In September 2026, SoftBank Group unit SB Energy submitted a revised registration for a planned initial public offering that lacks a debut date and share price.
The unit, which builds data centers for OpenAI, faces investor skepticism over its targeted 50 billion dollar valuation, according to reports in the United States.
Filed in the United States, the updated prospectus leaves the share count, price band, and trading schedule unconfirmed. Buyers balked at the 50 billion dollar valuation despite commercial ties to Nvidia and long-term compute contracts.
Public investors want clearer revenue realization from AI infrastructure before paying high multiples. A delay disrupts SoftBank Group’s plan to monetize power assets built for high-density computing hubs.
Masayoshi Son has redirected the Japanese investment group toward energy-heavy computing, including an Ohio power plant adjoining a data center. To fund these projects, the group recently completed a 6.4 billion dollar domestic bond sale in Tokyo.
Asian institutional backers are following a similar playbook. Nippon Life has committed 13 billion dollars to data center financing, targeting North American projects to capture demand for grid-tied compute capacity.
Across the Atlantic, SB Energy is exploring projects in France to address power scarcity in European computing hubs. Electricity availability and grid connections have overtaken hardware supply as the primary bottleneck for AI operators.
Historically, public listings allowed SoftBank to recycle capital from mature holdings into active buildouts. A stalled debut forces the parent company to absorb infrastructure expenditure on its balance sheet or turn to structured private debt.
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