SB Energy filed for an IPO. The company has zero revenue from its data center business. Not low revenue. Zero. The data centers don't exist in operational form. They filed anyway.
The prospectus says the company is "substantially dependent" on OpenAI. That's the kind of language you bury on page 847 of a filing, not lead with. Imagine telling investors you need another company to exist or you're f*cked, then asking them for money. SoftBank looked at that sentence and thought, "Yeah, this will play."
Retail traders will read "OpenAI" and hallucinate a business model. They'll ignore the part where nothing is operational. They'll skip the zero revenue disclosure. They'll see SoftBank's name and assume someone did due diligence at some point in the last decade. They will be wrong on all counts.
The data centers aren't online. The revenue doesn't exist. The dependency is substantial. But the IPO? That's happening. SoftBank spent years investing in WeWork, Uber when it was hemorrhaging billions, and a dog-walking app that imploded. Now they want you to buy shares in a company whose entire value proposition is "OpenAI might need us someday."
This is what passes for a growth story now. Build nothing. Earn nothing. File for public markets anyway. Slap "AI" in the prospectus and watch the order book fill up with people who think they're early to the next NVIDIA.
The closest thing to a working product here is the SEC filing itself.
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