Projects like GAIA-X are aimed at eliminating the dependency on US companies for critical infrastructure. A few million are peanuts in the scope of shedding a multi-million dependency.
Among the top 10 cloud provides, 7 are from the US and below the top 3 all other players are barely in the single-digit scale.
Not as a cloud provider, but as a secondary shareholder (i.e., is a company really EU if a minority shareholder is non-EU?) and as a reference to Huawei dominating the networking infrastructure market. The last, all on itself, is a strategic concern.
On their website you can see the "milestones" and there's a "Launch of the new Gaia-X Release (Loire)" mentioned but I couldn't find anything about that "release". So mainly summits, websites and so on.