SB Energy filed its S-1 registration on September 1, 2026, targeting a Nasdaq listing and $5–7 billion raise at roughly $50 billion valuation to fund gigawatt-scale AI data center campuses in Texas and Ohio. Strong backing from Nvidia’s $3 billion commitment and OpenAI’s warrants and leases underpins trader optimism, yet the planned late-September roadshow was delayed by investor skepticism over the valuation, lack of operational facilities, and heavy reliance on a single major customer amid broader AI infrastructure spending concerns. Recent amendments added a Japan retail tranche and clarified Nvidia’s role, with marketing expected to begin once SEC comments clear.