SB Energy has delayed its IPO amid investor skepticism over valuation, affecting its previously anticipated $50 billion US listing.

SB Energy, SoftBank's data center and power infrastructure developer, filed its S-1 registration statement with the SEC on September 1, 2026, targeting a Nasdaq listing under the ticker SBE. The company aimed to raise between $5 billion and $7 billion at a valuation of roughly $50 billion, positioning itself as a foundational player in the AI infrastructure build-out.

The company's valuation rests on a backlog it values at approximately $439 billion, tied primarily to data center leases connected to OpenAI. SB Energy has contracted 8.8 gigawatts of data center capacity across Texas and Ohio, none of which is operational yet. The company expects to convert roughly 10% of that backlog into revenue over the next six years. For the first half of 2026, SB Energy reported $139 million in revenue, all from its legacy renewables business, while posting net losses of $3.21 billion over the same period. The company has flagged over $170 billion in projected capital expenditures and warned in its filings of construction risks, permitting hurdles, community opposition, and financing dependencies that could slow or derail those plans. Nvidia has committed $1.5 billion as a private placement.

SB Energy's business model depends heavily on its relationship with OpenAI, which represents the dominant source of its contracted backlog. The timing presents complications: OpenAI's own IPO has been delayed, and the company has shifted toward private funding discussions rather than pursuing a near-term public listing.

To broaden its investor base, SB Energy added a Japanese retail tranche to its IPO structure, targeting up to $500 million from Japanese investors. Pricing for the offering was anticipated for the week of September 21, 2026, though the delay announcement has introduced uncertainty around that timeline.