AWS / STACK Northwest Louisiana

FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →

Project status: Regional construction reported August 2026; third Shreveport campus planned; full service delivery unverified. Capacity scope: Three-campus regional scope; campus MW and operating IT load not established. How we verify evidence.

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Phase-specific evidence; representative locality pin. Reviewed October 7, 2026.

The investment takeaway

Our analysis: this adds an operator/developer combination distinct from Meta Hyperion, the only previous Louisiana entry. AWS, STACK and SWEPCO connect cloud demand, real estate delivery and power infrastructure. Their returns differ. A large regional commitment should be evaluated against individual campus delivery rather than treated as immediately productive capacity.

Campus boundary and evidence

We track the connected Caddo/Bossier development and added Shreveport site in one regional profile. They are not three new inventory entries. Amazon’s page records its February 23 announcement and August 18 revision. The $18 billion plan supersedes the earlier $12 billion scope; the figures must not be added together. Meta’s Richland Parish development is separate.

Power, cooling and readiness

SWEPCO identifies utility improvements and says Amazon funds project-specific infrastructure under LPSC oversight. This is a utility statement, not the underlying approved service tariff. Bossier’s record identifies a planned substation and developer-described water arrangements. No executed campus-specific power volume, rate, energization or delivered load is established. Regional construction reporting does not place the third campus in service.

Demand and route to revenue

AWS is the named cloud/AI customer. Our analysis: a disclosed hyperscaler relationship reduces customer-identity uncertainty but does not reveal minimum rent, useful demand, reserved computing or customer acceptance. We have not verified particular chips, tenants beyond AWS or supplier contract values. Corporate capacity demand does not quantify any single campus’s revenue.

Capital structure and financial sensitivity

Our analysis: development outlays, utility contributions, tenant payments and GPU procurement can sit in different entities and periods. A regional investment pledge is not cash in an escrow account or a debt closing. Public disclosures do not establish lease term, project leverage, lender protections, operating margin or return on invested capital. Construction delays and power costs affect when the investment can convert to receipts.

Company economic roles

STACK identifies its development collaboration with Amazon. Louisiana Illuminator reports STACK ownership; legal title and phase-specific financing have not been verified. AWS is the named customer/investor. SWEPCO is the disclosed utility, with AEP as parent-company market context. STACK exposure is not automatically assigned to a listed asset manager. No campus contribution to AMZN or AEP earnings is quantified.

Government records and conditions

Bossier Parish’s March 20 official account establishes the March 18 final-plat vote and directly identifies STACK/AWS. The record concerns Technology Park subdivision and lists wetlands/buffers and noise compliance. It does not establish every zoning action, environmental permit, building permit or occupancy approval across the three campuses. Other parish-wide contracts in the same meeting are not booked as campus costs.

Risks and what would change the assessment

Our analysis: power-system delivery, water approvals, community scrutiny, construction sequencing and acceptance are material. Seek separate campus identifiers, building and environmental permits, tariff/service documents and commissioning dates. Dated power acceptance and paying workloads would strengthen readiness; additional conditions or revised delivery targets would weaken it. Unknown capacity stays unknown rather than being inferred from planned substations.

Financial significance

Amazon’s updated $18 billion plan covers three northwest Louisiana campuses, replacing the earlier $12 billion regional scope. These are multi-year commitments, not verified expenditure or project debt close. Our analysis: STACK development economics, AWS service economics and utility cost recovery are distinct. Lease payments, ownership documents, debt, realized returns and site-level cash flows remain unestablished.

Company connections

AMZN · AEP

Sources and claim verification

Distinct documents; repeated releases count once. Reporting of company statements retains attribution and does not independently establish delivery.

1. Amazon · 2026-02-23

   Updated August 18, 2026: regional planned commitment rises from $12 billion to $18 billion with a third Shreveport campus; this is an aggregate, not per-campus cost.

   Primary evidence →
2. STACK Infrastructure · 2026-02-23

   Developer identifies multi-site Caddo/Bossier collaboration with Amazon and infrastructure coordination; planned investment, not a financing-close document.

   Primary evidence →
3. SWEPCO · 2026-02-23

   Utility identifies Amazon-related infrastructure and customer-funded improvements under LPSC oversight; no delivered MW, tariff price or energization date established.

   Primary evidence →
4. Bossier Parish Police Jury · 2026-03-20

   Official account establishes March 18 final-plat approval for Bossier Technology Park and identifies STACK/AWS proposal. Approval scope is subdivision plat, not all campus permits.

   Government record →
5. Louisiana Illuminator · 2026-08-18

   Local reporting describes the regional hub under construction and the additional planned Resilient Tech Park site; does not prove all three campuses operational.

   Independent reporting →
6. Reuters · 2026-02-23

   Original $12 billion announcement reporting and company clarification that investments span years; updated February 24. Not $12 billion incremental 2026 spending.

   Independent reporting →
7. DatacenterDynamics · 2026-02-23

   Specialist reporting identifies STACK, AWS and SWEPCO roles; largely announcement-derived, not commissioning evidence.

   Independent reporting →