Airbus is ~30% government owned by France/Germany/Spain and others. It is funded both as a private business and as a European "champion" to compete with Boeing.

It is also likely to get the majority of the European civil, commercial, and military orders now.

There is no reason why Europe can't build a hyperscalar cloud service. The skills and the software and hardware are all transferrable technology.

European defence budgets are being ramped up, spending some billions on data centres and comms is a no-brainer as part of that.

European governments contracting to a European cloud provider would be more than enough to fund the provisioning.