AI infrastructure firm Nebius Group is accelerating its push into Europe with plans to develop a 310-megawatt data centre in Finland.
The Amsterdam-based company stated that the facility, situated in Lappeenranta near the Russian border, is being developed by its Finnish partner, Polarnode, and is expected to come online in phases starting in 2027.
Valued at more than $10 billion, the project is set to become one of the largest data centres in Europe and marks a significant step in Nebius’ long-term expansion strategy.
“This is a multiyear investment aligned with the scale of demand we’re seeing for AI infrastructure,” a company spokesperson said, adding that Nebius is in discussions with a wide range of customers spanning enterprises, AI-native firms and research institutions.
Shares of Nebius rose about 4.5% in premarket trading following the announcement, reflecting renewed investor interest in AI infrastructure plays after a period of volatility.
Rising demand fuels capacity buildout
The new facility will support the training of AI models and the deployment of applications, and will not be dedicated to a single client, the company stated.
The investment reflects intensifying competition among cloud and infrastructure providers to secure capacity for GPU-heavy workloads.
Nebius has already secured major supply agreements with global technology firms, including Microsoft and Meta Platforms, with total contract values exceeding $40 billion.
The Finland project will surpass the company’s previously announced 240-megawatt facility near Lille and add to its existing footprint, including a 75-megawatt operational site in Mantsala.
Chief executive Arkady Volozh said the Lappeenranta development would make a “significant contribution” toward the company’s goal of securing more than 3 gigawatts of contracted capacity by the end of the year.
Investor interest builds despite volatility
The company has emerged as a key player in the so-called “neocloud” segment, which focuses on building cloud platforms tailored for AI workloads.
Analysts at Bank of America recently highlighted Nebius and CoreWeave as among the firms best positioned to benefit from rising demand for high-performance computing.
The company’s share price has surged about 337% in the last year, although currently it is trading below its highs of $130 reached last year, at $92.25.
Nebius reported fourth-quarter revenue of $227.7 million for 2025, though it remains in a loss-making phase due to heavy capital expenditure.
Strategic partnerships and future pipeline
The company’s growth strategy is backed by significant partnerships and investments.
Nvidia recently committed $2 billion for an 8.3% stake in Nebius, reinforcing its position within the AI ecosystem.
In addition, Nebius has secured a series of large-scale capacity agreements, including a deal with Meta to supply up to $27 billion worth of AI computing capacity through 2027 and beyond.
This follows a previously disclosed $17.4 billion, five-year agreement with Microsoft signed in 2025.
Nebius has also received approval to develop a gigawatt-scale AI facility in Independence, Missouri, with potential capacity of up to 1.2 gigawatts.
Neocloud stocks have seen sharp swings, driven by strong retail interest and shifting sentiment around AI, but Nebius currently stands out as the frontrunner.
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