The European Health Data Space (EHDS) is currently valued pri- marily as an administrative infrastructure project, with projected benefits of roughly e11 billion over a decade. This paper argues that this assessment drastically undervalues the initiative by ignoring the emergence of Foundation Models (FMs). By reframing the EHDS as the data substrate for sovereign AI, we demonstrate through rigorous estimation that the true strategic value is likely an order of magnitude higher—approaching e90 bil- lion annually at maturity, with a ten-year Net Present Value (NPV) of approximately e350–400 billion. This valuation accounts for healthcare efficiency gains, and intersectoral healthcare shift lead to preventive medicine and the creation of health foundation mod- els such as Nightingale AI enabling medical solutions not imaginable prior to AI, which become viable at the scale of half a billion lives.