SoftBank Group has engaged a group of major investment banks to ready two potential U.S. listings tied to the company’s fast-growing artificial intelligence infrastructure strategy, according to people familiar with the arrangements. The assignments cover SB Energy, the SoftBank-backed energy and infrastructure developer, and Roze, a planned spinoff that will focus on autonomous robotics for AI facility construction.
For SB Energy, SoftBank has hired JPMorgan, Goldman Sachs, Morgan Stanley, Citi and Mizuho to handle preparations for an initial public offering that could take place as early as September, the sources said. Those same sources indicated SB Energy may seek a market valuation in excess of $50 billion when it lists.
Separately, SoftBank has named Goldman Sachs, JPMorgan, Mizuho and Morgan Stanley to support the planned IPO of Roze, which is being structured as an autonomous robotics business aimed at accelerating the construction and operation of AI infrastructure. The timeline for Roze’s potential market debut is expected to be similar to SB Energy’s, the people added.
The bank groups contacted in recent days declined to comment. Goldman Sachs, JPMorgan and Mizuho each declined to comment. SoftBank, Morgan Stanley and Citi did not respond to requests for comment, the people said.
Strategic positioning in AI infrastructure
SB Energy has been described by SoftBank as an energy and infrastructure developer that pairs power generation with data centers to address the growing energy demands of AI. The company has been selected to develop and operate a 1.2-gigawatt data center campus in Texas intended to support OpenAI’s computing needs. That project will incorporate integrated solar power and battery storage to supply the facilities.
SB Energy is also a partner with OpenAI and SoftBank on the Stargate initiative, which the people involved characterize as a large-scale program valued at $500 billion. In addition, OpenAI has committed $500 million to SB Energy as part of a joint $1 billion investment alongside SoftBank, the sources said.
The company has indicated plans to file a confidential draft registration statement for an IPO, a procedural step toward a public listing that would allow further planning to proceed out of the public spotlight.
Roze and robotics for construction
Roze, the proposed SoftBank spinoff, is designed to deploy autonomous robotics to speed the construction of large-scale AI infrastructure, including data centers. The effort is intended to address labor and construction bottlenecks that could emerge as demand for AI capacity expands. The people familiar with the matter said Roze aims to improve efficiency in building next-generation facilities through robotics.
Analysts cited by the sources have suggested Roze could become one of the largest AI-related listings should SoftBank proceed with its IPO plans.
Market context and timing
The filings and bank appointments come as 2026 is shaping up to be a significant year for initial public offerings in the AI sector. A wave of large, AI-linked listings is anticipated to test investor appetite for mega issues, with other high-profile companies expected to seek public markets in the same period.
SoftBank’s moves reflect an expansion of investor interest beyond chipmakers and software providers to the so-called picks-and-shovels businesses that deliver capacity for AI development. That includes energy supply and generation, data-center construction and technologies that support the physical buildout of AI infrastructure.
Summary of facts
- SoftBank has hired JPMorgan, Goldman Sachs, Morgan Stanley, Citi and Mizuho for SB Energy’s planned U.S. IPO, which could occur as early as September and seek a valuation above $50 billion.
- Goldman Sachs, JPMorgan, Mizuho and Morgan Stanley have been named to prepare an IPO for Roze, SoftBank’s planned autonomous robotics spinoff, targeting a similar timeframe.
- SB Energy is partnering with OpenAI and SoftBank on the $500 billion Stargate initiative, will build a 1.2-gigawatt data center campus in Texas with integrated solar and battery storage, and has received a $500 million commitment from OpenAI as part of a joint $1 billion investment with SoftBank.
- Roze intends to use autonomous robotics to accelerate construction and improve efficiency in building AI infrastructure and could be a major AI-era listing if it proceeds.
This report reflects information provided by people familiar with the matter and the companies’ stated plans; timing and outcomes remain subject to change.