The Power Allocation

Meta breaks ground on 1GW data center campus in Lebanon, Indiana with $10B investment—showing how secondary markets win on power access.

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 demonstrates how secondary markets can capture hyperscale infrastructure by solving the power equation.

One gigawatt equals enough power for 750,000 homes. Meta is building that capacity for servers in what was recently farmland.

Key topics covered:

  • Why Indiana won: lower costs, available land, cooperative utility (AES Indiana), aggressive incentives
  • What $10B actually buys: substations, transmission, backup generation, cooling—an industrial city
  • How Meta's 6.6GW nuclear procurement announcements connect to this campus
  • The new economic development playbook: power availability and permitting speed over traditional incentives
  • Why states with constrained grids weren't even in the running

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, hyperscale data center, AES Indiana, gigawatt campus, data center investment, economic development, Midwest data center, Meta AI infrastructure

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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.