SB Energy, Inc.

S-1/A amended

S-1/A amended

8,554,600 shares

S-1 filed

SE Global Holdings, LLC is preparing for an IPO, focusing on large-scale data center and power generation projects. The company faces significant risks related to grid interconnection, permitting, capital financing, and project execution. Key challenges include securing substantial credit support, navigating complex regulatory environments, and ensuring timely project completions. The filing highlights the company's reliance on letters of credit, potential delays in interconnection approvals, and the capital-intensive nature of its pipeline, which includes $178 billion in estimated capex. The company also emphasizes dependencies on tenants and offtake agreements, as well as risks from community opposition and supply chain constraints.

DRS/A amended

DRS/A amended

SB Energy, Inc. reports three reportable segments: SP (renewable energy projects), DC (data center infrastructure), and SLN (intercompany services). For 2025, SP generated $213.5M in revenue, SLN $62.4M, while DC remained pre-revenue. Total Segment Adjusted EBITDA was $119.9M, but the company posted a net loss of $788.1M due to high stock-based compensation ($674.1M) and interest expenses. The parent company's balance sheet shows $87.7M in cash, with restricted net assets tied to debt covenants.

DRS filed

SB Energy, Inc. filed a DRS form on 2026-05-22, disclosing financial details for 2025 and 2024. The company operates through three segments: SP (solar energy projects), DC (data centers), and SLN (intercompany services). SP generated revenue in 2025, while DC remained pre-revenue. Total Segment Adjusted EBITDA was $119.9 million in 2025, down from $68.6 million in 2024. Stock-based compensation expenses rose significantly to $674.1 million in 2025. The parent company reported a net loss of $738.0 million in 2025, driven by equity losses from subsidiaries and high interest expenses.