SB Energy Reaffirms Nasdaq IPO Plans, Refutes Delay Reports

SB Energy’s planned multi-billion-dollar initial public offering on the Nasdaq is advancing according to its original schedule, a person familiar with the matter told Investing.com, directly refuting recent reports that the listing had been delayed.

IPO Timing and Valuation

The clarification comes after The New York Times reported that SB Energy was struggling to attract sufficient investor interest at its target valuation of over $50 billion, pushing the offering to mid-to-late October. However, the source emphasized that the company had never publicly committed to a September launch, suggesting an October timeline aligns with its internal baseline rather than representing a postponement.

As evidence of its progress, SB Energy filed an amended S-1 with the U.S. Securities and Exchange Commission (SEC) on September 21. The company aims to raise between $5 billion and $7 billion and will trade under the ticker SBE. The offering also reportedly earmarks up to $500 million for Japanese retail investors.

Strategic Backing from Tech Giants

Confidence in the high-profile listing is bolstered by significant financial commitments from key industry players, anchoring the IPO and its long-term strategy:

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• SoftBank Group: The Japanese conglomerate remains the majority owner of SB Energy.
• Nvidia: The chipmaker is set to purchase an additional $1.5 billion in SB Energy stock before the listing and is providing up to $105 billion in project guarantees for an AI data-center facility.
• OpenAI: As the primary tenant for the company's data centers, OpenAI holds a substantial equity stake, secured in part by $5.5 billion in warrants from SoftBank to lock in long-term capacity.

A Bet on Future AI Infrastructure

For investors, the offering represents a long-term bet on AI infrastructure growth over current profitability. In the first half of 2026, SB Energy reported $139 million in revenue, primarily from legacy solar projects, against a net loss of $3.21 billion.

The core of the investment thesis lies in the company's massive project pipeline. SB Energy has a contracted backlog valued at $439 billion, representing multi-decade commitments from enterprise hyper-scalers. The long-term nature of these contracts is underscored by the fact that approximately $357 billion of this backlog is not expected to be recognized as revenue until 2034 or later.