OpenAI’s prospective data-center landlord has given the AI company warrants valued at an estimated $5.5 billion.
SB Energy filed publicly for a Nasdaq IPO on Tuesday under the ticker SBE. The company has not disclosed the number or price of shares in the offering, although bankers have reportedly targeted proceeds of $5 billion to $7 billion, according to The Wall Street Journal.
OpenAI holds approximately 4 million warrants, which are expected to vest in stages. About 1.73 million are set to vest and be exercised when the IPO closes, while additional portions depend on SB Energy reaching specified market-value milestones.
OpenAI is already…
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