Regulatory Alchemy: How the Water Cycle Becomes Capital in the California Desert

A proposed project will take water from an aquifer in the California desert to the coast. Lacking final approvals more than 30 years after it started, the project remains a plan despite sizeable opposition. What is its secret? In this paper, I examine the imaginaries of the underground aquifer underneath the lands of Cadiz Inc, the project proponent. While local theories insist the company is at the centre of a Chinatown conspiracy, I argue that the company stays alive through regulatory alchemy, a term that reveals the magic at the heart of scientific and regulatory approval processes. I examine narratives of the aquifer in environmental compliance and financial reporting in order to reveal how regulatory processes become the conditions of profit‐making, building on debates in critical legal geography and political ecology.