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SoftBank lost over $3 billion on natural gas turbine preorders meant to power AI data centers, TechCrunch reported on November 12, 2026. TechCrunch said the loss may cap the role of natural gas in AI's power ambitions and has implications for power markets. TechCrunch reported that SoftBank began putting down deposits about two years ago on more than 13 gigawatts of turbines, nearly 50% more than it needed, as CEO Masayoshi Son sought to secure supply while turbine queues extend into the early 2030s. SoftBank announced a $7.1 billion quarterly loss, with over half tied to power-generating equipment, and now considers much of its nonrefundable deposits effectively worthless. Peter Gardett, CEO of Noreva, told TechCrunch that SB Energy had little choice but to overbook turbines to get some quickly, and described the charge as the market finally settling on a true price. Brent Nelson of Ascend Analytics said the grid may remain data centers' best bet, with large batteries a cost-effective way to cover a smaller connection. TechCrunch suggested that data center operators may be reaching that conclusion, slowing natural gas development, though it did not expect a wave of gas plant cancellations.