SB Energy (SBE) Registration filing summary

Company overview and business model

• Develops, constructs, and plans to operate gigawatt-scale data center facilities and power generation assets, focusing on AI-driven infrastructure.

• Vertically integrated, power-first, community-focused model designed for the AI era, targeting hyperscaler and AI lab customers.

• Generates revenue from long-term data center leases, power sales under PPAs, and infrastructure services.

• Strategic investors and customers include SoftBank, OpenAI, and NVIDIA, with major projects in Texas and Ohio.

• As of June 30, 2026, has 8.8 GW-IT of contracted data center capacity and 5.5 GWac of power projects contracted, under construction, or operating.

Financial performance and metrics

• For the six months ended June 30, 2026: $138.7M revenue, $3,208.9M net loss (including $589.5M stock-based compensation and $2,573.1M warrant liability expense).

• For 2025: $213.5M revenue, $738.0M net loss (including $674.1M stock-based compensation).

• For 2024: $232.2M revenue, $106.1M net income (including $140.3M stock-based compensation).

• Accumulated deficit as of June 30, 2026: $3,803.0M.

• Revenue to date primarily from standalone power segment; data center segment expected to generate significant revenue starting late 2026.

• Total Segment Adjusted EBITDA for six months ended June 30, 2026: $62.4M.

• Net debt as of June 30, 2026: $1.81B.

Use of proceeds and capital allocation

• Net proceeds from IPO to be used for general corporate purposes, prioritizing working capital, operating expenses, and capital expenditures for data center and power projects.

• Proceeds will fund equity portions of project-level financings; no current plans to repay $473M Hickory Facilities debt.

• May use a portion for technology development or acquisitions, but no binding agreements for material acquisitions.