1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
SBE
Sector
Utilities
Subsector
Electric Utilities
Offer Range
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Shares Offered
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Implied Upside vs Midpoint
Description
Our Mission To enable the new AI economy by developing, building and owning its critical physical infrastructure – delivering gigawatt-scale data center and power capacity to our customers with speed, reliability and cost discipline. We are unlocking the future of AI as a leading, integrated data center and power infrastructure company. We develop, construct and plan to operate gigawatt-scale data center facilities and we develop, construct, own and operate power generation assets. Our vertically integrated, power-first, community-focused model is purpose-built for the AI era. We believe this will enable the delivery of data center capacity with the scale, speed and reliability required to support our customers’ rapidly growing demand for compute. SoftBank and OpenAI are strategic investors and customers at our data center campuses – Cosmos (SoftBank), Milam County (OpenAI) and PORTS-Pike Technology Campus (OpenAI) – and NVIDIA is a strategic investor and residual value guarantor at the PORTS-Pike Technology Campus. NVIDIA is also expected to become a holder of our Class N common stock in connection with this offering, subject to each of the closing of the Concurrent Private Placement and the settlement of the Prepaid Forward Contract. AI is driving a generational shift in the global economy. Just as the electric power grid underwrote the modern industrial economy and the interstate highway system underwrote the consumer economy, we believe gigawatt-scale, power-integrated data centers will underwrite the AI economy. The scale of that shift is difficult to overstate: according to International Data Corporation (“IDC”), AI is projected to generate a cumulative global economic impact of $20 trillion by 2030. The compute required to train and operate the systems delivering that impact is growing at a pace without historical precedent, and every credible projection of AI progress – from model scale, to inference volume, to the emergence of autonomous agentic systems – depends on the deployment of physical infrastructure. Meeting that demand will require a rapid global build-out of data center capacity, which, according to the Altman Solon Report, is expected to grow from 82 GW in 2025 to 274 GW by 2030, with approximately 40-45% of that growth coming from the United States. We are in the business of building that very infrastructure. That ambition is matched by tangible scale today. Our business model is designed to generate three interrelated revenue streams: entering into long-term lease agreements and service level agreements with hyperscaler and AI lab customers for our data center capacity, the sale of electricity and related products under fixed-price PPAs and other offtake agreements to utilities and corporations, and the design, engineering, construction management and operations management services to our businesses. Based on internal estimates and industry benchmarking, we believe we have one of the largest Data Center Contracted Portfolio capacities among data center companies as of the date of this prospectus, with 8.8 GW-IT in our portfolio, including 0.8 GW-IT of under-construction capacity, inclusive of our Cosmos Technology Campus and Milam County Buildings 1 and 2, and 8.0 GW-IT of capacity contracted but not yet under construction, consisting of the 8.0 GW-IT PORTS-Pike Technology Campus, which we believe will be among the largest data center development sites in the world. Our near-term data center pipeline includes campuses at Borden County and Scurry County, Texas, among other sites, where we have secured land and are actively pursuing development and lease negotiations. Together, Borden County and Scurry County represent approximately 1.7 GW-IT of near-term critical IT capacity in ERCOT with secured interconnection; neither is currently included in our Data Center Contracted Portfolio or in the calculation of our backlog. No data center capacity is currently in operation. Realization of the under construction and contracted capacity as revenue-generating assets is dependent upon, among other things, completion of construction, receipt of permits, successful interconnection, lease commencement and tenant acceptance. For the six months ended June 30, 2026, we generated total revenue of $138.7 million (including $58.7 million from contracts with customers, $12.6 million of realized change in fair value of power price swap derivatives, and $67.4 million of unrealized change in fair value of power price swap derivatives) and incurred a net loss attributable to SB Energy, Inc. of $3,208.9 million (including a $589.5 million non-cash expense related to stock-based compensation and a $2,573.1 million non-cash expense related to the change in fair value of our warrant liability). For the year ended December 31, 2025, we generated total revenue of $213.5 million (including $143.0 million from contracts with customers, $7.2 million of realized change in fair value of power price swap derivatives, and $63.3 million of unrealized change in fair value of power price swap derivatives) and incurred a net loss attributable to SB Energy, Inc. of $738.0 million (including a $674.1 million non-cash expense related to stock-based compensation). For the year ended December 31, 2024, we generated total revenue of $232.2 million (including $100.6 million from contracts with customers, $12.4 million of realized change in fair value of power price swap derivatives, and $119.3 million of unrealized change in fair value of power price swap derivatives) and generated net income attributable to SB Energy, Inc. of $106.1 million (including a $140.3 million non-cash expense related to stock-based compensation). As of June 30, 2026, our accumulated deficit was $3,803.0 million. Our revenue to date has been generated predominantly by our SP segment. Our DC segment has not generated significant revenue to date and is not expected to generate significant revenue until we achieve first phase revenue, which we expect to first occur under the first phase of Cosmos, subject to the completion of remaining construction activities and other conditions. There can be no assurance that Cosmos or any other project will be completed on the anticipated timeline or at all or that we will be able to generate first phase revenue on the anticipated timeline. We expect to first achieve first phase revenue at the Cosmos Technology Campus, a facility in Travis County, Texas, with approximately 50 MW of critical IT capacity. In May 2026, we issued $999.0 million aggregate principal amount of 8.875% Senior Secured Notes due 2031 to finance the project, and one of our parent entities provided a completion guaranty for the benefit of the noteholders and the tenant. The lease provides for a 15-year initial term with an affiliate of SoftBank as tenant, structured as a triple-net lease with 100% operating expense pass-through, rent based on a percentage return on total project cost with annual escalators and limited tenant termination rights. Expected aggregate rent under the Cosmos lease over its 15-year initial term is approximately $2.5 billion. SoftBank Group Capital Limited, a SoftBank Group affiliate, has delivered a guaranty in favor of our subsidiary for the tenant’s obligations, with anticipated aggregate guaranty exposure of approximately $2.9 billion. Rent commencement for the initial phase of the Cosmos lease is structured to occur on the earlier of December 11, 2026 or the applicable phase of the facility achieving RFS status, which requires, among other things, substantial completion of construction, satisfaction of tenant acceptance conditions, delivery of required certifications, and compliance with specified commissioning standards. We will not recognize any data center leasing revenue until rent commences and the applicable facility is made available for the tenant’s use. We currently expect first phase revenue from Cosmos during the fourth quarter of 2026. The lease contains milestones and conditions precedent, including delivery of design documents, early access completion, substantial completion and final completion by specified deadlines. The remaining steps to achieve first phase revenue include completion of the Phase 1 build-out, tenant inspection, satisfaction of acceptance conditions and formal lease commencement. There can be no assurance that Cosmos or any other project will be completed on the anticipated timeline or at all. Our backlog reflects our customers' committed expenditures that we have not yet recognized as revenue, including revenue that has been billed but deferred and revenue that has been contracted but not yet billed. Backlog reflects only revenue under binding agreements and does not include revenue from merchant electricity sales or uncommitted future contract renewals. We believe this backlog will be realized as revenue based on the following factors: (i) our data center leases and PPAs are binding, long-term contracts with creditworthy counterparties (weighted average remaining contract length of 16.6 years for power and 19.6 years for data centers); (ii) our power projects have historically converted from construction to operations consistent with projected timelines; and (iii) our data center leases are structured as triple-net leases, which generally require the tenant to accept delivery upon completion of construction and to pay rent for the full term regardless of utilization. However, some programs comprising backlog are scheduled many years in the future, and the economic viability of contractual counterparties is not guaranteed over time. Our business is led by a management team with deep, multi-decade experience across data center development, power infrastructure development and large-scale capital formation. We started our business in 2019 with a focus on power infrastructure led by a team of industry veterans. Since our founding, we have developed, financed and begun construction on 4.7 GWac of solar power and BESS projects. We have additionally focused on the development of data center infrastructure. To bolster our existing expertise, in 2025, we acquired and integrated Studio 151, a data center construction management and operations firm. Through that legacy organization, the leaders of our data center business have been developing and operating mission-critical facilities since 2008, collectively delivering 15 completed data center facilities to third parties. This experience combined with our power generation roots creates deep institutional expertise in developing, building and operating large-scale infrastructure assets. We have developed in and operate across multiple major U.S. power markets, including ERCOT, CAISO and PJM, have 24 unique customers, and have executed 37 distinct project financings. This depth of experience is what enables us to navigate the federal, state and local relationships that increasingly determine which data center and power projects actually get delivered. Our partnerships with SoftBank, OpenAI and NVIDIA further provide us with valuable insight into, and access to, the forefront of the AI ecosystem. We believe our combination of data center development pedigree, power market expertise and integrated execution capability – together with our partnerships across the AI ecosystem – position us to seek to deliver a speed-to-compute advantage and pursue attractive returns on invested capital over time. --- Our business began in 2019. SE Global Holdings, LLC was formed as a Delaware limited liability company on January 23, 2024 and converted into a Delaware corporation named SE Global Holdings, Inc. on July 10, 2026. Pursuant to a plan of conversion, we converted into a Texas for-profit corporation on August 28, 2026. Effective August 31, 2026, we changed our corporate name from SE Global Holdings, Inc. to SB Energy, Inc. Our corporate headquarters are located at 3 Lagoon Dr., Suite 280, Redwood City, CA 94065. Our telephone number is (650) 731-3262.Our principal website address is www.sbenergy.com.