OpenAI IPO delay affects SoftBank's AI landscape! Data center developer SB Energy (SBE.US) IPO prospects face market scrutiny.

According to reports, as market uncertainty over OpenAI's IPO timing continues to intensify, the upcoming initial public offering (IPO) of SoftBank's (SFTBY.US) U.S. data center developer SB Energy is facing growing pressure. People familiar with the matter revealed that SoftBank is seeking to give the subsidiary a valuation of approximately $50 billion; its IPO is expected to take place within the next few weeks, with plans to raise $5 billion to $7 billion. SB Energy is a key part of SoftBank founder Masayoshi Son's bet on core infrastructure to capture the surge in artificial intelligence (AI) demand. SB Energy currently holds a portfolio of photovoltaic power generation and battery energy storage assets, and is developing a 9.2-gigawatt natural gas power plant in Ohio. The plant will be dedicated to powering AI data centers, marking an acceleration in the company's strategic shift toward digital infrastructure. SB Energy has not yet put any data center into formal operation. The company has a massive contract backlog of $439 billion, mainly covering 8.8 gigawatts of data center capacity tied to long-term leases, ranking second only to CoreWeave (CRWV.US) in third-party computing development. However, because SB Energy's main projectsincluding the massive 8-gigawatt campus in Ohioare still under construction, $357 billion of its contracted revenue is expected to be recognized only in 2034 and beyond. It is worth noting that SB Energy's prospects are closely tied to OpenAI and NVIDIA Corporation (NVDA.US), both of which will hold equity in SB Energy after the listing. According to reports, OpenAI is the core tenant of SB Energy's main project pipeline, while NVIDIA Corporation has provided $105 billion in guarantees for the first phase of construction of the Ohio project. Earlier this month, SB Energy formally filed for an IPO with the U.S. Securities and Exchange Commission (SEC). The company expects its common stock to be listed on the Nasdaq Global Select Market and Nasdaq Texas under the ticker symbol "SBE." The prospectus shows that SB Energy generated $139 million in revenue in the first half of 2026, with a net loss of $3.2 billion; in the same period a year earlier, revenue was $83 million and net loss was $216 million. The sharp widening of losses was mainly due to upfront capital expenditures and asset impairment provisions related to the construction of the natural gas power plant project. SB Energy explicitly warned in its prospectus that the company's near-term financial condition and project financing remain highly dependent on OpenAI continuing to perform well. Market analysts and investors pointed out that due to high customer concentration and enormous capital needs, the listing faces obstacles in terms of valuation. According to reports, SB Energy estimates that more than $1.7 trillion in capital expenditure will be needed to build its project pipeline. In order to maintain its equity stake of typically about 10% in project financing, analysts estimate that, in addition to the funds raised from the IPO, SB Energy will need to raise approximately $7 billion in additional equity capital, while also obtaining substantial debt financing. Despite the above funding needs, SoftBank remains confident about gaining investor support, owing to the successful experience Masayoshi Son has accumulated from previously leading multiple large company listings.