OpenAIholds warrants in SoftBank Group subsidiarySB Energynow valued at roughly $5.5 billion, according to draft IPO documents reviewed by the Wall Street Journal on Monday.
據《華爾街日報》周一審閱的招股說明書草案顯示，OpenAI持有軟銀集團子公司SB Energy的認股權證，目前價值約為$55億。
The disclosure shows how intertwined AI infrastructure financing has become. OpenAI is simultaneously an investor, customer and warrant holder in SB Energy, whileNvidia Corp.(NASDAQ:NVDA) is backing the buildout with billions in investment and up to $105 billion in guarantees tied to OpenAI's leases.
這一披露表明人工智慧基礎設施融資已變得多麼緊密交織。OpenAI同時是SB Energy的投資者、客戶和認股權證持有人，而輝達公司（納斯達克代碼：NVDA）則通過數十億美元的投資以及最高達$1,050億的擔保支援其建設，這些擔保與OpenAI的租賃協議掛鉤。
OpenAI Sits on Both Sides of the Deal
OpenAI身處交易的雙方
SB Energy issued the warrants in January at an estimated value of $3.6 billion. By June 30, they were reportedly worth $5.5 billion.
SB Energy於今年1月發行了這些認股權證，當時估值約為$36億。截至6月30日，據報導其價值已升至$55億。
OpenAI did not receive that in cash. The warrants are expected to vest in stages after SB Energy's IPO as the company hits valuation milestones.
OpenAI並未以現金形式獲得該金額。這些認股權證預計將在SB Energy首次公開募股後分階段歸屬，具體取決於該公司達成的估值里程碑。
OpenAI also invested $500 million in SB Energy, alongside another $500 million fromSoftBank Group Corp.(OTC:SFTBY), and tapped the firm to build its initial 1.2-gigawatt Texas data center. SB Energy, meanwhile, committed to spend at least $50 million on OpenAI software through 2028.
OpenAI還向SB Energy投資了$5億，另有$5億來自軟銀集團（場外交易代碼：SFTBY），並委託該公司建設其首個1.2吉瓦的德克薩斯州數據中心。與此同時，SB Energy承諾在2028年前至少花費$5,000萬用於採購OpenAI的軟件。
In short, OpenAI funds its landlord, rents from it, sells services back to it and holds warrants in it.
簡而言之，OpenAI為其房東提供資金、向其租用設施、向其出售服務，並持有其認股權證。
$400 Billion Backlog, Zero Operating Data Centers
$4,000億訂單積壓，零運營數據中心
SB Energy has yet to bring a single data center online, but its draft IPO filing reportedly shows nearly nine gigawatts of contracted computing capacity and a backlog topping $400 billion.
SB Energy尚未上線任何數據中心，但其招股說明書草案據報顯示，已簽約的計算容量接近9吉瓦，訂單積壓超過$4,000億。
That makes its current business look tiny by comparison. The company's existing renewables operations generated about $140 million in revenue in the first half of 2026.
相比之下，該公司當前的業務規模顯得微不足道。其現有的可再生能源業務在2026年上半年產生的收入約為$1.4億。
OpenAI is doing much of the heavy lifting behind that future growth, signing 17 leases this month for roughly eight gigawatts at SB Energy's planned southern Ohio campus.
OpenAI正在為未來的增長承擔大量重任，本月已簽署17份租約，涉及SB Energy計劃在俄亥俄州南部園區部署的約8吉瓦電力容量。
Nvidia Puts $105 Billion Behind the Buildout
輝達為此次基礎設施建設投入了$1,050億
Nvidia invested $1.5 billion in SB Energy this month, while the Ohio campus will exclusively host Nvidia infrastructure, according to its Aug. 17 filing.
根據其8月17日提交的檔案，輝達本月向SB Energy投資了$15億，而該俄亥俄州園區將專門用於部署輝達的基礎設施。
Nvidia also agreed to cover certain losses on OpenAI's leases for the first 4.25 gigawatts if the AI company can't pay, with its exposure capped at $105 billion.
輝達還同意，如果OpenAI無法支付前4.25吉瓦的租賃費用，將承擔部分損失，但其風險敞口上限為$1,050億。
The company says each hardware generation deployed at the campus could represent about 1.5 million GPUs and $150 billion to $200 billion in revenue.
該公司表示，在該園區部署的每一代硬體可能包含約150萬塊GPU，並帶來$1,500億至$2,000億的收入。
Prediction traders remain bullish on Nvidia. Polymarket currently makes the chipmaker the favorite to finish 2026 as the world's most valuable company.
預測交易員仍看好輝達。Polymarket目前認為這家晶片製造商最有可能在2026年底成為全球市值最高的公司。
The scale of Nvidia's financial backing only adds to the circular financing debate surrounding OpenAI's AI buildout.
輝達提供如此大規模的財務支援，進一步加劇了圍繞OpenAI人工智慧基礎設施建設的循環融資爭議。 (Benzinga)