Meta

The largest AI spender just put a price on local consent, and every smaller developer now has to match it or explain why not.

A company that has always kept its data centers to itself is now renting them out, and the reason is the free cash flow line, not the compute.

The floor on Meta's AI buildout just moved up $5 billion, and every developer bidding on power-served land is now competing against that budget.

The capital structure, not the compute, is the story: this is the financing template gigawatt-scale AI campuses are about to run on.

Power, not land or zoning, is the binding constraint, and Meta's Louisiana build shows how far hyperscalers will go to lock it up.