Investors pushing back on the valuation and execution risk of SB Energy have forced the SoftBank-owned data center provider to postpone its planned initial public offering. Bankers struggled to find buyers for the shares at the company's targeted $50 billion valuation. The firm has yet to put a data center into operation, though 8.8 GW of capacity is currently contracted or under construction, carrying about $178 billion in capital expenditures.

OpenAI serves as the developer's primary client, having signed $439 billion in business over approximately 20 years beginning in 2028. Nvidia provides a conditional $105 billion guarantee for OpenAI lease obligations at the 8 GW PORTS-Pike campus and recently bought an additional $1.5 billion in SB Energy shares. The company is substantially dependent on these leases, which also cover a site in Milam County.