A SoftBank subsidiary focused on artificial intelligence infrastructure is awaiting a regulatory green light before pitching its shares to the public. SB Energy will begin formally marketing its initial public offering once US regulators finish reviewing the filing, according to sources. The offering was postponed from September to at least mid-to-late October after investors questioned a sought-after valuation of $50B or more and highlighted execution risks, as the company has yet to operate a single data center.

Nvidia recently bought an additional $1.5B in shares to support the offering, though SB Energy remains substantially dependent on OpenAI, which leases the Milam County and 8GW PORTS-Pike campuses. The developer currently has 8.8GW of capacity contracted or under construction involving $178B in capex and a projected $439B revenue backlog over roughly 20 years starting in 2028. Other data center IPOs, including those for Holtec and Aggreko, have also paused or slowed as investor appetite cools.