Nvidia to buy additional $1.5 billion in SB Energy shares

Nvidia agreed on September 21, 2026, to acquire an additional $1.5 billion in SB Energy shares ahead of the renewable energy developer's planned initial public offering. The transaction doubles Nvidia's cumulative equity commitments tied to SB Energy to $3.0 billion.

Under the terms of the agreement, Nvidia will purchase the shares at 90% of the eventual IPO listing price, securing a 10% discount. The agreement builds on earlier funding, including an initial $1.5 billion direct concurrent private placement disclosed in SB Energy's Form S-1 filing on August 31, 2026, and a $1.5 billion prepaid forward contract tranche funded in August.

SB Energy is targeting an IPO valuation upper bound of $50.0 billion, aiming to raise between $5.0 billion and $7.0 billion in proceeds. That planned offering includes an allocation cap of $500.0 million dedicated to Japanese retail investors.

The energy developer reported a commercial backlog of $439.0 billion and 8.8 GW of data center capacity contracted or under construction. Its projects include the PORTS-Pike campus, which features 4.25 GW of initial capacity dedicated to OpenAI and a 3.75 GW expansion option, representing potential total capacity of 8.0 GW. OpenAI holds 3.99 million shares in underlying SB Energy warrants valued at an estimated $5.5 billion. Nvidia also holds a maximum residual-value guarantee commitment of $105.0 billion on initial leases.