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.