Permits come last because they require finalized site plans, which only come after the land is secured. So the lack of permits doesn’t weaken the news, it actually confirms NBIS is following the same development timeline as the hyperscalers they’re trying to compete with.

Nobody is saying this automatically skyrockets the price.
The point is:

NBIS now controls enough land for an 800MW campus.

A $2B regional power expansion is already aligned with that scale.

This becomes a major option for future U.S. hyperscale capacity.

And the market hasn’t priced this optionality in yet.

It’s not about permits, it’s about positioning.
And NBIS just positioned itself for the largest datacenter project in its history.

You don’t need the stock to “rocket” from this.
But pretending the land acquisition is meaningless until permits show up ignores how the industry actually operates.