SoftBank's default insurance cost hits 4.66%, SB Energy's $50B IPO delayed
ccerrato147 · x · 2026-11-08
The OpenAI–SoftBank–Nvidia compute financing chain is showing strain: insuring SoftBank's debt against default hit 4.66% a year, the highest since October 2022. SB Energy's IPO at a $50 billion valuation has slipped to December or later because buyers wouldn't pay that price.
Context: on Aug 17 OpenAI signed a 20-year lease on an 8 GW Ohio campus built by SoftBank's SB Energy — and the deal still required Nvidia to guarantee up to $105 billion if OpenAI walks away and the buildings can't be re-let or sold.
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