The backlash against data centers that is shaping elections and kitchen table debates across the country is now spilling onto Wall Street. Companies that house the data centers or supply them with energy and land for construction were expected to dominate the initial public offering market over the coming months, feeding investors’ seemingly insatiable appetite for everything related to artificial intelligence. But some investors are voicing increasing skepticism about the growth expectations for data centers and the risks associated with their build-out, forcing industry executives and their advisers to recalibrate their plans to raise tens of billions of dollars in public markets.

SB Energy, a subsidiary of the Japanese conglomerate Soft Bank that has proposed to build the largest data center project in the world in Ohio, had originally planned its I. P. O. for this month.

But the offering has been delayed, as investors question the company’s sought-after valuation of $50 billion or more, according to interviews with four people familiar with the deal’s marketing efforts. So far, bankers have struggled to find enough buyers of SB Energy stock within price ranges the company and its bankers had sought. Holtec, a company serving the nuclear energy industry that is looking to supply power for A.

I., said last week that it was pausing its I. P. O. plans indefinitely, citing several factors that have “impaired investor confidence in the market for new public offerings.”Holtec pointed to the “uncertainty of data center development” as the primary reason for the postponement, according to a company release.

Aggreko, which counts A. I. data centers among its key customers, has slowed the timing of its offering due to challenges facing data centers, rising interest rates, and broader economic uncertainty.