SoftBank-Backed SB Energy Lines Up IPO Roadshow After SEC Feedback

The IPO prep, in plain English

SB Energy is gearing up to hit the road and market its IPO as soon as US regulators finish reviewing the paperwork, according to people familiar with the plans. The company intends to launch the roadshow after it resolves all remaining questions from the US Securities and Exchange Commission on its S-1.

On Monday, SB Energy submitted a revised S-1 that, in part, responds to SEC input by featuring Nvidia Corp.'s total $3 billion investment more prominently on the cover, one person said. That specific SEC feedback hadn't been reported before. SB Energy hasn't put a public date on the listing and would not provide further comment. An emailed inquiry to the SEC went unanswered.

Why the timing is tricky

Big AI voices, including Anthropic PBC's Dario Amodei and OpenAI's Sam Altman, are urging a slowdown in AI development to avoid catastrophic risks. Between that drumbeat and growing local opposition to data center construction across the US, investors are pressing on whether the enormous sums going into AI infrastructure pencil out.

According to the New York Times on Monday, four unnamed sources said the company pushed back its offering amid investor doubts about a valuation at $50 billion or higher, and the paper added it isn't expected to list before mid- to late October. Separately, Holtec Nuclear Corp. put its US IPO on hold last week, pointing to market conditions.

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The Ohio build investors keep asking about

OpenAI plans to lease a massive campus of data centers being built in Ohio by SB Energy, with an agreement covering up to about 8 gigawatts of compute capacity at the site. For context, one gigawatt can supply electricity to up to 750,000 US households at once.

Nvidia has pledged up to $105 billion to fund the Ohio build, which is planned to unfold in several phases. The company also said it could take on additional obligations to lock in a second phase. The size, staging, and funding of that build are front and center for anyone modeling SB Energy's growth path.

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