Google parent Alphabet (NASDAQ: GOOGL) will invest at least €13bn ($15.1bn) in Finnish digital infrastructure over the next two years, the company said on 9 September 2026.
The figure makes the package Google’s largest single infrastructure investment in Europe, according to Google’s own announcement, cited by Reuters.
Nuclear deal underpins the Finland AI infrastructure push
The money covers data centres and supporting infrastructure at four sites – Hamina, Kajaani, Muhos and Vaala – plus clean energy and community and nature funds, according to Google’s press announcement.
Alongside the capex, Google signed a power purchase agreement with Fortum for the Loviisa nuclear plant, taking 50% of the site’s output from 2030 to 2049. It is Google’s first nuclear PPA outside the United States, according to DataCenterDynamics.
The deal also includes a 94MW battery storage system next to the Kajaani data centre, DataCenterDynamics reported. Fortum shares rose on news of the long-term supply contract, a market signal of the PPA’s weight from the counterparty side, Investing.com reported.
Why the dollar and euro figures match
Some headlines round the €13bn figure to “$15 billion” AI infrastructure spend; others, including the Wall Street Journal, say Google pledged “over $15 billion”. Both describe the same commitment converted at prevailing exchange rates, not competing claims. CNBC framed it as Google’s biggest-ever Europe investment.
Finland’s public broadcaster Yle separately confirmed the €13bn figure, and TheNextWeb matched the official release’s site list and two-year timeframe, giving the number multiple independent checks beyond the US financial press.
A pattern of escalating Nordic capex
Google’s Hamina data centre dates back to 2009, and the company has been building on Nordic infrastructure for well over a decade. In 2019 it announced $3.3bn (then around €3bn) for clean European data centres, a sum it said built on $7bn invested across the EU since 2007. The Finland package announced this week dwarfs that earlier commitment, underscoring how far AI-driven capacity needs have pushed capital spending since.
The scale of the new commitment is easier to read against Alphabet’s balance sheet. The company reported net income of $112.193bn for the second quarter of 2026, more than triple the $34.979bn it posted a year earlier in the third quarter of 2025, according to SEC filings. Diluted earnings per share rose from $2.87 in that same 2025 quarter to $9.11 in the second quarter of 2026. Quarterly revenue has climbed steadily too, from $69.092bn in the third quarter of 2022 to $90.234bn in the first quarter of 2025, the last period for which the pack’s revenue series runs. Against that backdrop, a $15bn two-year Finland package represents a fraction of a single quarter’s earnings capacity.
Shares slip despite the announcement
Alphabet stock did not rally on the news. GOOGL last traded at $334.37, down 1.2% on the day and 2.24% over 20 days, against a 20-day high of $351.02, according to consolidated US exchange data cited alongside Reuters’ report. Trading volume ran at 73% of the 20-day average, suggesting the announcement did not draw unusually heavy dealing either way.
Daily short-sale ratios on GOOGL have swung between roughly 25% and 54% of volume over the fortnight to 8 September, per FINRA data, with no clear directional shift around the Finland announcement itself.
The muted share reaction points to a wider dynamic: investors have treated the Finland package as confirmation of an existing AI infrastructure build-out rather than fresh news likely to move the stock. The nuclear offtake, locking in half of Loviisa’s output through 2049, may prove the more structurally significant commitment – a long-dated bet on nuclear-backed power for AI computing that extends well beyond the two-year capex window itself.
This article is for information only and is not investment advice or a recommendation to buy or sell any asset. Markets move quickly; figures are correct as sourced at the time of writing. Always do your own research before making financial decisions.
