SB Energy, the infrastructure division of SoftBank, has postponed its initial public offering following investor concerns regarding its valuation. The company previously filed an S-1 registration statement with the SEC on September 1, 2026, aiming for a Nasdaq listing under the ticker SBE.
The firm sought to raise between $5 billion and $7 billion at a valuation of approximately $50 billion. Its business model relies on a backlog valued at $439 billion, primarily linked to data center leases with OpenAI. Currently, the company has contracted 8.8 gigawatts of capacity in Texas and Ohio, though no facilities are operational.
Financial reports for the first half of 2026 show $139 million in revenue, derived entirely from legacy renewable energy operations, against net losses of $3.21 billion. The company projects capital expenditures exceeding $170 billion and expects to convert about 10% of its backlog into revenue over the next six years.
The IPO structure includes a Japanese retail tranche aimed at raising up to $500 million. While pricing was anticipated for the week of September 21, 2026, the delay has created uncertainty. Filings highlight risks including construction hurdles, permitting issues, community opposition, and reliance on external financing.
