Scaleway (SCALEWAY)
French sovereign cloud and AI infrastructure provider, subsidiary of Iliad Group. Operates AI gigafactory in Paris.
- Ticker: SCALEWAY
- Sector: gpu cloud
Scaleway (SCALEWAY) is a tracked supply-chain name in the data-center buildout in the gpu cloud sector. Data Center Index tracks Scaleway's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
Scaleway data center thesis
French sovereign cloud and AI compute provider, subsidiary of Iliad Group, operating two AI gigafactory-class sites near Paris totaling 60 MW on renewable power. Positioned as the leading EU-domiciled AI cloud alternative to AWS, Azure, and GCP for sovereign workloads, a smaller-scale but politically protected play on the European AI sovereignty mandate.
Bull case
- Operates 60 MW of operational H100/H200 capacity across Vitry-sur-Seine and Saint-Ouen-l'Aumône, already serving French and EU public-sector AI training contracts that legally cannot route to US-domiciled clouds.
- Iliad parent (Free Mobile, free.fr) provides patient capital and a customer-acquisition channel into French enterprise; Scaleway can scale GPU capacity using internal cash flows without needing external rounds at deflated pre-IPO valuations.
- EU AI Act and Mistral-led national champion narrative create structural demand for sovereign EU compute; every new EU regulation that hardens data residency requirements pushes inference and training spend toward Scaleway by default.
Bear case
- 60 MW is a rounding error vs. CoreWeave's 1+ GW or Nebius's 1.85 GW pipeline; Scaleway risks being a regional curiosity if it can't scale capacity at hyperscale-competitive cost, and Iliad alone can't fund that pace.
- French/EU enterprise AI adoption is materially slower than US; sovereign demand alone may not absorb expanded capacity at the unit economics Scaleway needs to underwrite the next gigafactory phase.
- European GPU allocation from Nvidia is constrained vs. US neoclouds; Scaleway competes against US buyers with deeper pockets and stronger Nvidia relationships, and any allocation cut to EU customers throttles the growth story.
Tracked Scaleway data center projects
- Scaleway AION 'AI Gigafactory', 200 MW est., Montereau-Fault-Yonne, France · announced
- Scaleway H100 AI Cloud Data Center (France), 24 MW, Saint-Ouen-l'Aumone, France · operational
Recent Scaleway news
- Scaleway launches two availability zones for Italy cloud region, DCD, 2026-10-15
- Scaleway plans GPU cluster deployments in Sweden and Copenhagen, DCD, 2026-10-13