XTX Markets to Build EUR 1 Billion Data Centre

XTX Markets has announced plans to invest over EUR 1 billion to develop a state-of-the-art complex in Kajaani, Finland, that will eventually host five data centres – the firm has begun construction on its first data centre, with completion planned for 2026.

The first data centre has floorspace of 15,000sq metres and is comprised of three data halls totalling 22.5MW of IT power, and includes a mechanical plant area, a warehouse and a 50-person office space.

XTX Markets uses machine learning technology to analyse vast amounts of data and produce price forecasts for financial instruments across the globe. It says these deep learning models require significant computational resources, which the firm will now house in its own large-scale data centre for the first time.

“We believe the best way to future-proof our business is to invest in our own infrastructure, which we can continue to leverage over time,” says Joshua Leahy, chief technology officer, XTX Markets. “Having our own data centres enable us to deploy increased computing power on our terms, cost-effectively, and in a way that keeps pace with our growing business. Our need for compute has outgrown available leasing options. We are building ahead of our needs to establish a backbone for future growth of the business.”

The firm says it is exploring ways that the heat generated by the data centre can be provided free of charge to the local community of Kajaani and reduce the facility’s environmental footprint. On paper, it says the facility will produce more waste heat annually than the entire town uses year-round. XTX adds it plans to work closely with the local community to find innovative and additive ways to utilise this waste heat, fostering a collaborative approach with local organisations to provide tangible benefits to Kajaani.

The data centre will also not consume water in its core operations, unlike many other data centres situated in warmer climates or developed cities where water cooling systems are essential.

“We do not believe data centres need to be constructed in cities or in built-up areas with warmer climates,” says Mike Irwin, COO, XTX Markets. “In Kajaani, we can bring real benefits in terms of energy and local employment throughout the duration of the project and beyond. We are also using the natural low air temperature for cooling purposes as opposed to taking water away from the locality, like many other data centres do. We are proud to support the local community as we embark on this ambitious construction project. Being located in an area where we can pass on these potential benefits was a key reason for choosing Kajaani as our new home in Finland.”