🦔SoftBank's data center subsidiary SB Energy delayed its $50 billion IPO this week after bankers couldn't find enough buyers. The company has $439 billion in contracts with OpenAI but only $139 million in revenue and zero operational data centers. It needs $174 billion in debt to build what it's contracted for. Today Nvidia bought an additional $1.5 billion in nonvoting SB Energy shares at a 10% discount, bringing its total to $3 billion. Nvidia also guarantees up to $105 billion of OpenAI's lease at the Ohio facility. Holtec and Aggreko, two other AI infrastructure companies, also delayed their listings the same week. My Take Nvidia just put $3 billion into a company whose entire business exists to buy Nvidia's chips. The shares are nonvoting so Nvidia gets the upside without any governance responsibility if it falls apart. The chip supplier is propping up its own customer's IPO because if SB Energy can't go public, the whole Stargate buildout slows down and Nvidia sells fewer chips. Son has $65 billion committed to OpenAI and just borrowed $11 billion more in junk bonds at 8.2% to keep it going. SB Energy was supposed to validate that bet with public market capital and the public market said no. Three AI infrastructure companies tried to go public in the same month and all three either delayed or slowed their listings. Every private valuation in this space was set between willing parties behind closed doors. An IPO is the first time the numbers face an open market, and the open market isn't buying at these prices. Hedgie🤗