软银集团旗下的美国资料中心开发商 SB Energy 正准备以约 500 亿美元的估值进行首次公开募股（IPO），目标筹资 50 亿至 70 亿美元。然而，由于其深度依赖的合作伙伴 OpenAI 延迟了自身的上市计划，加上 SB Energy 至今尚未有任何一座资料中心正式投入营运，让这次即将到来的上市面临庞大压力与市场高度审视。

尽管 SB Energy 握有高达 4,390 亿美元的庞大未来合约储备，主要包含预计在 2032 年前交付 8GW 容量的俄亥俄州大型园区，并获辉达提供 1,050 亿美元的担保支持，但其中约 3,570 亿美元的营收预计要到 2034 年后才会逐步认列。今年上半年该公司营收仅 1.387 亿美元且亏损超过 5.5 亿美元，且未来若要落实建设还需面临超过 1,700 亿美元的庞大资本支出需求。

高度集中的客户结构与巨大的融资缺口，使许多投资人对其 500 亿美元的估值目标感到疑虑。但软银创办人孙正义长期具备在市场质疑中推动公司上市并取得成功的纪录，加上生成式 AI 带来的算力渴求仍旧旺盛，部分投资人与承销银行仍看好其生态系综效，将此次 IPO 视为对孙正义愿景的另一场关键押注。

SoftBank's US data centre developer, SB Energy, is preparing for an initial public offering targeting a $50bn valuation to raise $5bn to $7bn. However, the listing faces mounting scrutiny and pressure because SB Energy has yet to bring a single facility online, while OpenAI—a deeply intertwined partner and tenant—has delayed its own IPO. (Key numbers: 500, 50, 70)

Although SB Energy boasts a massive $439bn backlog in future contracted revenue—primarily centered on an 8GW Ohio campus backed by a $105bn guarantee from Nvidia—roughly $357bn of this revenue is not expected to be recognized until 2034 and beyond. In the first half of this year, the company generated only $138.7mn in revenue while posting a $551.6mn operating loss, facing an uphill battle to fund over $170bn in capital expenditure.

Given the high customer concentration and immense capital financing requirements, many investors question whether the ambitious $50bn valuation is justified. Nevertheless, SoftBank founder Masayoshi Son has a long track record of defying market skepticism, and amid soaring demand for AI computing capacity, optimistic investors and bankers view this IPO as another calculated gamble on Son's expansive tech ecosystem. (Key numbers: 500)