SB Energy, SoftBank’s data center and power infrastructure developer, filed an S-1 registration statement with the SEC (U.S. securities regulator) on September 1, 2026, for a proposed Nasdaq listing under the ticker SBE. The company planned to raise between $5 billion and $7 billion at a valuation of roughly $50 billion, but a delay announcement has created uncertainty around the offering timeline. Its investment case is built around an approximately $439 billion backlog, primarily tied to data center leases connected to OpenAI, including 8.8 gigawatts of contracted capacity across Texas and Ohio. None of that capacity is operational, and SB Energy expects to convert about 10% of the backlog into revenue over the next six years. The company reported $139 million in revenue in the first half of 2026, all from its legacy renewables business, while posting net losses of $3.21 billion. It has projected more than $170 billion in capital expenditures and warned that construction risks, permitting hurdles, community opposition and financing dependencies could delay or derail its plans. Nvidia has committed $1.5 billion through a private placement (shares sold directly to selected investors). SB Energy’s exposure to OpenAI is significant because the company represents the dominant source of its contracted backlog, while OpenAI’s own IPO has been delayed and it has shifted toward private funding discussions instead of a near-term public listing. SB Energy also added a Japanese retail tranche targeting up to $500 million from investors in Japan. Pricing had been anticipated for the week of September 21, 2026, but the delay has put that schedule in doubt.