OpenAI holds warrants in SB Energy that were valued at about $5.5 billion at the end of June, according to draft IPO documents reported by The Wall Street Journal and Reuters. Warrants are rights tied to future equity, so the figure is not a cash payment or a finalized transaction value.
The relationship goes beyond the warrants. OpenAI invested $500 million in SB Energy earlier in 2026, while SB Energy has committed to buy at least $50 million of OpenAI software and services through 2028. OpenAI and SoftBank are also expected to use SB Energy data-center capacity.
The arrangement shows how closely AI model companies, investors, power developers and compute infrastructure are becoming linked. That can strengthen access to scarce infrastructure, but it also creates concentration and dependency risks that buyers and investors may want to track.
The underlying IPO documents were still drafts when reported, and the terms may change.