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SB Energy, the U.S. data center developer under SoftBank, has slowed down its IPO process amid market concerns over the sustainability of the AI boom. Originally planning to go public this month with a valuation of $50 billion, the IPO has now been postponed due to investor skepticism over the high valuation. SB Energy is jointly supported by SoftBank, OpenAI, and Nvidia. Although it has no data centers officially in operation, it has already secured a contract backlog exceeding $400 billion, covering nearly 9GW of computing capacity. As the first tenants and investors, OpenAI and Nvidia are deeply tied to SB Energy's interests. The market remains skeptical about the growth expectations and construction risks associated with data centers, leading to the postponement of the IPO, while a potential $5 billion debt issuance deal has also met with a lukewarm response.
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