Rittenhouse Research(@RHouseResearch):$50B for what is essentially a single-site, single customer data center development project (with zero MW operational) was a pretty absurd valuation to target.. If anything, pretty healthy sign that there wasn't much demand at that price. Just look at how Fermi's $FRMI done since listing, lol.

2026.09.21 20:08

$50B for what is essentially a single-site, single customer data center development project (with zero MW operational) was a pretty absurd valuation to target.. If anything, pretty healthy sign that there wasn't much demand at that price. Just look at how Fermi's $FRMI done since listing, lol.

Wall St Engine@wallstengine

2026.09.21 18:38

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