Cerebras Plans Phased 165 MW AI Campus in Mikkeli, Finland

Overview

• Cerebras and Compute Nordic announced on Tuesday, Sept. 1, 2026, that they signed multi-phase service agreements to deliver an initial 50 MW of IT capacity at Mikkeli that can expand to 80 MW and then to 165 MW under seven-year phase contracts.
• Compute Nordic will lead site development, operations, customer coordination, and program governance for the campus while Cerebras supplies its wafer-scale systems to customers on the contracted capacity model.
• An independent Ramboll study estimates the full project could attract €1.0–€1.7 billion in regional investment, support 80–250 permanent jobs, and generate about €0.8–€2.5 million in annual property tax revenue at full scale.
• The facility design uses closed-loop cooling to limit municipal water use and includes waste-heat recovery for possible local heat supply, measures meant to enable high-density AI racks with improved power and cooling efficiency.
• The Finland campus gives Cerebras a concrete European footprint that advances its rental-focused strategy but also underscores near-term capital, buildout and execution risks that drove only a muted stock reaction after the announcement.