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SB Energy IPO filing reveals reliance on OpenAI, linking leases, investment and board rights

OpenAI has built ties with data centre developer SB Energy that go beyond being a key customer, extending to investment and potential board influence, according to IPO filings. SB Energy disclosed a 20-year lease arrangement, stock warrants, software purchases and intellectual property-related rights with OpenAI. The filing warns that adverse changes at OpenAI could materially hurt the business. It also details warrant values and possible board nomination rights if OpenAI’s stake exceeds 5 percent.