A row of unfinished concrete data center shells stretching to the horizon on cleared industrial land, with idle cranes and rebar skeletons silhouetted against a bruised evening sky and a weathered 'for lease' sign in the foreground, wide shot from a low angle, cold blue twilight from above mixed with a faint amber glow on the western horizon, long shadows stretching across the dirt, shallow depth of field.

Data Center IPO Window Slams Shut as Wall Street Balks

By Oliver BennsSeptember 28, 2026

The data center financing boom is running into a wall. SB Energy shelved a planned IPO after bankers failed to drum up buyers at a $50bn valuation, despite the company operating zero data centers and posting an 8% revenue decline on $214m in sales. Oracle sent a force majeure notice to the developer of its Project Jupiter site, seeking the option to delay payments if the facility misses a 2028 deadline, sending its shares down 5% and financier Blue Owl's down 7%. Nuclear services firm Oklo and power developer Exowatt have also pushed back listings, with roughly $68bn of data center projects blocked or delayed in the past three months.

Nvidia's Multiple Cracks as AI Bubble Talk Spreads

Nvidia is now trading at 17 times forward earnings, its lowest multiple in over a decade and down from 32 earlier this year. The compression reflects mounting competition from in-house chips at Google and Amazon, plus growing skepticism over the durability of hyperscaler capex. Earnings are climbing faster than the share price, leaving the stock cheaper than at any point in the current AI cycle.

Netflix Loses Two Warner Bros in Market Cap to YouTube

Netflix shares have fallen more than 40% over the past year, with Wells Fargo cutting its target to $57 and HSBC to $76. Content spending is up 10% while viewing share has slipped, as YouTube commands 14% of US TV usage and 58% of Gen Z time on video. The market cap wiped out since the peak exceeds twice what Paramount is paying for all of Warner Bros Discovery.

Oura Targets $15.6bn IPO in Test of Wellness Trade

Smart ring maker Oura is set to price its IPO this week at a $15.6bn valuation, raising $2.2bn in what will gauge appetite for consumer hardware listings. The company is growing revenue over 100% year-on-year with 83% subscription renewal rates on its $6 monthly plan, going out at roughly 8 times sales. The bulk of proceeds will cash out existing shareholders rather than fund growth, and Apple is reportedly developing a competing fitness wearable.