Nvidia has agreed to purchase an additional $1.5 billion of shares in SB Energy, the SoftBank-backed energy and data center company preparing to list in the United States, according to Bloomberg and other reports. The transaction would bring Nvidia’s total equity commitment to SB Energy to $3 billion.

The investment expands Nvidia’s financial involvement in the infrastructure being developed to support large-scale artificial intelligence workloads. It also shows how the chipmaker’s relationship with AI computing now extends beyond selling processors into financing the power and facilities those processors depend on. SB Energy is targeting a valuation of roughly $50 billion and plans to raise between $5 billion and $7 billion through a Nasdaq listing under the ticker SBE. The company is also reportedly seeking a separate $500 million investment from Japanese investors, according to Bloomberg.

Structure of Nvidia’s investment

The latest $1.5 billion tranche consists of newly issued Class N non-voting shares. Nvidia is acquiring the shares through a private placement paired with a prepaid forward contract, with both instruments priced at the IPO offering price. Because both instruments are keyed to the offering price, the final IPO pricing will also determine the value of Nvidia’s position.

The structure gives Nvidia financial exposure equivalent to the IPO price but does not provide voting power. The additional purchase brings Nvidia’s cumulative equity commitment to $3 billion ahead of SB Energy’s planned offering. The company filed its IPO registration in late August 2026 and is aiming to list on Nasdaq under the SBE ticker.

SB Energy operates as SoftBank’s energy and data center subsidiary. Its business is focused on developing power-intensive facilities intended to support the computing requirements of artificial intelligence companies and other large-scale data center users.

In addition to the planned US offering, the company is reportedly seeking $500 million from Japanese investors for data center and power infrastructure development. That fundraising would be separate from both the Nasdaq IPO and Nvidia’s equity commitment.

Ohio campus linked to OpenAI

A central part of SB Energy’s infrastructure plans is the PORTS-Pike Technology Campus in Ohio. The campus is designed to support an initial AI computing load of 4.25 gigawatts and can be expanded to as much as 8 gigawatts.

The site is leased on a long-term basis to OpenAI under terms requiring the exclusive use of Nvidia chips. The arrangement links the infrastructure project directly to Nvidia’s GPU business, while giving SB Energy a long-term tenant for the planned computing capacity.

The campus is intended to handle the electricity requirements of large-scale AI training and inference workloads. Its planned capacity places PORTS-Pike among the largest dedicated AI computing sites under development in the United States. Because AI clusters draw electricity at a scale few locations can supply, access to multi-gigawatt power has become a central factor in determining where large computing campuses can be built.

Nvidia guarantees and infrastructure exposure

Nvidia’s involvement in SB Energy extends beyond its equity investment. The company has disclosed maximum gross exposure of $108.5 billion in guarantees tied to AI infrastructure, including $105 billion associated with the Ohio project, according to Invezz.

The $105 billion figure relates to residual value guarantees connected with the OpenAI-linked project. Invezz reported that the guarantee will not become fully effective at once. The obligations are expected to increase as nine data centers enter service, beginning around fiscal 2029, and then decline as OpenAI makes lease payments.

The guarantees are triggered only in specified circumstances, including tenant default or insolvency. That structure limits the immediate financial impact but does not eliminate Nvidia’s potential exposure. Nvidia’s broader disclosed infrastructure commitments also include $3.5 billion linked to certain AI-cloud partners, according to Invezz.

The arrangements give Nvidia a role in financing and supporting the physical infrastructure needed to deploy its chips. In the case of PORTS-Pike, the exclusive-use provisions in the OpenAI lease connect the campus’s future computing operations to Nvidia’s products. Taken together, the equity, guarantees, and exclusive chip provisions mean Nvidia’s results are now partly linked to whether projects like PORTS-Pike are completed, filled with tenants, and paid for as planned.

SB Energy’s financial performance

SB Energy’s revenue increased 66.4% year over year during the first half of 2026, driven by demand for AI-grade data center capacity. However, the company’s net losses also increased during the same period.

The combination of rising revenue and widening losses reflects the capital requirements associated with developing gigawatt-scale power and data center campuses before lease revenue fully offsets construction and financing costs. The company’s financial performance will be a significant part of the context for its planned public offering and targeted valuation of roughly $50 billion.

SB Energy is seeking to raise $5 billion to $7 billion on Nasdaq, while the separate Japanese investment would provide an additional funding source. Nvidia’s decision to increase its equity commitment and provide substantial guarantees comes as the company continues to expand its financial links to AI infrastructure projects, including the Ohio campus leased to OpenAI. Milestones likely to shape the story from here include the final pricing of the Nasdaq offering, which will set the value of Nvidia’s new shares and forward contract; whether the reported $500 million Japanese fundraising comes together; and the pace at which the nine Ohio data centers enter service starting around fiscal 2029.

Source: CryptoNewsNet