Another European agency shifts off US Tech as digital sovereignty gains steam

Are there any publicly traded European cloud companies that will benefit from Europe hosting more of their stuff on their own?

I looked at IONOS, but it seems they just let their cloud product rot away? The cloud backend looks outdated and lacks basic features like uploading private keys that can be used when provisioning new VMs.

I also looked at OVH, but their website and interface look like total chaos to me. I felt lost all the time while I was trying to set up a VM, and while trying to use their AI APIs.

Considering that Europe has an economy as large as the USA, it is puzzling how small these companies are. The combined market cap of IONOS and OVH is less than $10B.

They would probably need a anchor client that would allow for predictable growth at scale - AWS always had Amazon.com GCP had its gmail and other workspace apps. Ideally the varoius goverments in the EU would commit to only hosting their work on them , however from one article read recently even the rules they come up with to test sovereignity claims are gamed to benefit the US providers.

Like https://www.stackit.de/en/ which is the cloud offering of Schwarz Group, owner of Lidl?