SB Energy, a data center subsidiary of SoftBank, has postponed its planned IPO from September to mid-to-late October. Investors have expressed skepticism regarding the company's valuation of $50 billion, particularly given that it has not yet launched any operational data centers.
The company filed its S-1 registration with the SEC on September 1, aiming to list on Nasdaq under the ticker SBE. It plans to raise between $5 billion and $7 billion, while SoftBank intends to remain the majority shareholder.
SB Energy reports a contracted backlog of approximately $439 billion, primarily through long-term lease agreements, and has secured 8.8 GW of data center capacity. However, revenue for the first half of 2026 was $139 million, while net losses reached $3.21 billion.
OpenAI is the primary source of the company's contracted revenue. Additionally, Nvidia has committed $1.5 billion and up to $105 billion in guarantees for a project in Ohio. Future capital expenditure for SB Energy is projected to exceed $170 billion.
