My employer went through a similar process, not for a data center but for a large recycling yard/center. We had to buy the land first, and it was basically unproductive for 2.5 years of mostly waiting for permits, and it was already zoned industrial so no zoning changes were needed.

The whole project was several million in expenses before even making a dollar. We aren't huge either, the permitting was not supposed to take that long it but a real strain on the business.

So yeah, you're correct. The current process favors large firms, at least those large enough to absorb the cost for multiple years or however long permitting takes, which in some municipalities can be a very, very long time.

Depending on things, you might enter a land purchase (or lease) contract that's contingent on issuance of a building permit.

But a seller would probably prefer to sell without contingency, so what terms are available depends on market conditions.

Title insurance for residential real estate may sometimes cover properties that are unbuildable due to unsatisfiable permit requirements.

All told, it's easier as a buyer if you purchase an existing structure that was built under permits and is currently in use under appropriate occupancy permits.

From what I can tell Microsoft hasn't purchased the land yet. It's apparently owned by WE energies as part of the power plant next door.

Zoning laws. Many parts of the US but not all have land use zoning. The zoning for any property you buy is public record, so any business knows well in advance of what they are buying. If you want to deviate from the zoning you have to submit an application for that zoning variance which requires usually a community hearing.

Neither small or large businesses really have any big advantages here. Got to win over the community. If anything, the small business may be local and the operators more readily able to convince the community for a variance than some corporate lawyer.