Meta Beaver Dam
FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →
Project status: Groundbreaking announced; utility contract approved with modifications; operating service unverified. Capacity scope: Campus IT load not publicly established. How we verify evidence.
Project and ownership
Meta Platforms; Alliant Energy. One named campus or explicitly bounded multi-campus development; reported envelopes are not operating IT load.
Power, permits and delivery
Groundbreaking announced; utility contract approved with modifications; operating service unverified
Financing and economics
Meta announced an investment above $1 billion. Site-specific earnings and power costs are undisclosed.
Investor implications · Our analysis
Public-record evidence narrows development uncertainty but does not establish utilized compute, billable capacity, attributable earnings or a stock recommendation.
What to watch next
Verify vertical construction, utility delivery and operating acceptance
Risks and unknowns
IT capacity, phased energization, construction completion and operating acceptance remain unverified.
Sources and verification
Four project-specific sources reviewed, including at least one public-agency record.
- Company construction disclosureMeta
Meta announced Beaver Dam as an AI-optimized campus and reported groundbreaking.
- State government announcementWisconsin Economic Development Corporation
Wisconsin economic-development officials reported investment above $1 billion and state/local participation.
- Local government recordCity of Beaver Dam
The city maintains a project-specific fact and records page; local approval evidence does not prove energization.
- Independent specialist reportingDatacenterDynamics
Specialist reporting independently identifies Meta, location and announced campus development.
Reviewed October 7, 2026 · Source audit
Company investor information & quarterly statements
Meta Platforms
Beaver Dam campus sponsor/operator; Mortenson named general contractor
Official investor & shareholder information · Quarterly financial statements: 2026 Q2, quarter ended June 30, 2026
Alliant Energy
Additional named public-company role;exact scope in current full profile
Official investor & shareholder information · Quarterly financial statements: Q2 2026 ended June30 2026
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →