Hyperscaler / footprint

Why it matters

Both moves are MISO-Central / PJM-West concentration plays that further reinforce the Indiana / Ohio / Wisconsin rust-belt corridor as the new center-of-gravity for hyperscale capacity, displacing growth from saturated NoVa and Phoenix. AWS's 2.4 GW Indiana number maps directly onto Meta's 1 GW Indiana announcement in Q1 capex (yesterday's coverage) — combined Big-3 concentration in Indiana is now north of 4 GW announced. That's exactly the pipeline that the Ohio constitutional ballot initiative (yesterday's tail-risk section) would freeze if it qualifies and passes. The Mount Pleasant village approval of 15 additional buildings is also worth contrasting against the Hermantown / Yorkville local-opposition pattern in the section above — Mount Pleasant is the model of *successful* hyperscale entitlement (2017 deal still expanding, no court challenges, Foxconn-pivoted-to-Microsoft narrative), and the contrast with the simultaneous opposition lawsuits is the canonical bimodal outcome distribution Cliff's approval-outcomes corpus should be capturing. Indiana also doesn't have an active state-level moratorium bill or constitutional ballot drive, which is exactly why hyperscalers are concentrating there — and which is why an Ohio ballot win in November would push even more pipeline into Indiana, raising the local-pushback risk there as well. For the de-rate calculator: the Indiana-versus-Ohio political-risk spread is now wide enough that it should be a discrete input for any developer underwriting MISO-side sites.