The Power Allocation

Meta breaks ground on 1GW data center campus in Lebanon, Indiana with $10B investment—a case study in how secondary markets capture hyperscale.

Show Notes

In this episode of The Power Allocation, we analyze Meta's groundbreaking on a 1 gigawatt data center campus in Lebanon, Indiana, backed by a $10 billion investment.

One gigawatt. One campus. That's enough power for 750,000 homes—built for servers. Indiana won this project by solving the power equation: available land, cooperative utilities, streamlined permitting, and credible grid capacity.

Key topics covered:

  • Why Lebanon, Indiana beat coastal markets for a $10B hyperscale investment
  • AES Indiana's role in creative power solutions for massive load
  • How Meta's 6.6GW nuclear procurement announcements connect to Indiana operations
  • The infrastructure beyond servers: substations, transmission, cooling at hyperscale
  • Indiana as a replicable playbook for secondary market data center capture

About The Power Allocation: Brought to you by Spring Street Management Group, translating data center and energy hype into real infrastructure and assets on the daily.

Keywords: Meta data center, Indiana data center, Lebanon Indiana, 1 gigawatt campus, AES Indiana, hyperscale data center, data center investment, economic development, power infrastructure, Meta nuclear

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What is The Power Allocation?

The AI boom isn't constrained by chips, algorithms, or talent. It's constrained by electricity.

The Power Allocation is a daily briefing on AI infrastructure — where capital is actually being deployed. Each episode cuts through the hype to examine the physical realities shaping the AI buildout: power constraints, grid interconnection, land acquisition, data center financing, cooling infrastructure, and utility relationships.

This isn't a software podcast. This is an infrastructure podcast.

Who it's for: Institutional investors, infrastructure allocators, data center developers, utilities, family offices, and anyone positioning capital for the physical layer of artificial intelligence.

What you'll learn:

Why power availability — not GPU supply — is the binding constraint on AI compute
How hyperscalers are locking in multi-decade power purchase agreements
Where data centers are relocating and why grid geography is reshaping the industry
The financing structures turning compute facilities into bond-like assets
What execution timelines, permitting delays, and interconnection queues mean for capital deployment
Format: 3-6 minute episodes. Dense. Clear. No hype.

New episodes daily. Subscribe wherever you listen.