The geography of entitlement risk
Eight-figure site decisions are being made without pricing the variable that is now killing deals. We track it: permitting risk, regulatory divergence, and the political economy of where data centers actually get built.
Published Issues
Issue 01
The Veto Economy
The data center industry has a $64 billion problem it didn't see coming and still isn't pricing correctly.
July 2026Read issue
Issue 02
The Permitting Arbitrage
Communities are blocking, suing, and legislating against the infrastructure the internet runs on. Capital hasn't priced it yet. The industry built the cloud. Now it can't get permits.
August 2026Read issue
Issue 03
The Subsidy Reckoning
Community opposition doesn't just kill a deal. It creates the political conditions for a levy that reprices every deal in the jurisdiction.
October 2026Read issue
Stay Current
Get the next issue when it publishes.
New research on permitting risk, regulatory divergence, and the political economy of digital infrastructure. No noise.