Nebius plans $10 billion AI data center in Finland near Russian border

AI infrastructure company Nebius Group is building a 310-megawatt data center in Lappeenranta, Finland, close to the Russian border. The project is valued at over $10 billion and would become one of the largest AI data centers in Europe. Finnish developer Polarnode is already constructing the facility, with a phased launch planned starting in 2027.

Nebius recently signed contracts totaling more than $40 billion with Microsoft and Meta. The new data center will train AI models and run AI applications but isn't tied to a single customer. Nebius picked Finland for its low energy prices, renewable power, and cool climate, all of which help cut cooling costs. The facility would be the company's largest site outside the US and is expected to cover roughly 10 percent of Nebius' total planned capacity, according to CEO Arkady Volozh.