FT: SoftBank-backed SB Energy slows $50B IPO as investors question $178B AI datacenter bet on OpenAI
rohanpaul_ai · x · 2026-09-22
Per the Financial Times, SoftBank majority-owned SB Energy has slowed its planned IPO at roughly $50B as investors question its capital-heavy AI buildout.
Key numbers: SB Energy has no operating datacenter capacity yet, but 8.8GW is contracted or under construction, carrying about $178B in capex ($174B for datacenters), mostly funded through project-level debt.
OpenAI sits at the center of the risk: SB Energy leases the Milam County and 8GW PORTS-Pike campuses to OpenAI and says it is substantially dependent on the company. Nvidia's $105B guarantee covers specified OpenAI lease obligations at PORTS-Pike but is conditional and doesn't fund the entire construction program.
Related event: SoftBank's SB Energy Shelving $50 Billion IPO as Data Center Hype Cools(4 posts)→
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