The New York Times reports that Wall Street is cooling on the data center boom as several firms have delayed planned initial public offerings and executives are recalibrating growth forecasts amid mounting public backlash over energy and water impacts. SoftBank unit SB Energy postponed its IPO that had been expected this month after investors questioned a sought valuation above $50 billion; the Times says SB Energy projects a roughly $439 billion revenue backlog beginning in 2028 despite a limited operating track record. Data center construction spending has surged about 60 percent year over year to an annualized pace near $75 billion, but political opposition is influencing local elections and permitting, prompting calls for regional planning in places such as Dallas, Fort Worth. Reporting and advocacy outlets have highlighted environmental and public health concerns, including allegations of water contamination and lucrative tax breaks for large projects in Pennsylvania. The combination of delayed stock offerings, investor skepticism, and heightened regulatory and community scrutiny is already forcing developers and financiers to slow expansion plans and revisit the financing timetable for many proposed facilities.
