SoftBank Delays SB Energy IPO as Investors Balk at $50B Valuation Tied to OpenAI

SoftBank has delayed the IPO of SB Energy, its US data-center developer originally slated to price this month, as investors challenge the sought $50B+ valuation. The prospectus disclosed the company is 'substantially dependent' on OpenAI, which holds $5.5B in post-IPO warrants and 17 leases covering ~8GW of Ohio capacity. SB Energy generated $138.7M in H1 revenue against a $3.21B net loss and has yet to bring a single data center online.