From the page:
Consortium coordinated by the KI Bundesverband. Funded by the German Federal Ministry for Economic Affairs and Energy (BMWE) in the context of IPCEI-CIS and 8ra.
So Germany. But it's also bold of you to assume that "privately owned" means that it won't serve the interests of certain nation state actors.
Keeping Silicon Valley tf away from European public infrastructure and data is a must, since they not only represent the US gov - but also anyone else willing to pay them, like Russian or even Chinese nation state actors - adding to their problematic history of being hostile towards consumers and predatory against markets.
Europe knows this and is mobilising according to European interests and not those of random oligarchs and autocrats that want to define what AI is supposed to be.
All this being said, the weights aren't open - which is ofc something that will be a constant, since it would probably reveal a vast treasure trove of copyright infringement.
It's all mass surveillance and copyright infringement on stilts anyways, so yeah.