Nebius has signed a letter of intent to take a substantial share of computing capacity at a planned AI gigafactory in Rotterdam. The proposed arrangement could give the Amsterdam-based AI cloud provider access to a major new source of computing power, although construction is not expected to start until 2028.
Nebius Watch analysis
What happened
VOLT, the Dutch AI infrastructure developer behind the project, would build the site and install the chips, with Nebius renting capacity over multiple years. VOLT chief executive Han de Groot confirmed the letter of intent, according to Yahoo Finance, which carried reporting first published by GuruFocus and attributed details to Dutch news agency ANP.
VOLT puts the first phase at 7 billion and hopes to begin construction in 2028. The companies have not disclosed financial terms. The report does not specify the currency for the phase-one figure, so we will not supply one on its behalf.
Why it matters
AI cloud providers need access to vast amounts of computing capacity, and this proposed deal points to one way they may secure it: reserving capacity at a facility built and equipped by an infrastructure partner. For Nebius, a substantial share of a planned site could become a meaningful addition to its supply, though the scale and timing of the commitment remain undisclosed.
The project is also being presented as Dutch AI infrastructure, with VOLT describing it as a gigafactory on Dutch soil and under Dutch control. That ambition now has an intended tenant, but a letter of intent is not a completed facility. The hoped-for 2028 construction start leaves plenty of time for plans to meet the small matter of being built.
Our read
This is a notable step in the build-out behind AI services: Nebius is signalling interest in a large future capacity source, while VOLT has named a prospective tenant for its Rotterdam project. The practical takeaway is a planned, multi-year capacity arrangement, not computing power ready to rent today.
The next useful details are the amount of capacity Nebius intends to take, the financial terms, and whether the project reaches construction. Until then, this is a substantial plan with an important blank space where the numbers should be.
What to watch
- Whether Nebius and VOLT announce a binding agreement or disclose financial terms.
- How much computing capacity Nebius intends to rent, and when it would become available.
- Whether VOLT secures the resources and approvals needed to begin construction in 2028.
Discussion spark: What should count more here: a named prospective tenant, or a binding deal with the capacity and financial terms disclosed?
Sources and evidence
- Nebius Stock Slips Despite Rotterdam AI Gigafactory LOI – Yahoo Finance (12 October 2026, 17:56 UTC)
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