Investor pushback on SB Energy’s targeted $50 billion-plus valuation has delayed the IPO roadshow beyond the original late-September window, with premarketing feedback showing limited appetite at that level amid execution risks. The SoftBank-backed developer of AI data center campuses lacks operational facilities despite an ambitious $439 billion contracted backlog tied largely to OpenAI leases and Nvidia’s $3 billion commitment, raising questions about construction timelines and revenue realization starting in 2028. This valuation gap and cooling sentiment for data-center infrastructure deals explain the 73.5% market-implied probability of no IPO before January 2027, while any successful launch would likely clear closer to the $50-60 billion range given strategic backing. Potential catalysts include an amended filing resolution and October marketing efforts, though further slippage remains plausible given historical product and financing delays in the sector.