The SoftBank-backed firm building a massive AI data center in Ohio has shifted its target for going public from September to at least late October. SB Energy sought a valuation of up to $60B but struggled to attract sufficient buyers as investors questioned its lack of operating capacity and total reliance on OpenAI. While the company projects a $439B revenue backlog over the next 20 years, it has yet to launch a single operational site and is currently answering additional questions from the US Securities and Exchange Commission.
Nvidia is purchasing an additional $1.5B in shares of SB Energy ahead of the listing. The developer has 8.8GW of capacity contracted or under construction with total capital expenditures of $178B, primarily funded through debt. This delay follows a cooling appetite for AI infrastructure listings, including paused offerings from Holtec and Aggreko, though competitor DayOne still intends to raise $5B at a $20B valuation in November.
Key sources
- SOURCE@wallstengine“projecting a $439B revenue backlog over roughly 20 years beginning in 2028, largely tied to its massive Ohio data center leased to OpenAI”x.com
- SUPPORT@business“Nvidia is buying an additional $1.5 billion in shares of SB Energy”x.com
- SOURCE@business“preparing to start formally marketing its initial public offering to investors once US regulators are finished reviewing the company’s IPO filing”x.com
- SOURCE@choblin29“rival DayOne is still targeting a November IPO and could raise as much as $5 billion at a roughly $20 billion valuation”x.com
- SUPPORT@edzitron“signed $439 billion in business with SoftBank portfolio company OpenAI, which is also an investor in SB Energy, as well as its largest (and only real) client”x.com
- SUPPORT@rohanpaul_ai“8.8GW is contracted or under construction, carrying about $178B in capex, including $174B for data centers”x.com
- SUPPORT@firstadopter“proposed to build the largest data center project in the world in Ohio”x.com
- SOURCEmarketbrief.now