{"generated_at":"2026-08-14T09:53:19.653719+00:00","key_stats":{"computed":"2026-08-14T07:48:53.507013+00:00","constraint":26,"dcpi_score":34.7,"excess":45,"facility_count":2,"name":"Sheridan","recent_deals":[],"slug":"sheridan","state":"WY","top_operators":[{"count":1,"name":"Advanced Communications Technology"},{"count":1,"name":"DC HOST INC"}],"total_mw":6.0,"verdict":"AVOID"},"model":"claude-haiku-4-5","name":"Sheridan","narrative_md":"# Sheridan Data Center Market Analysis\n\nSheridan remains a minimal-scale market with only 6 MW across 2 tracked facilities, representing a niche rather than a strategic hub. Advanced Communications Technology and DC HOST INC each operate a single facility, indicating extreme fragmentation and limited competitive depth. The market has recorded no recent M&A activity, suggesting neither consolidation pressure nor institutional appetite for existing assets in the region.\n\nThe DCPI verdict of AVOID is decisive and rooted in structural constraints. The excess-power score of 45/100 indicates insufficient surplus capacity to support expansion-stage workloads or hyperscale migration, while the constraint score of 26/100 signals severe limitations in land, power, and cooling infrastructure relative to demand potential. This combination mirrors the Billings market profile\u2014tight supply with no buffer for growth\u2014and rules out both greenfield development and bolt-on acquisition strategies for operators seeking to scale. For acquisition-focused investors, the shortage of available power makes any facility purchase a stranded asset unless paired with costly grid infrastructure upgrades that would erode deal economics.\n\nDeal flow in Sheridan is effectively dormant. The absence of tracked M&A, combined with the two-operator, single-facility-per-player structure, suggests no consolidation thesis is underway and no third-party capital has identified a value-creation opportunity. The regional operator base lacks the scale or capital depth to drive competitive bidding, making any hypothetical sale subject to single-buyer dynamics and depressed valuations. Wyoming and surrounding markets have attracted significant institutional capital\u2014evidenced by Google's mystery ownership stake in the state's largest project and the Stark Power consortium's $140 million funding for a 5.6 GW portfolio\u2014but Sheridan has not participated in this trend. The geographic proximity to higher-constraint markets like Billings and Cheyenne suggests that regional power limitations extend across the corridor, reducing likelihood of a Sheridan breakout.\n\nForward movement depends on upstream grid expansion: without material additions to available power capacity, Sheridan will remain a margin market unsuitable for institutional deployment.","slug":"sheridan","word_count":314}