Voters Rejected Data Centers in 40 of 41 Ballot Measures

Voters rejected data centers in 40 of 41 ballot measures on November 3, 2026. That is the count from Industrial Info Resources (IIR), citing Ballotpedia data, and it covers local jurisdictions across 10 states. Jim Cramer repeated the figure on CNBC's Mad Money and read the politics bluntly: "Voters rejected data centers in 40 of 41 ballot measures. The people have spoken. If the Democrats take back the presidency in 2028, the federal government could end up regulating the industry. That's a decided negative."

One week later, the market answered. On November 10, 2026, Venture Global (NYSE:VG) used its Q3 2026 earnings release to propose an off-grid AI utility for data centers. Its shares rose 7.1% in Tuesday premarket trading to $12.64. Vertiv (NYSE:VRT), which makes power and cooling equipment for data centers, slipped 0.2% premarket to $200.03.

The collision matters well beyond two tickers. The AI buildout needs enormous amounts of power, and the places being asked to host it are increasingly saying no. How the industry responds — by generating its own electricity, paying communities, or slowing down — will shape the pace of AI infrastructure across the United States.

What did the voters actually decide?

The November 3 measures were small, rural and local. No statewide or national question appeared on any ballot. IIR found that Ohio alone had 21 measures, and every single one went against data centers.

The lone win for the industry came in Harwood, North Dakota. Every other jurisdiction in the IIR count voted to pause, limit or ban data center construction.

The stakes concentrated in three states. According to IIR, the newly elected governors of Texas, Georgia and Ohio all campaigned against data centers. Those three states hold about 173 GW of planned data center capacity, roughly 39% of the U.S. pipeline, and 14.2 GW of that is already under construction. Executive orders from the new governors cannot come before January at the earliest.

Utility regulators are moving in the same direction as the voters. Grid operators such as PJM Interconnection, along with utility regulators, are drifting toward requiring data centers to bring their own power plants or to protect other customers from the cost of serving them.

What is Venture Global proposing?

Venture Global wants to sell data centers electricity that never touches the public grid. Its earnings release describes "a potential new, additive line of business for the Company: expanding our existing and proven capabilities building and operating an island-mode power and infrastructure network to be able to offer an off-grid AI utility to support data centers."

The company frames it as a repeat of its core playbook. The release adds: "By leveraging this natural extension of our Company's core competencies, we can solve for the predominant challenges to the data center build out similar to how we solved the key speed and scale challenges for the LNG market."

The mechanics are concrete, if early. Venture Global has frame agreements — master contracts setting terms for future orders — with GE Vernova (NYSE:GEV) and Baker Hughes (NASDAQ:BKR) Energy Services for up to 16 new 720 MW power islands, plus transformer and grid equipment. A power island running in "island mode" generates electricity on site with no grid connection.

The timeline is a company target, not a signed program. Venture Global plans to start delivering computing capacity in late 2028 and reach about 5 GW by the end of 2031. The release did not disclose any customers, contracts, pricing or capital budget.

Can Venture Global fund and win this business?

The balance sheet gives the ambition context. Venture Global carries a $6.27 billion market cap against $53.615 billion in total liabilities. Liquefied natural gas exports still drive the results: Q3 revenue rose 42.87% to $4.756 billion.

So the off-grid AI utility is a pitch built on LNG cash flow, not a booked business. The premarket gain of 7.1% prices in a line of business that has no announced customer yet.

There is also an incumbent problem. Vertiv already bought Utility Innovation Group, which designs microgrids and on-site power systems. If off-grid data centers become standard, Venture Global would not be entering empty territory.

Why is Vertiv down if its numbers are up?

Vertiv's problem is political, not operational. Its Q3 filing, released before the IIR-tracked votes, shows revenue rose 61.18%. Organic orders, which exclude acquisitions, grew by more than 100%.

A panelist on CNBC's Fast Money put the bull case in one breath: "Vertiv: they've doubled orders, revenue is up 61%, sold off due to politics. I'm a buyer."

The selloff is measurable. Vertiv stock is down 17.6% since October 9, 2026. On the company's October 28, 2026 earnings call, CEO Giordano Albertazzi named power availability, permitting, public opinion and a shortage of skilled construction labor as "pacing items, but they are not slowing down growth."

The backlog supports his framing. Vertiv reports 12 to 18 months of backlog coverage. It equips data centers whether they draw power from the grid or generate their own — which is exactly why the backlash hurts its valuation more than its business.

Does off-grid power actually dodge the backlash?

Not entirely, and the source is clear about why. On-site power answers the complaint about rising electric bills, but a gas-fired plant still needs local land-use approval — the same kind of approval voters just refused to give data centers in 40 jurisdictions.

IIR expects data center construction to continue regardless, perhaps at a slower pace, as developers shift toward community engagement and benefit funds. Cramer's federal regulation scenario, meanwhile, depends entirely on the 2028 election outcome.

What happens next?

Three checkpoints will test whether the backlash helps or hurts these stocks. The first is whether Venture Global announces a signed data center customer for its off-grid utility. The second is whether the new governors of Texas, Georgia and Ohio act after they take office in January. The third is the December local data center votes in Arkansas and North Dakota.

Until then, the divergence is stark. Vertiv has orders, revenue growth and backlog, plus a political discount. Venture Global has a compelling answer to the backlash — and, so far, no customer willing to sign for it.