The $k$-means problem is a classic objective for modeling clustering in a metric space. Given a set of points in a metric space, the goal is to find $k$ representative points so as to minimize the sum of the squared distances from each point to its closest representative. In this work, we study the approximability of $k$-means in Euclidean spaces parameterized by the number of clusters, $k$. In seminal works, de la Vega, Karpinski, Kenyon, and Rabani [STOC'03] and Kumar, Sabharwal, and Sen [JACM'10] showed how to obtain a $(1+\varepsilon)$-approximation for high-dimensional Euclidean $k$-means in time $2^{(k/\varepsilon)^{O(1)}} \cdot dn^{O(1)}$. In this work, we introduce a new fine-grained hypothesis called Exponential Time for Expanders Hypothesis (XXH) which roughly asserts that there are no non-trivial exponential time approximation algorithms for the vertex cover problem on near perfect vertex expanders. Assuming XXH, we close the above long line of work on approximating Euclidean $k$-means by showing that there is no $2^{(k/\varepsilon)^{1-o(1)}} \cdot n^{O(1)}$ time algorithm achieving a $(1+\varepsilon)$-approximation for $k$-means in Euclidean space. This lower bound is tight as it matches the algorithm given by Feldman, Monemizadeh, and Sohler [SoCG'07] whose runtime is $2^{\tilde{O}(k/\varepsilon)} + O(ndk)$. Furthermore, assuming XXH, we show that the seminal $O(n^{kd+1})$ runtime exact algorithm of Inaba, Katoh, and Imai [SoCG'94] for $k$-means is optimal for small values of $k$.