The AI data-center power company pushed its listing to mid-to-late October after investors balked at a target valuation above $50 billion. It follows postponements by Bamboo Insurance and Holtec Nuclear.
SB Energy, the SoftBank-owned company that builds power and data-center capacity for artificial intelligence, has delayed its initial public offering. The listing, originally planned for September, has been pushed to mid-to-late October after investors pushed back on a target valuation of more than $50 billion.
The company filed its registration statement with the Securities and Exchange Commission on Sept. 1. Its backers include SoftBank, which has committed $500 million, OpenAI, which has committed $500 million in equity and warrants, and Nvidia.
SB Energy is not a typical venture-backed issuer. It is an operating subsidiary of a strategic parent, with two of the most prominent names in AI among its backers.
It also arrives in a market that has been harder on new issuers than the major indexes suggest. More than 26 companies have filed for U.S. IPOs with major banks since July, and only nine have actually gone public. Just three companies debuted in September, a month that is usually busy for new listings. Five of the 10 largest IPOs of 2026 are trading below their offer prices.
Two other issuers have already stepped back this month. Bamboo Insurance Services, the homeowners insurer controlled by CVC Capital Partners, postponed its New York Stock Exchange listing, citing market conditions. Its selling shareholders had sought up to $700 million by offering 35 million shares at $18 to $20 each, a range that implied a valuation of up to $3.24 billion. Holtec Nuclear suspended its own IPO plans about a week before that.
Those pullbacks came as the Nasdaq Composite closed at a record high on Tuesday, and as Anthropic's own listing approaches.
For private equity and venture investors, the gap between index levels and new-issue demand has direct consequences. IPOs are one of the main ways sponsors return capital to their investors, and a slower window can push portfolio companies toward sales to other sponsors or lower valuations.
The next tests are close. Oura, the smart-ring maker, is expected to price its IPO during the week of Sept. 28. SB Energy's revised October timetable, and whether it returns with a lower valuation target, will show how much of this month's caution was about price rather than appetite.