OpenAI Reportedly Gets $5.5B in SB Energy Warrants

OpenAI was reportedly issued warrants estimated to be worth $5.5 billion in SB Energy, according to a Wall Street Journal report based on draft IPO documents reviewed by the publication.

Reuters reported the WSJ's findings on August 31, 2026, while noting that it could not immediately verify the report. SB Energy and OpenAI also did not immediately respond to Reuters' requests for comment outside regular business hours.

The reported warrants come as SB Energy, a SoftBank subsidiary focused on large-scale power and data center infrastructure, develops data center campuses intended to support growing demand associated with AI workloads.

The development adds another financial element to the expanding infrastructure relationship involving OpenAI, SB Energy and Nvidia.

What the WSJ Reported About OpenAI's Warrants

The central development is the reported issuance of SB Energy warrants to OpenAI with an estimated value of $5.5 billion.

According to Reuters, the Wall Street Journal based its reporting on draft IPO documents reviewed by the Journal.

The available reporting does not disclose the detailed terms of the warrants. That includes information such as the exercise price, expiration date, vesting conditions, or the methodology used to arrive at the estimated $5.5 billion value.

As a result, the reported figure should be described as an estimated warrant value, rather than as $5.5 billion in cash paid to OpenAI.

Reuters said it could not immediately verify the WSJ report.

Additional details were not disclosed in the supplied reporting.

SB Energy Is Building Infrastructure for AI Workloads

SB Energy is a SoftBank subsidiary that develops large-scale power and data center infrastructure projects.

Reuters reported that the company was founded in 2019 and is building several data center campuses to support rising demand associated with AI workloads.

The company is therefore positioned at the infrastructure layer of the AI ecosystem, where data center capacity and power infrastructure support the computing requirements of AI companies.

The supplied Reuters report does not provide the total planned capacity of SB Energy's projects or detailed specifications for its data center campuses.

OpenAI and SoftBank Are Planned Tenants

Reuters reported that SoftBank Group and OpenAI are the planned tenants in three SB Energy data centers.

The report does not provide the complete commercial terms of those arrangements.

It also does not specify the total capacity of the three facilities or provide detailed construction schedules for each location.

The reported tenant relationship is nevertheless significant in the context of SB Energy's focus on data center infrastructure for AI-related workloads.

Nvidia Has Invested $1.5 Billion in SB Energy

The reported OpenAI warrant arrangement follows another major transaction involving SB Energy.

Earlier in August, Nvidia invested $1.5 billion in SB Energy, according to Reuters.

Nvidia also agreed to provide a guarantee of up to $105 billion to help OpenAI lease an Ohio data center being developed by SB Energy.

These figures describe separate parts of the broader infrastructure relationship.

The $1.5 billion figure refers to Nvidia's reported investment in SB Energy, while the up to $105 billion figure refers to a guarantee connected to OpenAI's planned lease of an Ohio data center.

The $105 billion figure should therefore not be described as a $105 billion investment in OpenAI or SB Energy.

The Ohio Data Center

The Ohio project is one of the specific data center developments mentioned in the Reuters report.

SB Energy is developing the facility, while Nvidia agreed to provide a guarantee of up to $105 billion to help OpenAI lease the data center.

The arrangement brings three companies into different roles within the same infrastructure project:

• OpenAI: planned data center tenant

• SB Energy: data center developer

• Nvidia: investor in SB Energy and provider of the reported guarantee

The supplied sources do not provide additional details about the Ohio facility's capacity, construction timeline, power requirements or lease duration.

The company did not provide specific information about this area in the supplied reporting.

SB Energy's Potential IPO Adds Context

The reported warrant arrangement comes as SB Energy prepares for a possible public listing.

Reuters previously reported that SB Energy could seek a valuation of more than $50 billion in its market debut.

That earlier Reuters report said the IPO could come as early as the following month.

The potential valuation and timing are not confirmed IPO outcomes. They represent earlier Reuters reporting about what SB Energy could seek and when a market debut could potentially occur.

The current WSJ report is based on draft IPO documents, according to Reuters.

If SB Energy proceeds with an IPO, future regulatory filings could provide additional information about the company's financial structure and the reported warrant arrangement.

Why the $5.5 Billion Figure Needs Context

The reported $5.5 billion figure refers to an estimated value of warrants, not a reported cash payment from SB Energy to OpenAI.

That distinction matters when interpreting the transaction.

The supplied reporting does not disclose the warrants' specific contractual terms, so it is not possible from these sources alone to determine the precise economic value OpenAI could ultimately realize.

The available information establishes:

The $5.5 billion figure should therefore remain qualified throughout the article.

Three SB Energy Data Centers

Reuters reported that SoftBank Group and OpenAI are planned tenants across three SB Energy data centers.

The report does not provide enough information to determine whether all three facilities are at the same stage of development or how capacity will be allocated between the planned tenants.

SB Energy is developing multiple data center campuses as demand related to AI workloads grows, according to Reuters.

The planned facilities form part of a wider infrastructure strategy involving data center development and power infrastructure.

Additional details were not disclosed in the supplied sources.

A Growing Connection Between AI and Infrastructure Finance

The reported arrangement illustrates how AI infrastructure increasingly involves several types of companies.

AI developers require computing capacity.

Data center developers build the physical facilities required to host that computing infrastructure.

Semiconductor companies supply the processors and related technology used by AI systems.

Financial arrangements can then connect these participants through investments, guarantees, leases and other commercial agreements.

The OpenAI, SB Energy and Nvidia relationships described in the reporting provide one example of these different roles operating within the same infrastructure ecosystem.

However, the supplied sources do not establish that this structure represents a standard model for the entire AI industry.

The Nvidia-SB Energy Relationship

Nvidia's reported investment gives the semiconductor company a financial relationship with SB Energy.

Reuters reported that Nvidia invested $1.5 billion in the infrastructure company earlier in August.

The separate guarantee of up to $105 billion relates to OpenAI's lease of the Ohio data center being developed by SB Energy.

This means the reported arrangements involve different financial mechanisms:

Nvidia → SB Energy

$1.5 billion reported investment

Nvidia → OpenAI's Ohio data center lease

Up to $105 billion reported guarantee

SB Energy → OpenAI

Warrants estimated at $5.5 billion, according to the WSJ report

These should not be combined into one transaction or interpreted as equivalent forms of funding.

What Remains Undisclosed

The current reporting leaves several important details unanswered.

The supplied WSJ and Reuters material does not disclose:

• The exact terms of OpenAI's warrants

• The warrant exercise price

• The warrant expiration date

• Any vesting conditions

• The precise methodology behind the estimated $5.5 billion value

• The ownership interest represented by the warrants

• The full commercial terms of OpenAI's data center leases

• The total capacity of the three SB Energy data centers

• The full financing structure of the facilities

• The final valuation of SB Energy in any potential IPO

• Whether the potential IPO will occur on the previously reported timeline

Additional details were not disclosed in the supplied reporting.

What Could Become Clear Through Future Filings

Because the Wall Street Journal report is based on draft IPO documents, future regulatory filings could provide additional information if SB Energy proceeds with its planned market debut.

Such filings could potentially clarify financial relationships, ownership structures and contractual arrangements.

However, those details are not established by the supplied reporting and should not be treated as confirmed until disclosed.

For now, the available information supports the reported existence of the warrant arrangement and the broader infrastructure relationships, while leaving the precise financial terms unresolved.

What the Development Means for OpenAI's Infrastructure Strategy

The reported arrangement comes as OpenAI continues to be involved in large-scale data center development and leasing arrangements.

The supplied sources specifically identify OpenAI as a planned tenant in three SB Energy data centers and identify an Ohio data center being developed by SB Energy for which Nvidia agreed to provide a guarantee of up to $105 billion to help OpenAI lease the facility.

These arrangements show the scale and complexity of the infrastructure relationships surrounding AI computing.

However, the available sources do not provide enough information to assess OpenAI's total infrastructure requirements or determine how significant SB Energy's projects are within OpenAI's overall data center portfolio.

The company did not provide specific information about this area in the supplied reporting.


Conclusion

OpenAI was reportedly issued warrants estimated to be worth $5.5 billion in SB Energy, according to the Wall Street Journal, which cited draft IPO documents reviewed by the publication.

Reuters subsequently reported the WSJ's findings but said it could not immediately verify the report. OpenAI and SB Energy had not immediately responded to Reuters' requests for comment at the time of publication.

The reported warrant arrangement comes alongside a broader infrastructure relationship involving OpenAI, SoftBank and Nvidia. Reuters reported that SoftBank Group and OpenAI are planned tenants in three SB Energy data centers, while Nvidia recently invested $1.5 billion in SB Energy and agreed to provide a guarantee of up to $105 billion to help OpenAI lease an Ohio data center being developed by the company.

The $5.5 billion figure should be understood as an estimated warrant value, not as a reported $5.5 billion cash payment to OpenAI. The detailed terms of the warrants remain undisclosed in the supplied reporting.

SB Energy is also preparing for a potential IPO, with Reuters previously reporting that the company could seek a valuation above $50 billion.

For now, the reported transactions provide another example of how AI development is becoming increasingly connected to data center infrastructure, power requirements and complex financial arrangements. Further regulatory filings or company disclosures could provide more clarity on the reported warrants and the broader infrastructure agreements.