10 European Cloud Companies That Raised the Most Capital in 2025

Nscale’s $1.53 billion in 2025 funding made it Europe’s biggest single cloud company raise of the year, with the UK AI infrastructure company topping the published ranking of Europe’s top 10 cloud raises. The list spans nine countries and several cloud subsectors, from sovereign infrastructure to privacy storage.

Capital sat in a two-tier market: a handful of AI infrastructure companies pulled the largest cheques, while a long tail of optimisation, sovereign and storage companies filled out the lower half of the table. Below the top two, rounds ranged from $108 million down to €3.3 million. The pattern reflects the substantial funding requirements of cloud and AI infrastructure businesses, per Tech.eu’s own framing.

The Two-Tier Shape of 2025 Cloud Funding

Capital in European cloud funding in 2025 was concentrated in a small number of very large transactions, with the top two rounds on the Tech.eu list together making up the majority of the dollars that flowed into the sector’s leading companies. Per Tech.eu, the pattern reflects the substantial funding requirements of cloud and AI infrastructure businesses, where GPU clusters, data centre buildouts and long-term power contracts demand nine- and ten-figure cheques. Below those two rounds, the curve flattens fast: $108 million in third place, $45 million in fourth, and amounts steadily smaller from there.

Geography tells a different story from capital concentration. The list of 10 companies stretches across nine countries: the United Kingdom, the Netherlands, Lithuania, Spain, Switzerland, the Czech Republic, Italy, Belgium and France. Western Europe still leads, but the round-up reaches into Central and Eastern Europe with a Czech AI agent platform and a Lithuanian cloud optimisation company. Tech.eu also identifies Germany as a leading market for cloud funding in 2025, even though no German company makes this specific top 10. Spain and Italy are also represented, alongside France, Belgium and Switzerland.

The funding rounds themselves cut across stages. Series A, Series B and Series C sit alongside seed, pre-seed, convertible debt and equity rounds on the same table. The mix shows how a single sector can absorb almost every instrument a venture investor uses. Investors are matching the cheque shape to the company, not forcing every business through a single round template.

Nscale and Nebius Set the Pace

Nscale raised approximately $1.53 billion across two 2025 rounds: a $1.1 billion Series B in September and a $433 million pre-Series C in October. The Series B was backed by Norway’s Aker, with additional participation from Nvidia, Nokia and Dell. Nscale runs a full-stack AI cloud platform that combines GPU services, AI software tools and its own data centre infrastructure, with a stated focus on performance, resilience and efficiency for AI workloads. The platform is designed for enterprises, developers and governments that need to train, fine-tune and deploy large models at scale.

Nscale’s trajectory has only accelerated since. The company announced $2 billion in Series C funding in 2026, led by Aker ASA and 8090 Industries, plus a $1.4 billion GPU-backed delayed-draw term loan and $790 million in debt financing for a Norwegian data centre campus. Tech.eu tallies those 2026 commitments to approximately $4.19 billion in equity, debt and infrastructure financing on top of the 2025 base.

The Netherlands-based Nebius, listed on Nasdaq, came in second on the strength of a $1 billion raise for AI cloud platform development. Nebius offers GPU clusters, cloud platforms and managed infrastructure for businesses, researchers and AI startups running machine learning workloads.

The company filed the $1 billion public offering terms as part of the 2025 funding activity. Nebius provides cloud computing services designed for AI development and deployment, with high-performance GPU clusters, cloud software and managed infrastructure for businesses, researchers and AI startups. The platform combines purpose-built AI infrastructure with services and tools aimed at supporting the full AI lifecycle, from model development through to production deployment.

The Cloud Optimisation Middle

Cast AI took third place with a $108 million Series C announced in 2025, with the full Series C announcement published separately. The platform uses automation and machine learning to analyse Kubernetes workloads continuously across the major cloud providers, cutting infrastructure cost and scaling resources without manual tuning. In 2026 Cast AI crossed a $1 billion valuation after a strategic investment, becoming Lithuania’s fifth unicorn.

Milan-based Akamas, focused on AI-powered optimisation for cloud-native and Kubernetes environments, raised $10 million in 2025 to scale internationally and develop its enterprise product. The platform identifies and applies configuration changes automatically, with sustainability and efficiency as explicit optimisation targets.

Belgian infrastructure automation company StackGuardian also raised $10 million in a Series A in 2025 to accelerate its European and US expansion and develop the AI capabilities of its platform. The company combines infrastructure-as-code, policy controls and workflow automation for DevOps, platform engineering and cloud teams. The two $10 million rounds are a reminder that optimisation and automation are recurring themes in cloud funding, even as the very largest cheques flow into raw AI compute.

Sovereign, Decentralised, and Distributed Bets

The middle of the table includes three companies taking different routes to the same goal: cloud capacity that sits outside the US hyperscalers. NexGen Cloud raised $45 million in 2025 with sovereign AI infrastructure as the explicit focus, detailed in the $45 million Series A announcement. The company operates the Hyperstack platform, which offers on-demand access to NVIDIA GPUs across Europe and North America for customers training and deploying AI models.

PoliCloud, based in Cannes, raised €7.5 million in seed funding in 2025 to deploy a network of modular micro-data centres for AI, high-performance computing and secure data storage. The company frames itself as a sovereign alternative for European public institutions, with energy efficiency and locally governed infrastructure as core design choices. PoliCloud expects the round to fund expansion of its operating team, support international expansion and grow its presence in the European public sector. The platform is positioned for customers who want data to stay within European jurisdiction.

Switzerland’s Impossible Cloud Network, a decentralised cloud infrastructure platform, secured €28.8 million in 2025 to position itself as an alternative to monopolistic hyperscalers. ICN connects enterprise-grade hardware providers into a distributed network for computing, storage and networking services, with the stated aim of offering greater transparency, resilience and cost efficiency. The platform is designed for businesses and developers who want a more distributed alternative to traditional cloud providers.

The three approaches are not interchangeable, but they share a single thesis: a market for cloud capacity that sits outside the largest US providers. That broader push shows up in broader EU tech sovereignty plans aimed at data centre capacity and cloud rules.

• Sovereign AI infrastructure: GPU and AI capacity hosted in Europe under local governance, sold to public institutions and regulated industries.
• Decentralised cloud: Distributed networks that pool hardware from many providers, with token-based economics layered on top.
• Modular micro-data centres: Small, locally sited facilities prioritising energy efficiency and proximity to the data being processed.

Developer Platforms and Privacy Storage

E2B, a Czech-founded startup, raised a $21 million Series A in 2025, led by Insight Partners, to scale its cloud infrastructure for AI agents. The platform provides secure, isolated cloud environments where AI systems can execute code, run tools and interact with external data. The startup has been framed by The Recursive as the iOS for AI agents, an editorial positioning that reflects its focus on enterprise-grade infrastructure for production AI deployments.

Internxt, a Valencia-based cloud storage company, closed a €3.3 million round in July 2025 to expand internationally and develop its privacy-first digital services platform. The company uses end-to-end encryption and zero-knowledge architecture, positioning itself as a European alternative to Big Tech storage providers. Investors in the round include Prosegur Tech Ventures, Angels Capital, Andorra Telecom, Extension Fund and Kevlar Fund. Internxt says it has been growing profitably since the fourth quarter of 2024, with the US and Europe as its biggest markets.

At Internxt, privacy is the end goal. Our services are not data-driven or ad-supported. That’s a fundamental difference, and it’s why Big Tech can’t simply pivot. Their business model depends too heavily on data.

Fran Villalba Segarra, founder and chief executive of Internxt, made the comments in an interview with Tech.eu covering the July 2025 round. Internxt currently employs about 30 people, mostly engineers.

What the 2025 Map Reveals

Three things stand out once the ten rounds are laid against a map and a sector table. First, the top of the list is Anglo-Dutch: Nscale in the UK and Nebius in the Netherlands together took the largest cheques in 2025 cloud funding.

Second, AI infrastructure is the dominant story but not the only one. Cloud optimisation, infrastructure automation, sovereign cloud, privacy storage and developer platforms for AI agents all cleared seven-figure rounds. Each category addresses a different bottleneck in the broader cloud stack, from Kubernetes cost control to European data sovereignty. The category mix runs from developer platforms to sovereign micro-data centres.

Third, the 2025 map shows a two-tier market. Two companies at the top, raising in the hundreds of millions and billions, are building the GPU and data centre capacity that AI training and inference demand. Eight companies below them, raising between $10 million and $108 million, are competing in software-heavy niches where capital requirements are lower but customer reach and product depth still matter.

The broader focus on cutting wasted AI cloud spend is also pulling in smaller UK rounds in 2025 targeting the same problem from a different angle. The category mix runs from developer platforms to sovereign micro-data centres, with a long tail of software-heavy niches alongside the GPU buildout.

Frequently Asked Questions

Which European cloud company raised the most funding in 2025?

Nscale, a UK-based AI infrastructure company, raised approximately $1.53 billion across a $1.1 billion Series B in September 2025 and a $433 million pre-Series C in October 2025.

What does Nscale actually do?

Nscale is a UK-headquartered company that runs GPU services, AI software tools and its own data centres as a single full-stack offering for AI training and inference. Customers include enterprises, governments and developers who need to fine-tune and deploy large models.

Why is Cast AI a significant name in Lithuania’s tech scene?

Cast AI became Lithuania’s fifth unicorn in 2026, surpassing a $1 billion valuation following a strategic investment. The 2025 Series C of $108 million was the largest single round the company had raised to that point.

What is sovereign cloud, and which European companies are building it?

Sovereign cloud refers to cloud capacity hosted and governed within a specific jurisdiction, typically outside the control of the largest US hyperscalers. In the 2025 ranking, NexGen Cloud, PoliCloud and Impossible Cloud Network all raised capital with sovereign or hyperscaler-alternative positioning, from a $45 million Series A to a €28.8 million round.

How does Nscale’s 2026 funding compare to its 2025 raises?

Nscale’s 2025 raises totalled approximately $1.53 billion. The 2026 activity includes $2 billion in Series C funding, a $1.4 billion GPU-backed term loan and $790 million in debt financing for a Norwegian data centre. Tech.eu puts the 2026 commitments at approximately $4.19 billion in equity, debt and infrastructure financing.