SoftBank-backed AI data center and energy infrastructure firm SB Energy has filed for an initial public offering on the Nasdaq Global Select Market and Nasdaq Texas.

According to reports, the company is targeting an IPO raise of $5bn to $7bn, which would value it at about $50bn.

J.P. Morgan, Goldman Sachs & Co., Morgan Stanley, Citigroup and Mizuho are acting as joint lead book-running managers for the proposed offering.

As part of the proposed offering, SB Energy is also proposing to undertake a public offer of shares to retail investors who are tax residents and located in the United Kingdom.

In the company’s publicly available IPO prospectus, it said that it is “substantially dependent” on the performance of OpenAI as both a tenant and equity investor, which is a material vulnerability. The company currently boasts SoftBank and OpenAI as its only customers.

The company went on to state that if it “lost either tenant due to insolvency, exercise of contractual rights, force majeure, breach, early termination, a reduction in lease scope, or a failure to renew,” this could eliminate related revenue and do severe damage to the business.

SB Energy is planning to develop an up-to-10GW site in Pike County, Ohio, with the full capacity of the data center slated to be leased out to OpenAI. In August, it was reported that Nvidia would invest $1.5bn in SB Energy, down from a reported $3bn, and support it in securing land, power, and shell (LPS) capacity at the Department of Energy (DOE) site.

SB Energy and SoftBank also plan to invest at least $4.2bn in new regional grid infrastructure through a partnership with AEP Ohio, which the companies claim is designed to protect ratepayers.

SB Energy has also been signed on to build and operate the previously announced 1.2GW Stargate data center in Milam County, Texas.

SB Energy was founded as a subsidiary of SoftBank in 2011, with a separate global entity, SB Energy Global, founded in 2015 to develop projects outside of the Japanese market.