The Japanese investment giant, led by Masayoshi Son, has begun working with major Wall Street and Japanese banks to prepare initial public offerings for two of its most strategic units: SB Energy and a planned autonomous robotics spinout called Roze. The move reflects growing investor enthusiasm for companies that sit at the foundation of AI expansion, particularly those tied to energy, data infrastructure, and automation.
Big banks lined up for SB Energy listing
For SB Energy’s potential IPO, SoftBank has assembled a heavyweight syndicate including JPMorgan Chase, Goldman Sachs, Morgan Stanley, Citigroup and Mizuho Financial Group.
People familiar with the matter say the listing could come as early as September, with SB Energy potentially targeting a valuation of “more than $50 billion” at debut. The company, which focuses on linking power generation with data center infrastructure, is increasingly seen as a critical player in solving one of AI’s biggest constraints: energy supply.
SB Energy has also taken on a more prominent role in large-scale AI infrastructure efforts, including participation in the ambitious $500 billion Stargate initiative involving OpenAI and SoftBank. As part of that ecosystem, it is working on a major data center campus in Texas, designed to deliver 1.2 gigawatts of capacity with integrated solar and battery storage.
The company has also drawn direct capital commitments, including a $500 million investment tied to a broader $1 billion commitment alongside SoftBank.
Roze spinout targets robotics-driven data center buildout
Alongside SB Energy, SoftBank is also preparing the IPO of Roze, a planned spinout focused on autonomous robotics designed to accelerate the construction of AI infrastructure such as data centers.
For that deal, SoftBank has reportedly engaged Goldman Sachs, JPMorgan Chase, Mizuho Financial Group and Morgan Stanley to advise on the offering. The company is expected to focus on using robotics to address labor shortages and construction bottlenecks as demand for AI capacity accelerates globally.
Roze has previously been described as part of a broader SoftBank plan to create a roughly $100 billion AI and robotics business, a concept that was first reported by the Financial Times in April. Analysts suggest that, if completed, it could become one of the largest AI-related listings to date.
A broader wave of AI mega-IPOs
The timing of these potential listings comes as 2026 is increasingly viewed as a landmark year for public offerings tied to artificial intelligence. Several high-profile companies—including SpaceX, Anthropic, and OpenAI—are widely expected to test investor appetite for large-scale AI listings.
Market momentum has shifted well beyond semiconductor and software firms, extending into what investors often describe as “picks-and-shovels” businesses—those that provide essential infrastructure such as power, construction capacity, and physical systems needed to support AI expansion.
In that context, SB Energy and Roze represent two complementary sides of the same bet: one focused on powering AI through energy infrastructure, and the other on speeding up the physical construction of the systems that make AI possible.
Silence from advisers as anticipation builds
Despite the growing speculation, the banks involved have declined to comment on the transactions. Goldman Sachs, JPMorgan Chase and Mizuho Financial Group did not respond to requests for comment, while SoftBank and some of the other advisers have also remained silent.
Still, the direction of travel is increasingly clear: SoftBank is positioning itself not just as an investor in AI, but as a core infrastructure builder for the next phase of the technology economy—where energy, robotics, and data centers converge into a single, rapidly scaling ecosystem.