Three AI Data Center IPOs Stall as Investors Demand Track Records

Three AI data center companies delayed or paused their IPOs within weeks of each other. Investors are demanding proven operating histories rather than decades-long revenue projections; data centers were expected to make up about a third of the 2026 IPO pipeline.

• SB Energy pushed its IPO to late October: $50B valuation and $439B revenue backlog over 20 years
• Holtec Nuclear suspended its up-to-$900M Nasdaq listing over data center uncertainty
• Aggreko slowed its IPO timing amid rising rates and sector headwinds
• Community opposition blocked an estimated $130B in data center projects in early 2026