$SB Energy IPO delayed — investors aren't buying the $79B valuation yet

SoftBank-backed SB Energy was supposed to IPO in Sept at $50B+ valuation. Now pushed to mid-late Oct because they can't fill the book.

The problem? Zero live data centers. Not one.

Yet they're pricing in $439B in future contracts through 2048, mostly tied to OpenAI mega DC deals. OpenAI execs even showed up to pitch meetings.

Market loves AI infrastructure narrative, but $79B for a company with no operational proof? That's a stretch even in this cycle.

Execution risk is real. Watch how this reprices.