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

By Alexis Dufresne Published September 21, 2026 at 19:57 UTC

OpenAI AI Infrastructure Funding ai-business

Summary

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.

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"some investors are voicing increasing skepticism about the growth expectations for data centers and the risks associated with their build-out, forcing industry executives and their advisers to recalibrate their plans" …
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Justin Hendrix @justinhendrix.bsky.social: "...some investors are voicing increasing skepticism about the growth expectations for data centers and the risks associated with their buil… →

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