SB Energy, SoftBank’s data centre subsidiary, has postponed its IPO from September to mid-to-late October 2026. The company is seeking to raise between $5 billion and $7 billion at a $50 billion valuation, despite generating only $139 million in revenue during the first half of 2026 and posting a net loss of $3.21 billion. Its contracted backlog stands at approximately $439 billion, largely driven by long-term leases with OpenAI, yet no data centre is currently operational. Future capital expenditure requirements are projected to exceed $170 billion, explaining investors’ reluctance toward a valuation representing roughly 360 times annualized revenue.
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