The Power Allocation

Meta breaks ground on a 1GW, $10B data center campus in Lebanon, Indiana—proof that secondary markets win by solving the power equation.

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 that's reshaping how states compete for hyperscale projects.

One gigawatt. One campus. That's enough to power 750,000 homes—and Meta is building it for servers. Indiana won by solving the power equation.

Key topics covered:

  • Why Lebanon, Indiana beat coastal markets: cheap power, available land, cooperative utility
  • AES Indiana's creative power solutions and state economic development incentives
  • Building a small city's worth of electrical infrastructure from scratch
  • How Meta's 6.6GW nuclear procurement connects to the Indiana campus
  • The new economic development playbook: power availability over traditional incentives

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, Lebanon Indiana, 1 gigawatt campus, $10 billion data center, AES Indiana, hyperscale Midwest, Indiana economic development, Meta nuclear power, secondary market data center

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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.