Cerebras Expands European AI Footprint With 165 MW Data Center Deal in Finland

Cerebras Systems (NASDAQ: CBRS) has announced plans to establish a major artificial intelligence data center campus in Mikkeli, Finland, in partnership with infrastructure provider Compute Nordic Finland, as reported by Yahoo Finance (https://finance.yahoo.com/technology/ai/articles/cerebras-cbrs-plants-165-mw-192515264.html). Construction is currently underway on an initial 50-megawatt phase, part of a contracted expansion designed to scale up to 165 megawatts of total capacity over time.

The deployment is structured through a sequence of seven-year service orders, with contracted capacity slated to step up from 50 megawatts to 80 megawatts before eventually reaching 165 megawatts. An independent study dated September 12, 2025, estimated the regional investment at between €1.0 billion and €1.7 billion. The facility is designed to use closed-loop water cooling and redirect residual heat back into the local community network.

The aggressive physical expansion reflects soaring customer demand for compute capacity. In its second-quarter earnings reported on August 12, 2026, for the period ending June 30, Cerebras disclosed that cloud revenue rose 281% year-over-year, leaving the company with $25.4 billion in unfulfilled customer obligations. Cerebras avoids industry supply bottlenecks by designing chips that bypass high-bandwidth memory (HBM) and chip-on-wafer-on-substrate (CoWoS) packaging, and the company stated it has secured the silicon wafer supply necessary to maintain growth.

However, that top-line surge continues to generate heavy losses. Under GAAP accounting, Cerebras posted a second-quarter gross margin of 14% and an operating margin of negative 265%. On an adjusted core basis—which excludes stock-based compensation, warrant amortization, and pass-through data center expenses—revenue reached $209.9 million against GAAP revenue of $180.1 million. Core gross margin expanded to 41%, up roughly 940 basis points from the prior year, while core operating margin stood at negative 16%.

Management raised its full-year guidance across all core metrics, but near-term profitability faces continued pressure. For the third quarter, Cerebras projected core revenue of $214 million to $216 million and guided core operating margin lower to between negative 25% and negative 23%. Under the agreement in Finland, Compute Nordic Finland manages development, operations, and the customer interface, leaving Cerebras committed to long-term off-take payments that depend on sustained customer intake.

Institutional ownership shifted markedly during the quarter, with hedge fund holdings expanding from zero funds in the preceding quarter to 78 funds. Short interest stood at 11.88% of the float, highlighting ongoing market skepticism as to whether Cerebras can translate its multi-billion-dollar backlog into sustainable cash flow.