery energy storage developer. For example, in October 2024, the company commissioned a series of solar projects in Texas to power Google data centers under a Power Purchase Agreement.

In recent years, the company has diversified its power and infrastructure offerings, providing natural gas solutions and supporting the buildout of digital infrastructure for the data center sector.

Most notably, in January, the company signed on to build and operate the previously announced 1.2GW Stargate data center in Milam County, Texas.

Following this, in March, the company’s parent company, SoftBank, announced plans to develop a multi-gigawatt data center campus on federal land in Ohio. Under the agreement, SB Energy would construct 10GW of new power generation - including 9.2GW of natural gas generation – that will connect to the local grid and provide power to a new 10GW data center development at the Portsmouth Site in Pike County, Ohio.

Full details of the project weren’t shared, but the DOE said construction is expected to begin this year.

SB Energy was founded as a subsidiary of SoftBank in 2011, with a separate global entity, SB Energy Global, founded in 2015 to develop projects outside of the Japanese market.