Nebius shares jumped 6.9% Tuesday after announcing plans to build a 310 MW AI factory in Lappeenranta, Finland, with the first capacity expected to be available to customers in 2027.

The facility will be one of Europe’s largest dedicated AI factories when fully deployed and contributes to Nebius’s target of securing more than 3 GW of contracted power by the end of 2026.

The construction follows Nebius’s recent expansion of its first Finnish data center in Mäntsälä to 75 MW, completed earlier this year. The company has already secured more than 750 MW of contracted power across its own sites and colocations in the EMEA region.

The Lappeenranta AI factory will be built on a 100-acre industrial site and is expected to create up to 700 skilled construction jobs during the construction phase, mostly sourced in the Lappeenranta area, with around 100 permanent positions once operational.

Nebius is also building an AI factory near Lille, France, with 240 MW capacity when fully deployed, and recently secured approval for its first gigawatt-scale AI factory in Independence, Missouri.

The AI factories will serve AI builders with the latest Blackwell and Rubin generations of NVIDIA accelerated compute. The Mäntsälä facility houses Europe’s first operational deployment of the NVIDIA GB300 NVL72 platform, and Nebius intends to offer the NVIDIA Vera Rubin NVL72 platform starting later this year.

The Lappeenranta facility will use a closed-loop liquid cooling system, eliminating the need for water intake from local supplies. The cooling system will be designed to integrate a heat recovery system, with excess server heat potentially donated to the local district heating network.