Microsoft-backed (MSFT) OpenAI was issued warrants worth an estimated $5.5 billion in SB Energy, the Wall Street Journal reported Sunday, citing draft IPO documents.

SB Energy offered OpenAI the warrants to draw it as a data-center tenant, the report said.

The warrants were valued at $3.6 billion when awarded in January and had increased to $5.5 billion by the end of June, according to the draft documents reviewed by the Journal.

SB Energy is expected to make an IPO filing public as early as this week with the aim of raising between $5 billion and $7 billion, the report said.

SB Energy and OpenAI did not immediately reply to MT Newswires' request for comment.

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