Wisconsin's Suppliers Are Cashing Indiana's Data Center Checks

Generac in Genesee and Modine in Racine are booking the equipment orders Indiana's data center boom creates. Generac is carrying a $1.6 billion backlog for data-center generators and has added capacity in Beaver Dam and Sussex; Modine landed a $4 billion cooling order from Google. A Wisconsin Policy Forum analysis found roughly 68% of data-center construction spending goes to processors, electrical gear and cooling, which means the margin sits with equipment makers wherever the building happens to be. Amazon has committed about $26 billion to Indiana data centers, and a Racine cooling manufacturer is earning off it.

Indiana handed out $655 million in data-center sales-tax exemptions in 2025, aimed largely at site operators rather than the suppliers taking the equipment margin. Governor Braun has already said the state "clearly doesn't have enough electricity" for both manufacturing growth and data centers, so the grid itself may cap how much of this an Indiana manufacturer can chase. Watch Modine's 12-24 month supplier-qualification window for hyperscaler agreements running to 2029: that is the door, and it does not stay open.