Nebius Group (NASDAQ:NBIS) shares climbed about 3.5% on Tuesday after the company revealed plans to construct a 310 MW AI factory in Lappeenranta, Finland, with initial capacity expected to come online in 2027.
Once fully built, the facility is expected to rank among Europe’s largest dedicated AI infrastructure hubs and forms part of Nebius’s broader goal to secure more than 3 GW of contracted power capacity by the end of 2026.
The announcement follows the company’s recent expansion of its Mäntsälä data center in Finland, which earlier this year was scaled up to 75 MW. Nebius said it has already locked in over 750 MW of contracted power across its own sites and colocated facilities throughout the EMEA region.
The planned Lappeenranta AI factory will be developed on a 100-acre industrial site. During construction, the project is expected to create up to 700 skilled jobs, largely sourced from the local area, while roughly 100 permanent roles are anticipated once the facility becomes operational.
Nebius is also expanding its European footprint through other major projects. The company is developing an AI factory near Lille, France, designed to reach 240 MW capacity, and recently secured approval for its first gigawatt-scale AI factory in Independence, Missouri.
The new AI facilities will support developers and enterprises building artificial intelligence systems using NVIDIA’s latest accelerated computing architectures, including the Blackwell and Rubin generations. Nebius’s Mäntsälä site already hosts Europe’s first operational deployment of the NVIDIA GB300 NVL72 platform, and the company plans to introduce the NVIDIA Vera Rubin NVL72 platform later this year.
The Lappeenranta site will feature a closed-loop liquid cooling system, eliminating the need to draw water from local sources. The system is also designed to capture excess heat generated by servers, potentially feeding it into the local district heating network through a heat recovery setup.