AI infrastructure firm Nebius Group (NBIS) has unveiled plans to build one of Europe's largest dedicated AI data centers in Lappeenranta, Finland. The facility is projected to have a capacity of up to 310 megawatts (MW) and is estimated to be worth over $10 billion. Initial customer supply from the site is expected to begin in 2027.
The announcement drove Nebius's stock price higher, with shares rising approximately 3.3% to $95.31 in premarket trading on Tuesday, March 31, 2026. This continues a strong year-to-date performance for the company, with its stock up 10% through Monday, outpacing rivals CoreWeave (down 3.4%) and IREN (down 16%).
The Finland project represents a major expansion of Nebius's global footprint. CEO Arkady Volozh stated the Lappeenranta site is "a significant addition to our global AI infrastructure build-out." It will surpass the company's 240 MW facility near Lille, France, and is not dedicated to a single client, instead supporting AI model training and application deployment for a range of customers.
Nebius's growth is underpinned by significant strategic partnerships and investments. Earlier in 2026, Nvidia committed a $2 billion investment for an 8.3% stake in the company. Nebius has also secured massive cloud-computing agreements, including a deal with Meta Platforms potentially worth up to $27 billion and a previously disclosed five-year, $17.4 billion agreement with Microsoft. Total contract values with global tech firms exceed $40 billion.
The company is targeting more than 3 gigawatts (GW) of contracted power globally by the end of 2025, with over 750 MW already secured in the EMEA region. This push is part of a broader acceleration in European AI infrastructure investment, with other major projects announced by firms like Mistral, Nscale, and Brookfield.
