Domyn’s €1B Bet: Building Europe’s AI Gigafactories

Sifted reports that Milan-based Domyn (formerly iGenius) is preparing one of the largest European tech raises this year, targeting €1B over the next six months . The funding will fuel its AI gigafactory build-out and expansion of large language models (LLMs) designed for regulated industries such as defence, finance, and advanced manufacturing.

Founded in 2016 by Uljan Sharka , Domyn is carving a different path in the global AI race. Instead of competing for mass-market dominance, it pursues what Sharka calls Europe’s “third mover advantage” : building models where trust, sovereignty, and data control matter most. Domyn gives enterprise and government clients access to the codebase and lets them pre-train models securely on their own data — a stark contrast to black-box consumer tools.

The company has already launched a general-purpose enterprise model and a mission-critical LLM benchmarked against OpenAI’s GPT-4o and Anthropic’s Claude 3.5 Sonnet . It also offers a suite of agentic tools to help enterprises deploy AI in sensitive environments.

At the infrastructure layer, Domyn is betting big on AI gigafactories . Its first site in northern Italy, set to go live in early 2026, will be powered by 6,000 Nvidia Blackwell chips , making it Europe’s largest supercomputer. A second facility in southern Italy is in development. Sharka argues Europe’s existing supercomputers are too fragmented to support frontier model training — and that Domyn’s unified approach could help Europe finally scale.

Domyn first hit unicorn status with a €70M Series A in 2024, then raised €650M in project financing (split between debt and equity) at a €1.7B valuation to kickstart its gigafactories. Now, with backing from investors including UAE’s G42 , it is pushing toward a “few billion” valuation in its upcoming Series B. Long-term, the startup is targeting €10B in funding and €1B in annual revenue within three years .

With tens of millions in ARR already , Domyn is positioning itself as both an LLM builder and Europe’s AI infrastructure provider — not chasing consumer scale, but creating a backbone for mission-critical AI where sovereignty and trust are paramount. If its €1B raise lands, Domyn could mark a turning point for Europe’s ability to compete on its own terms in the AI era.