据 FT 报道，软银控股的 SB Energy 已放缓计划中约 $50B 估值的 IPO，投资者质疑其资本密集的 AI 数据中心建设。该公司尚无已投运的数据中心容量，但 8.8GW 在签约或建设中，对应约 $178B 资本开支（其中 $174B 用于数据中心），主要通过项目层面债务融资。
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.
来源：Rohan Paul · x.com