Verne Keflavík VDC04 expansion
FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →
Published and evidence reviewed October 17, 2026
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Project status
Verne plans VDC04 beside its operating Keflavík campus in Ásbrú. The new addition has municipal groundwork and building-plan approvals. Verne’s first-phase target is the first quarter of 2028, according to an October 10 report on its local forum presentation.
Capacity and electricity
The application describes three 40 MW phases with up to 120 MW of electricity demand for hosting computer systems, plus cooling and other infrastructure loads. This is the scope of the planned addition. Delivered electricity and commissioned IT capacity remain unavailable.
Approvals and delivery
Reykjanesbær approved the groundwork request in June and building plans in September. Iceland’s environmental appeal board subsequently upheld the determination that a full environmental impact assessment was not required. The October report described groundwork as forthcoming.
Ownership and capital
Ardian completed its acquisition of Verne in March 2024. Its announced investment commitment of up to $1.2 billion in equity and debt covered Verne’s Northern European platform. No portion is assigned here to VDC04. Both companies are treated as private, with public quarterly disclosures unavailable in the reviewed materials.
Investor takeaway
The project has progressed through documented planning milestones. Its construction start, power-service terms and first completed phase will establish how the timetable translates into usable capacity. Existing-campus operations do not demonstrate delivery of the new building.
Next evidence
Watch for dated construction evidence, issued permit conditions, power-service agreements and first-phase commissioning. The stated first-phase target is Q1 2028.
Verne investor and ownership information · Ardian acquisition and platform investment disclosure
Dated delivery checkpoints
- June 19, 2026: Planning council approved the VDC04 groundwork request.
- September 8, 2026: Building officer approved plans for 23,998 square metres.
- September 11, 2026: Appeal board rejected the challenge to the no-EIA determination.
The first-phase target is in the future. Current records establish approvals and forecasts; an actual start, delivered phase capacity and measurable schedule variance remain unavailable.
Related reporting
Verne Targets 2028 for First Phase of Iceland Expansion
Sources and claim boundaries
Eight project and ownership documents: three project-specific approval records, a municipal forum-date record, original Víkurfréttir reporting, and operator/shareholder disclosures. Issuer statements remain attributed. The local report independently covers the presentation but does not verify actual construction or engineering.
- Verne · 2026-07-30
Verne described a potential expansion of its existing Keflavík campus, still under study, for AI and high-performance computing. It proposed up to 120 MW and a supplier information day for August 20.
lines29–38 · Reviewed 2026-10-17
- Iceland Environmental and Natural Resources Board of Appeal · 2026-09-11
The September 11 appeal decision upheld the June 2 determination that the proposed expansion need not undergo environmental impact assessment. The application describes three 40 MW phases in 2026–2028 and up to 120 MW of computer-hosting electricity demand, plus ancillary loads.
paragraphs3–5,37–38,40–49; lines44–49,122–126,131–154 · Reviewed 2026-10-17
- Víkurfréttir · 2026-10-10
Original reporting from a Reykjanesbær business and construction forum attributes to Verne a first-phase completion target in the first quarter of 2028 and groundwork expected in the coming weeks. It does not report an observed construction start.
lines19–26; original report of local business/construction forum · Reviewed 2026-10-17
- Ardian · 2024-03-15
Ardian announced completion of its acquisition of Verne in March 2024. Its up-to-$1.2-billion equity-and-debt commitment concerns the Northern European platform, not the VDC04 budget or money spent at Keflavík.
lines64–99 · Reviewed 2026-10-17
- Reykjanesbær Planning Council · 2026-06-19
The June 19 planning council record approves Verne Global ehf.’s groundwork request for VDC04 at Valhallarbraut 868. It identifies an eastern campus addition; environmental assurances are applicant statements.
lines283–291; case2026060047 · Reviewed 2026-10-17
- Reykjanesbær Building Officer · 2026-09-08
The September 8 building-officer record approves building plans for 23,998 square metres at Valhallarbraut 868. The recorded action is approval of plans, not a commissioning certificate.
lines222–226; case2026050214 · Reviewed 2026-10-17
- Verne · Undated; reviewed October 17, 2026
Verne’s current investor page identifies Ardian and describes it as independent and primarily management- and employee-owned. No public quarterly statements for Verne or VDC04 were available in the reviewed official materials.
Investors page, Ardian section; publication date not displayed. · Reviewed 2026-10-17
- Reykjanesbær Employment and Port Council · 2026-09-17
September 17 minutes record that the business and construction forum took place September 16. This separates the presentation date from the October 10 local report.
311th meeting, item 12; lines 270–277. · Reviewed 2026-10-17
Official Valhallarbraut 868 campus-address pin; VDC04 is the eastern extension shown in municipal plans, not this existing building. Official address dataset. AI-assisted source-based research; no original interviews or site visits.
Company investor information & quarterly statements
Verne / Verne Global ehf.: Private platform. No public quarterly statements in reviewed official materials; no invented IR/financial reports.
Ardian: Private ownership exception; platform commitment is not campus spend.
Corporate disclosures provide company-wide context. They do not establish this project’s revenue, spending, profit, ownership share or operating capacity. Disclosure verification records →