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Capital markets price AI infrastructure offerings against visible demand signals, and the clearest one in the sector has gone quiet.
OpenAI's delayed public listing removes the reference point investors would typically use to anchor a data centre buildout thesis, arriving precisely when SoftBank is preparing to float SB Energy at $50 billion.
That offering now has to carry Masayoshi Son's AI wager without a live AI equity benchmark in place.
The comparable problem At $50 billion, SB Energy sits among the larger single capital raises tied to the current AI infrastructure cycle. Data centre businesses price off utilization expectations.
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