SB Energy's delayed U.S. IPO filing, targeting over $50 billion valuation amid AI data center demand, faces significant investor skepticism over execution risks, zero operational facilities, and limited near-term revenue despite an $439 billion backlog and Nvidia's $3 billion commitments. Recent September 2026 reports highlighted valuation gaps pushing roadshows into mid-to-late October or beyond, with the company still controlled by SoftBank and tied to OpenAI projects. This dynamic supports the market's 55.5% implied probability on no IPO before January 2027, while any successful listing would likely cluster around the $50-60 billion range given current sentiment and comparable AI infrastructure deals.