XTX Markets invests hundreds of millions in new data center in Kajaani, Finland

XTX Markets is investing hundreds of millions of euros in a new data center in Kajaani, Finland, without any government funding. This announcement was made by Minister of Economic Affairs Wille Rydman during the groundbreaking ceremony for the facility, emphasizing the region’s economic growth and focus on data-driven industries. Rydman pointed out that stable ground, a cold climate, and a skilled workforce are key attractions for such investments.

The choice of Kajaani over Norway came after discussions highlighting the area’s strengths. Rydman described the investment amount as being in the “nine-digit” range, without specifying the exact figure, as it is not public information. He noted that the investment is entirely private, without any state involvement.

According to Rydman, the growing concentration of data centers in Kajaani inspires confidence among industry players. This is complemented by the region’s skilled labor force and experience in building data centers, as well as the advantages offered by its stable land and cold climate.

He also remarked on the general interest among data center investors in Finland, with Kainuu appearing prominently on their radar. XTX had considered both Kajaani and a location in Norway approximately a year ago for the data center’s site. Rydman mentioned that a series of discussions lasting about an hour and a half influenced their decision to invest in Kajaani.

Rydman praised Kainuu’s robust economic growth over the past decade, which he claimed is among the strongest in Finland. He expressed optimism for the region’s prospects, stating that harnessing local strengths and pushing them forward could lead to a thriving data economy.