NBIS Keflavik Iceland

Nebius's Iceland presence is part of its service network, but it should not be described as ownership of the entire host campus. The location studied here is the Verne-hosted deployment in the Keflavík area. Nebius's current documentation lists Iceland as private region eu-north2, available to customers who already have deployments there.

That service classification is more precise than a generic claim that any new Nebius customer can select Iceland. It also does not disclose the tenant's current power allocation, installed equipment count or utilization.

The Nebius infrastructure overview places Iceland alongside the other regions and physical sites. The Nebius Data Center Tracker retains the location and evidence context.

The host and the tenant perform different jobs

Verne's Iceland campus provides the physical environment for computing: power distribution, cooling, security and connectivity. Nebius's role concerns its own equipment and computing service within that environment. A technical characteristic of the host may be relevant to the deployment without becoming a measure of Nebius's contracted footprint.

Verne's published campus datasheet describes renewable hydroelectric and geothermal power, redundant electrical systems, year-round free cooling and support for direct liquid cooling. It gives an overall campus capacity above 140 MW. That is a host-campus figure, not a Nebius allocation. Verne Iceland campus specifications.

This correction is consequential. Assigning the whole host campus to one customer would make the tenant appear much larger and more developed than the evidence supports. The same mistake can occur with rack capability, total land area or a future host expansion. Those describe the environment in which a tenant can operate, not necessarily what it has contracted or occupied.

What the region documentation confirms

Nebius explicitly lists eu-north2 as Iceland and categorizes it as a private region. Its service matrix describes which products are available there. The documentation establishes the region's place in the platform, while leaving the exact physical allocation and customer activity undisclosed. Nebius region documentation.

Public and private regions are service-access categories. They are not equivalent to publicly and privately owned real estate, nor do they indicate Northwise Free or Premium access. A private Nebius region can still represent infrastructure actively used by existing customers.

Climate can help cooling without fixing the economics

Iceland's cooling environment is one reason the host markets the campus for intensive computing. Lower cooling overhead can leave more of a fixed electrical supply available for IT equipment. The actual result depends on the facility, the equipment and the operating conditions, so an illustrative PUE comparison should not be promoted to a measured Nebius outcome.

The original power-conversion example is retained below as a historical scenario. Its assumed contracted power and PUE values are not a newly verified tenant allocation. In particular, lower facility overhead does not automatically establish higher GPU utilization or a given revenue margin. Those also depend on customer demand, equipment configuration and service terms.

The right comparison with other locations

Iceland should be compared with other Nebius deployments using tenant-specific evidence where available. A host's technical envelope, a customer lease and a cloud-region listing answer different questions. The strongest additional evidence would identify Nebius's allocation, installed configuration and delivered customer service at a stated date.

The Nebius company page connects this study with the wider research and separately dated forecasts. This factual review is current through September 17, 2026.

Historical calculations retained from the original study

The following limited examples are preserved from the original publication. Their assumptions and outputs have not been revised. They are not current operating measurements, a new Northwise forecast or a statement of current contracted prices. The factual discussion above uses the latest reviewed evidence.

The retained PUE example assumes a 10 MW IT load. It is an illustration of overhead, not evidence that Nebius has a 10 MW allocation at Keflavik.