TLDR
- Nebius unveiled plans for a new AI data center in Lappeenranta, Finland, with up to 310 MW capacity — one of Europe’s largest.
- The Finnish facility is estimated to be worth over $10 billion, with initial customer supply expected by 2027.
- Nebius stock is up 10% year-to-date, outpacing rivals CoreWeave (down 3.4%) and IREN (down 16%).
- The company recently secured a $2 billion investment from Nvidia and a cloud deal with Meta worth up to $27 billion.
- Nebius is targeting more than 3 GW of contracted power globally by end of 2025, with 750+ MW already secured in EMEA.
Nebius (NBIS) stock was trading at $95.31 in premarket on Tuesday, up 3.3%, ahead of the open.
Nebius has had a solid start to 2026. The AI infrastructure company is up 10% year-to-date through Monday’s close, while its neocloud peers have struggled. CoreWeave is down 3.4% this year, and IREN has lost 16%.
Tuesday’s gains came after Nebius announced a major new data center project in Lappeenranta, Finland.
$NBIS is going big in Europe 🚀
$10B investment for a massive 310 MW AI data centre in Lappeenranta, Finland 🇫🇮 – one of the continent’s largest dedicated AI factories.
First capacity online in 2027. This will be Nebius’ biggest site outside the US, powering AI training &… pic.twitter.com/rcfwMpDivN
— Cernunnos Capital (@CernunnosCap) March 31, 2026
The facility will have a capacity of up to 310 MW, which would make it one of the largest AI infrastructure projects in Europe. Nebius expects it to begin supplying customers by 2027.
Nebius declined to give an investment figure for the project, but Reuters reported the estimated value at more than $10 billion.
“This is a multiyear investment aligned with the scale of demand we’re seeing for AI infrastructure,” a Nebius spokesperson said. “We’re engaged with a range of prospective customers across AI-native companies, enterprises, and research institutions.”
CEO Arkady Volozh said the Lappeenranta site represents “a significant addition to our global AI infrastructure build-out.”
Strong Backing From Nvidia and Meta
The stock’s 2026 performance has been helped by two key deals. Earlier this year, Nvidia committed a $2 billion investment in Nebius. Shortly after, Nebius struck a cloud-computing agreement with Meta Platforms potentially worth up to $27 billion.
Those deals have helped set Nebius apart from other neoclouds, which have been more volatile due to their popularity with retail traders and shifting sentiment around AI stocks.
Nebius is headquartered in the Netherlands but listed on U.S. markets. The company is targeting more than 3 GW of contracted power by the end of this year.
In the EMEA region alone, Nebius has secured more than 750 MW of contracted power. That includes an AI factory near Lille, France, expected to reach 240 MW capacity when fully deployed.
Part of a Broader European AI Push
The Finland announcement comes as European AI infrastructure investment has accelerated.
French AI startup Mistral secured $830 million in debt financing this week for a data center near Paris. Earlier this year, it announced a 1.2 billion euro plan to build compute capacity in Sweden.
U.K. startup Nscale raised $2 billion at a $14.6 billion valuation this month, targeting data centers in Europe and the U.S.
Other recent announcements include a 1.4 GW AI campus in France involving MGX, Bpifrance, Mistral, and Nvidia, as well as Brookfield’s plan to invest up to $9.9 billion in a Swedish AI data center. OpenAI also said it would launch a Stargate-style facility in Norway, in partnership with Nscale.
Earlier this month, Nebius said it had received approval for its first gigawatt-scale data center, to be located in Missouri.
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