Texas draws two more megacampuses as Galaxy Digital and Amazon stake out land
Galaxy Digital acquired 500 acres in McGregor for 'Project Merlin', targeting 74 MW in its first phase, while Amazon plans 'Project Eagle', a four-building campus in Wharton County. Land acquisition has become the leading indicator of compute capacity two and three years out.
Announcements of this kind are best read as options rather than commitments. Five hundred acres is a claim on future capacity — the ability to build if power and demand cooperate — and the phased first tranche is the part with a real schedule attached.
The concentration in Texas is not accidental. An independent grid with faster interconnection, abundant land, and a permitting posture friendlier than most jurisdictions has made the state the default answer for operators whose binding constraint is time-to-power rather than capital.
The pattern to watch is who is buying. A financial firm and a hyperscaler staking adjacent claims in the same state signals that compute land is being treated as an asset class in its own right, not merely as an input to somebody's cloud roadmap.
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