SB Energy Delays IPO as Investor Scrutiny Extends to Data-Center and Power Infrastructure
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SB Energy, a SoftBank subsidiary developing a data-center project in Ohio, has postponed its planned IPO after banks failed to secure sufficient demand within the proposed price range. Holtec has indefinitely paused its own listing plans, citing uncertainty around data-center development, while Aggreko has slowed its IPO process.
- SB Energy postponed its IPO to no earlier than next month after insufficient demand emerged within its proposed price range.
- SB Energy is developing an Ohio data-center project but has no operating data centers, according to S1.
- Holtec indefinitely paused its IPO despite plans to raise $900 million for a business that includes small reactors capable of supplying data centers.
- The delayed listings could increase scrutiny of operational assets, tenant demand and power-supply feasibility across AI infrastructure.
- Public and political resistance to large U.S. data centers is adding to financing pressure alongside higher interest rates and economic uncertainty.
SB Energy has deferred its planned IPO from this month to no earlier than next month after banks failed to generate sufficient investor demand at the price range set by the company and its advisers, according to S1. The SoftBank subsidiary had targeted an IPO valuation of more than $50 billion.
The company is developing a data-center project in Ohio that the source describes as among the world’s largest. However, SB Energy does not yet operate any data centers. S1 also reports that the company plans to recognize $439 billion of stated order backlog as revenue from 2028 over approximately 20 years. That is a forward-looking plan rather than reported revenue or commissioned capacity.
The weaker IPO backdrop is not confined to data-center developers. Holtec has indefinitely suspended its IPO, citing uncertainty in data-center development. The company had planned to raise $900 million at a valuation of up to $10 billion. Holtec manufactures small reactors that could supply electricity to data centers. Aggreko has also slowed its listing process amid data-center-sector challenges, higher interest rates and broader economic uncertainty.
For data-center and energy-infrastructure markets, the developments point to a potentially narrower public-financing window for projects reliant on long-dated build-outs and future customer contracts. This could raise financing-delay risk for both campus developers and power-infrastructure providers, particularly where investment cases depend on future rather than operational assets.
The source also links the market backdrop to growing public and political resistance in the United States to large data centers, driven by concerns over electricity consumption, environmental impacts and possible effects on power tariffs. Combined with higher financing costs, these factors could lead investors to demand stronger evidence of operational execution, tenant demand and viable power delivery before assigning premium valuations to AI-infrastructure platforms.
The IPO delays suggest that access to public capital may be tightening for AI data-center developers and their energy-infrastructure suppliers before projects reach operation. Higher rates, uncertainty around future demand and power delivery, and opposition to large campuses could increase investor focus on operating assets, tenant demand and the deliverability of power supply.
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