SoftBank Group (9984.T) is reportedly preparing initial public offerings for its energy and infrastructure developer, SB Energy, and its planned autonomous robotics spinout, Roze. This strategic push aligns with founder Masayoshi Son’s accelerated focus on artificial intelligence (AI) infrastructure, capitalising on robust investor demand for companies underpinning the global AI buildout. Sources familiar with the matter indicate that JPMorgan, Goldman Sachs, Morgan Stanley, Citi, and Mizuho have been engaged for SB Energy’s IPO, which could launch as early as September.
SB Energy, an energy and infrastructure developer, focuses on pairing power generation with data centres to help address the increasing energy demands of AI. The company is partnering with OpenAI and SoftBank on the substantial Stargate initiative and recently announced plans to confidentially submit a draft registration statement for an IPO. Sources suggest SB Energy could target a valuation exceeding US$50 billion. It has been selected to build and operate a 1.2-gigawatt data centre campus in Texas for OpenAI, with OpenAI also committing US$500 million as part of a joint US$1 billion investment with SoftBank.
Concurrently, SoftBank has engaged Goldman Sachs, JPMorgan, Mizuho, and Morgan Stanley for the IPO of Roze, its autonomous robotics company. Roze is designed to deploy robotics to expedite the construction of large-scale AI infrastructure, including data centres, thereby addressing labour and construction bottlenecks. This listing is also targeting a similar timeframe and, according to analysts, could become one of the largest AI-related listings if it proceeds. These IPO plans reflect how the AI boom is expanding beyond traditional data centres into “picks-and-shovels” businesses that support the ecosystem. Representatives for Goldman Sachs, JPMorgan, and Mizuho declined to comment, while SoftBank, Morgan Stanley, and Citi did not respond to requests.
