$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.
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.
