SOFTBANK-BACKED SB ENERGY DELAYS IPO AS INVESTORS PUSH BACK ON $50B+ VALUATION SB Energy has pushed its IPO from September to at least mid-to-late October after struggling to find enough buyers at its targeted $50B+ valuation, per NYT. A major concern is execution risk: SB Energy has yet to put a data center into operation, while projecting a $439B revenue backlog over roughly 20 years beginning in 2028, largely tied to its massive Ohio data center leased to OpenAI and backed by Nvidia. Last week, SB Energy brought OpenAI CFO Sarah Friar and infrastructure chief Sachin Katti onto an investor call as it tried to address investor concerns. The delay comes as appetite for data-center IPOs cools, with Holtec pausing its offering and Aggreko also slowing its process. Source: NYT

SOFTBANK-BACKED SB ENERGY DELAYS IPO AS INVESTORS PUSH BACK ON $50B+ VALUATION SB Energy has delayed its planned September IPO after bankers struggled to find enough investors at the valuation the company was seeking, per NYT. The company is now not expected to go public before mid-to-late October. One major concern is execution risk. SB Energy has yet to put a data center into operation, despite projecting a $439B revenue backlog over roughly 20 years beginning in 2028, largely tied to its massive Ohio data center that will be leased to OpenAI and backed by Nvidia. Last week, SB Energy even brought OpenAI CFO Sarah Friar and infrastructure chief Sachin Katti onto an investor call to discuss the Ohio project. The caution is spreading beyond SB Energy: • Holtec indefinitely paused an IPO that sought up to a $10B valuation, citing uncertainty around data-center development • Aggreko has also slowed its IPO process • Data-center companies had been expected to represent roughly one-third of U.S. listings for the remainder of 2026 The next major test could be Nscale, which is preparing for an October IPO and counts OpenAI and Microsoft among its customers. Source: NYT