InfrastructureSep 1, 2026watch
OpenAI’s SB Energy warrants put power infrastructure inside the AI business model
AI demand is now large enough that energy infrastructure is becoming part of the model-company story. OpenAI’s warrant exposure around SB Energy shows how the industry’s compute plans are reaching into power, storage, and data-center capacity before those facilities are fully operational.
Why it matters: The risk is that markets start pricing future AI demand before the infrastructure has proven itself. If the demand arrives, these deals look strategic. If it slows, the sector will have to explain a lot of expensive capacity built around optimistic assumptions.