NBIS Stock Data Center Analysis

A customer buying time on a Nebius GPU cluster is relying on much more than a server. Electricity must reach the building, cooling must carry heat away, networking must connect the machines, and the software must turn those machines into a usable service. Nebius’s infrastructure story begins with that chain. A new power agreement can enlarge the opportunity long before it adds a single hour of customer compute.

The network now combines established cloud locations, large owned developments and capacity leased inside other operators’ campuses. Those arrangements move at different speeds and carry different obligations. This guide follows every named location and research reference in Northwise’s reviewed inventory, explains what has actually been disclosed, and links to the existing site studies. Information is reviewed through September 17, 2026.

For location-level sources and development stages, open the Nebius Data Center Tracker. Use the directory below to move from the wider network into an individual site.

The network is expanding faster than one headline can explain

Nebius’s August shareholder letter raised its year-end 2026 contracted-power target to 5 GW and described plans to deploy more than 1 GW annually starting in 2027. These are different measures: a power commitment secures an input to future infrastructure; deployment requires the rest of the system to be built and brought into service. Neither figure should be presented as today’s active GPU load.

The same update reported delivery of all capacity tranches under the Microsoft contract and introduced a partner-owned route to expansion alongside owned sites and colocation. That combination matters. Nebius can add capacity through several channels, but each channel still depends on physical delivery. Our interpretation is that the most useful progress measure is the movement of identifiable projects through their delivery milestones, rather than a sum of every large number attached to the company.

Sources: Nebius Q2 shareholder letter

How to read the site directory

For an owned development, the disclosed campus envelope describes the intended scale of the buildout. For a hosted deployment, the relevant figure is Nebius’s tenant allocation, which can be much smaller than the host campus. A cloud region identifies where a service is available, but it does not always provide a building address. The directory keeps those distinctions visible.

Named developments are included even when first delivery lies ahead. Unresolved tenant and recruitment leads appear in their own section. They help readers follow the research without being counted as confirmed operating campuses. Company schedules remain dated guidance until a later source verifies completion.

Nordics and Estonia

Finland combines an established engineering base with separate expansion projects. Iceland and Estonia add hosted capacity. Grouping these locations by region makes the footprint easier to follow without treating their capacity measures as interchangeable.

Mäntsälä 1, Finland

Established facility. Nebius reported completion of its expansion to up to 75 MW in March 2026. This facility envelope is not a measurement of active GPU load.

Read the Mäntsälä 1 site study · Nebius Finnish development announcement

Mäntsälä 2, Finland

Separately announced second facility, up to 70 MW, with capacity expected from 2027. It is distinct from both Mäntsälä 1 and Lappeenranta.

Read the Mäntsälä site study · Nebius second Mäntsälä announcement

Lappeenranta, Finland

Planned owned AI factory with an up-to-310 MW buildout. First customer capacity is expected in 2027; the full envelope is not operating capacity.

Read the Lappeenranta site study · Nebius Finnish development announcement

Keflavík, Iceland

The Verne-hosted Iceland deployment is represented in Nebius’s documentation as private region eu-north2. This establishes its place in the service network. The wider Verne campus remains a separate asset and its full capacity should not be attributed to Nebius.

Read the Keflavík site study · Nebius cloud-region documentation

Tallinn / Hüüru, Estonia

Greenergy / Tensor Estate identifies a 22 MW Nebius deployment targeted for late 2026. The host’s larger expansion and grid application are not additional contracted Nebius capacity.

A dedicated Northwise study is not yet available. Tensor Estate / Greenergy Tallinn programme

United States

The US network includes cloud deployments and much larger development envelopes. The difference between a customer-ready tranche and a full campus buildout is particularly important here.

Vineland, New Jersey

DataOne build-to-suit facility for Nebius. The Q2 letter reports delivery of capacity for the Microsoft contract. Contract delivery should not be read as completion of every planned campus phase.

Read the Vineland site study · Nebius Vineland project; Nebius Q2 shareholder letter

Independence, Missouri

Planned 1.2 GW campus envelope, comprising 800 MW utility power and 400 MW on-site generation in the company project description. These are development scopes, not current operating IT load.

Read the Independence site study · Nebius Independence project

Kansas City, Missouri

Kansas City is the location of public cloud region us-central1 and the Patmos-hosted deployment covered in our site study. Service availability supports its role in the operating network. The host building’s full power envelope and older expansion assumptions should not be treated as a current Nebius tenant allocation.

Read the Kansas City site study · Nebius cloud-region documentation

Butler Township / Highridge, Pennsylvania

The Pennsylvania development forms part of Nebius’s disclosed US footprint. The linked Butler Township / Highridge study examines the locality and zoning evidence. It remains a development reference; an approval or a future delivery target is not proof of operating compute.

Read the Butler Township / Highridge site study · Nebius Q2 shareholder letter

Birmingham / Oxmoor, Alabama

Company-identified AI infrastructure development. Read the site report for the project and power-delivery constraints; this directory does not assign an unsupported active-MW number.

Read the Birmingham / Oxmoor site study · Nebius Birmingham project

Oklahoma City, Oklahoma

Named in Nebius’s US location list. Facility address, tenant allocation and delivered compute are not established by that list. Oklahoma City is retained rather than substituting another Oklahoma hiring location.

A dedicated Northwise study is not yet available. Nebius Independence fact sheet and US location list

Woodbury / Minnesota

Nebius identifies private cloud region us-north1 in Woodbury, Minnesota. That company disclosure is the current location reference. Our earlier Minneapolis property study is an unconfirmed host-property hypothesis; its 31 MW figure does not establish Nebius’s tenant allocation or a second Minnesota campus.

Read the earlier Minneapolis property study · Nebius cloud-region documentation

France and Spain

Named host facilities sit alongside a large French development and a second French service-region reference. A region label can establish service geography while leaving the exact physical site unresolved.

Paris 1 / Equinix PA10, France

Nebius’s original Paris announcement explicitly names PA10 in Saint-Denis. This is a confirmed host identity. The facility’s total power must not be assigned to Nebius without a tenant allocation.

Read the Paris 1 / Equinix PA10 site study · Nebius Paris launch announcement

France second region / Paris II research reference

The company lists private region eu-west2 in France. A service region does not by itself identify a separate street address or campus. Paris II is a research reference pending a physical-site crosswalk.

A dedicated Northwise study is not yet available. Nebius cloud-region documentation

Béthune / near Lille, France

Azur development near Lille with an up-to-240 MW full deployment described by Nebius. Béthune and near Lille refer to the same tracked project, not two campuses. Phased construction schedules remain separate from tenant acceptance.

Read the Béthune / near Lille site study · Nebius Finnish development announcement

Madrid / Getafe, Spain

Edged confirms an 18 MW Nebius lease at MERLIN Edged Madrid-Getafe. Nebius also lists Madrid as private cloud region eu-south1. The lease is not a measured active load, and the earlier Spain-only announcement is not another site.

A dedicated Northwise study is not yet available. Edged Madrid-Getafe lease announcement; Nebius cloud-region documentation

United Kingdom

Longcross, Harlow and Newport have distinct site identities. The announced national programme must not be assigned entirely to one of them.

Longcross Park, Surrey, United Kingdom

Ark-hosted UK location covered by the existing Longcross study. Longcross is in Surrey; the previous generic London / Slough directory heading was misleading. The national expansion programme is not a Longcross-only allocation.

Read the Longcross Park site study · Nebius UK expansion announcement

Harlow / Kao Data, United Kingdom

Kao Data announced a 22 MW, ten-year Nebius agreement on June 8. The site study is available below. The agreement is a tenant commitment, not evidence that all capacity is already serving customers.

Read the Harlow / Kao Data site study · Kao Data Harlow agreement

Newport / Vantage CWL1, Wales

Vantage and Nebius announced the CWL1 deployment agreement on August 13. The announcement identifies the site but does not allocate a specific MW figure to Nebius.

A dedicated Northwise study is not yet available. Vantage and Nebius Newport announcement

Israel

Tenant IT allocations, hardware announcements and the host operator’s campus plans describe different layers of the Israeli footprint. The entries below retain the source chain behind each claim.

Modi’in, Israel

Nebius announced a 4,000-HGX-B200 deployment in October 2025. Keep the stated hardware units separate from the host campus power and from older modeled MW estimates.

Read the Modi’in site study · Nebius Modi’in deployment announcement

Beit Shemesh, Israel

Mega Or’s annual report specifies a 58 MW IT tenant allocation, with phased delivery targeted from Q3 2026 to Q1 2027. The filing leaves the tenant unnamed; Globes reports Nebius’s confirmation of the agreement. Host-campus expansion figures describe a different scope and do not prove tenant acceptance.

Read the Beit Shemesh site study · Mega Or FY2025 report, section 4.1.3; Nebius confirmation reported by Globes, January 6

Masmiyya / Masmiya, Israel

The same annual report specifies a 22 MW IT tenant allocation with Q3 2026 delivery guidance, linked to Nebius through the reported company confirmation. Masmia and Masmiyya are spelling variants, not separate sites. The planned date alone does not establish achieved active compute.

Read the Masmiyya / Masmiya site study · Mega Or FY2025 report, section 4.1.3; Nebius confirmation reported by Globes, January 6

Unresolved tenant and project leads

These references remain useful research leads. Their evidence does not establish three additional confirmed operating Nebius campuses.

Romford / East London, United Kingdom

Inferred Nebius tenant relationship. Green Mountain announced a 14 MW agreement with an unnamed neocloud at LON-East. The host contract is confirmed, but the reviewed announcement does not name Nebius. Excluded from confirmed Nebius capacity totals.

A dedicated Northwise study is not yet available. Green Mountain LON-East agreement

Hyderabad, India

Reported planning lead. Project Reporter names a conceptual Nebius project; company hiring supplies additional deployment context. A named host, lease, parcel, MW allocation and opening date remain unresolved.

A dedicated Northwise study is not yet available. Project Reporter, July 20 issue, page 22; Nebius recruitment index

Chennai, India

Recruitment lead. The reviewed Chennai and Hyderabad deployment advertisements share a requisition, so they do not prove two campuses. Nebius’s APAC expansion announcement supports the wider Indian market context, not a Chennai facility address.

A dedicated Northwise study is not yet available. Nebius recruitment index; Nebius APAC expansion announcement

What the location count can and cannot tell us

The directory contains 25 named site, region and lead references. It is a coverage inventory, not a claim that Nebius operates 25 separate campuses. Mäntsälä’s second project is distinct from its first facility. Béthune and near Lille describe the same development. Woodbury is a company-disclosed service region, while the Minneapolis property hypothesis remains unconfirmed.

Seven older announcement references also remain in our source history: Spain, Finland, two UK references, France and two Israel references. They may overlap the locations now identified by name and are not seven additional campuses. The UK programme’s unnamed member is not automatically Romford; France’s second region is not automatically a separately located Paris building.

What to follow from here

Our reading of the footprint is that Nebius is building optionality through several delivery routes, while the decisive constraint remains getting complete systems into customer service. Power agreements, building completion, equipment installation and contract delivery each remove a different obstacle. A credible update should identify which obstacle has actually been removed and for which project.

The next useful disclosures are confirmed tenant identities for unresolved hosts, more precise allocations where only a city or region is named, and achieved delivery milestones at developing campuses. These would improve the evidence base without requiring an invented utilization estimate or a new valuation scenario.

Continue the research

Use the Nebius company page for the wider Northwise research library, company overview and separately published models. The filtered tracker below provides the location-by-location view.