Rohan Paul

FT: SB Energy (majority-owned by SoftBank) has slowed its planned IPO at roughly $50B as investors question its capital-heavy AI buildout. SB Energy has no operating data-center capacity yet, but 8.8GW is contracted or under construction, carrying about $178B in capex, including $174B for data centers, mostly funded through project-level debt. OpenAI sits at the center of the risk because it leases Milam County and the 8GW PORTS-Pike campus, and SB Energy explicitly says it is substantially dependent on OpenAI. Nvidia's $105B guarantee supports specified OpenAI lease obligations at PORTS-Pike, but it is conditional and does not fund SB Energy's entire construction program.