Internal Strategy Brief

Wyoming
Data Center
Initiative

Feasibility analysis, meeting minutes, and forward strategy for data center development in southeastern Wyoming.

Prepared by
Hunter Soik
For
Buzz Wiggins & Brendan Fallis
Date
February 2026
Classification
Internal Only
~6ยข/kWh
Industrial Energy Cost
15-20
DCs in Permitting Pipeline
$50B+
Committed Regional Capex
24mo
Hyperscaler Deploy Window
01 โ€” Meeting Minutes

Introductory Call
with Cyrus Western

Exploratory discussion on Wyoming data center development, regulatory pathways, and commercial partnerships.
Format
Video Call (~25 min)
Date
February 2026
Participants
  • Hunter SoikStrategy & Infrastructure
  • Cyrus WesternEPA Region 8 Nominee
  • Buzz WigginsWyoming Operations
  • Brendan FallisNetwork & Partnerships
Purpose
Explore feasibility of WY data center development; introductions; identify regulatory and commercial pathways

๐ŸŒ Background & Poland Playbook

Hunter outlined his government advisory experience (UAE Strategic Foresight 2015โ€“2024, Indonesia transition team Q4 2024โ€“Q2 2025) and current work advising the Polish government on AI data centers. The core thesis: replicate the Poland/Central Europe infrastructure playbook in Wyoming, targeting the same hyperscaler capex wave currently underway.

โšก Wyoming Site Characteristics

  • Low population density โ€” minimal NIMBY opposition vs. FLAPD markets (Frankfurt, London, Amsterdam, Paris, Dublin)
  • Arid climate favorable for cooling โ€” significantly lower cooling capex vs. hot-climate alternatives
  • Abundant energy: wind, natural gas, upcoming nuclear (TerraPower Natrium)
  • Strong fiber optic connectivity along southern I-25 corridor, with Denver 100 miles south

๐Ÿ’ฐ Energy & Power Purchase Agreements

Target PPA structure: 10โ€“20 year agreements, four-nines uptime, energy cost range of $40โ€“$120/MWh (4โ€“12ยข/kWh). Strategy includes potentially acquiring undervalued solar assets for levelized cost advantages. Cyrus confirmed Wyoming industrial rates average ~6ยข/kWh โ€” squarely within target range.

๐Ÿ›๏ธ Cyrus Western's Role & Offers

Nominated by the President as EPA Regional Administrator (Region 8: Dakotas, Montana, Wyoming, Colorado, Utah). Signs off on Title V permits, NPDES permits, and other environmental permits critical to DC operations. Offered to:

  • Provide regulatory guidance and expedite permitting conversations
  • Connect to Todd Parker (Director, WY Dept. of Environmental Quality)
  • Introduce Cheyenne LEADS (Betsey Hale, CEO) โ€” local economic development org
  • Facilitate introductions to TerraPower's government relations team for PPA discussions

๐Ÿ—๏ธ Deal Structure Model

PropCo/OpCo structure mirroring real estate development: secure power-connected land โ†’ bring in PropCo capex to build โ†’ secure hyperscaler off-take agreement โ†’ off-take triggers NVIDIA chip allocation and trade finance โ†’ RTO in ~3 years with bankable cash flows from day one.

โ†’ Agreed Next Steps

  • Cyrus to share work contact info via Brendan
  • Team to prepare concrete proposal and return to Cyrus
  • Cyrus to facilitate intros: Cheyenne LEADS, Todd Parker (DEQ), TerraPower gov relations
  • Buzz and Hunter to identify specific land parcels and energy assets in SE Wyoming
02 โ€” Feasibility Analysis

Why Wyoming,
Why Now

Hyperscalers have committed $1โ€“2T in global capex over 24 months. Wyoming checks every box for the next wave.

Energy Cost

Strong

Industrial average ~6.03ยข/kWh. Well within the 4โ€“12ยข target range. Among the lowest in the U.S. Black Hills Energy's large power contract service tariff ensures no cost pass-through to residential customers.

Energy Capacity

Strong

Net energy exporter โ€” uses only ~1/12th of production. New generation coming online: Tallgrass 2.7 GW gas, Basin Electric 1.5 GW co-gen, TerraPower 345 MW nuclear (2030โ€“31). Multiple combined-cycle gas projects regionally.

Climate & Cooling

Strong

Arid, cool climate ideal for air-cooled systems. Reduces cooling capex significantly vs. Texas, Arizona, or European hot-climate alternatives. Related Digital's Cheyenne facility uses zero-water cooling.

Water Access

Moderate

Deep aquifer access available. Closed-loop cooling viable and increasingly standard. Current DC water use in Cheyenne is ~1% of city total. Community sensitivity requires proactive design for minimal water use.

Land Availability

Strong

Abundant, cheap land. Very low population density (1.2 people/sq mi statewide). Minimal NIMBY opposition. Crusoe alone secured 600 acres; Related Digital has 115 acres. Large tracts available in Laramie County corridor.

Fiber Connectivity

Strong

Strong backbone along southern I-25 corridor. Cheyenne is 100 miles from Denver, a major interconnection hub. Multiple carriers present. Existing infrastructure supports Microsoft, Meta, and Related Digital operations.

Regulatory Environment

Strong

Pro-business state. Sales tax exemption on DC equipment since ~2012 (30+ states have similar). Governor Gordon actively supportive. EPA Region 8 nominee (Cyrus) is a direct team contact. Wyoming Business Council engaged.

Wind & Renewables

Strong

Consistent 365-day wind resource across much of the state. Viable for behind-the-meter renewable generation + battery storage. Microsoft already powers Cheyenne DC entirely with wind energy credits.

Risk Factors

Market Saturation

15โ€“20 projects already in permitting. First-mover advantage diminishing. Speed to secure prime sites and energy contracts is critical.

Grid Strain

Massive new loads (Crusoe alone at 1.8โ€“10 GW) could strain transmission. Behind-the-meter or bring-your-own-power models essential to mitigate.

Environmental Pushback

Greenpeace and 230+ groups called for a national DC moratorium. Wyoming has not yet established environmental tracking laws for AI centers.

Water Sensitivity

Growing local pushback on aquifer depletion. Must design for air-cooled or closed-loop systems from day one for community acceptance.

Labor Competition

Peak demand for Crusoe project alone is 5,000 construction workers. Labor competition across multiple simultaneous mega-projects will be fierce.

Community Relations

Small population means high project visibility. Proactive engagement and economic benefit sharing essential from the outset.

03 โ€” Competitive Landscape

Who's Already
Building

Every major hyperscaler and infrastructure developer has committed to Wyoming. The market is validated โ€” and getting crowded.
Developer Capacity Location Investment Off-Taker Status
Crusoe / Tallgrass 1.8 GW โ†’ 10 GW SE Wyoming $50B+ total TBD (rumored OpenAI) Approved Jan 2026
Related Digital 302 MW Cheyenne $1.2B CoreWeave Broke ground Oct 2025
Microsoft Expanding Cheyenne Multi-billion Microsoft Operating since 2012
Meta 715K sq ft Cheyenne $800M Meta Online 2027
Prometheus Hyperscale 1.2 GW+ Evanston TBD TBD In development
TerraPower 345 MW โ†’ 500 MW Kemmerer $2B+ (DOE) PacifiCorp grid NRC license 2026
04 โ€” Forward Strategy

Three-Phase
Action Plan

DevCo model: develop, de-risk, capitalize. Each phase builds on the last with clear ownership and timelines.
Phase 1
Foundation
Months 1โ€“3
  • Obtain Cyrus's work contact info via Brendan. Schedule follow-up call to formalize regulatory advisory relationship. Brendan Week 1
  • Request introductions to Cheyenne LEADS (Betsey Hale), Todd Parker (WY DEQ), TerraPower gov relations. Cyrus / Brendan Week 1โ€“2
  • Commission energy landscape assessment: Black Hills Energy reserve capacity, Rocky Mountain Power tariffs, Basin Electric 1.5 GW timeline. Hunter Week 2โ€“4
  • Identify 3โ€“5 candidate land parcels in SE Wyoming (Laramie County corridor). Criteria: fiber-connected, power-accessible, 200+ acres. Buzz / Hunter Week 2โ€“6
  • Engage TerraPower for preliminary PPA / LOI discussion on reserve capacity from Natrium reactor. Hunter Week 4โ€“8
  • Form DevCo entity (Wyoming LLC). Draft operating agreement. Define equity splits and governance. All Partners Week 4โ€“8
  • Map lobbying needs. Identify WY state legislature contacts. Assess need for government affairs advisor. Buzz / Cyrus Week 6โ€“10
Phase 2
De-Risking
& Off-Take
Months 3โ€“9
  • Secure LOI or term sheet from energy provider (Black Hills Energy preferred, or direct PPA with TerraPower/Tallgrass)HunterMonth 3โ€“5
  • Option or acquire target land parcels under PropCo SPVBuzz / HunterMonth 4โ€“6
  • Develop preliminary site design and cooling strategy (air-cooled, closed-loop)HunterMonth 4โ€“7
  • Begin hyperscaler outreach with bankable energy + land package (OpenAI, Anthropic, CoreWeave, Google, Amazon, Microsoft)HunterMonth 5โ€“8
  • Initiate pre-permitting conversations with EPA Region 8 and Wyoming DEQCyrus / HunterMonth 5โ€“7
  • Explore 45Q carbon sequestration credits (Tallgrass model) as additional incentive layerHunterMonth 6โ€“9
Phase 3
Capitalization
& Build
Months 9โ€“18
  • With off-take agreement in hand, approach project finance lenders (infrastructure debt, green bonds)HunterMonth 9โ€“12
  • Secure NVIDIA chip allocation backed by off-take + trade financeHunterMonth 10โ€“14
  • Engage DC-specialized construction manager (Clayco, DPR, or similar)All PartnersMonth 11โ€“14
  • File Title V and NPDES permit applicationsHunter / CyrusMonth 12โ€“15
  • Target RTO (ready to operate) within 36 months of construction startAll PartnersMonth 18+
05 โ€” Key Contacts

Who We Need
to Reach

Warm introductions through Cyrus, Buzz, and Cheyenne LEADS unlock the entire Wyoming ecosystem.
CW

Cyrus Western

EPA Region 8 (Nominee)
Regulatory advisory, permitting guidance, federal navigation
Intro via โ†’ Brendan
BH

Betsey Hale

CEO, Cheyenne LEADS
Economic development, site selection, local navigation
Intro via โ†’ Cyrus
TP

Todd Parker

Director, WY Dept. of Environmental Quality
On-the-ground permitting, environmental compliance
Intro via โ†’ Cyrus
TP

TerraPower Gov Relations

TerraPower (Kemmerer Project)
PPA / energy off-take discussions, reserve capacity
Intro via โ†’ Cyrus
LE

Linn Evans

President & CEO, Black Hills Corp
Utility partnership, large power contract tariff
Intro via โ†’ Cheyenne LEADS
MG

Gov. Mark Gordon

Governor of Wyoming
State-level political support, policy alignment
Intro via โ†’ Cyrus / Buzz
PC

Mayor Patrick Collins

Mayor of Cheyenne
Municipal support, community engagement
Intro via โ†’ Cheyenne LEADS
JD

Josh Dorrell

CEO, Wyoming Business Council
State economic development, incentive programs
Intro via โ†’ Cheyenne LEADS
06 โ€” Bottom Line

Assessment &
Recommendation

Wyoming is one of the most compelling data center locations in the continental United States right now. The convergence of cheap energy, favorable climate, and enormous upcoming generation capacity creates a rare window.

The fact that Crusoe, Related Digital, Microsoft, Meta, and Prometheus are all building simultaneously validates the thesis. However, speed matters. The 24-month hyperscaler capex deployment window is real. With 15โ€“20 projects already in permitting, the low-hanging fruit โ€” best sites, cheapest power, easiest permits โ€” is being claimed now.

The team's competitive advantages are clear: Buzz's Wyoming roots and relationships, Cyrus's regulatory position, Hunter's infrastructure playbook and hyperscaler network, and Brendan's ability to activate all of it.

Recommendation: Move to Phase 1 immediately.

The DevCo model is proven, the market is hot, the contacts are warm, and the clock is ticking.