Nebius (NBIS) Stock Jumps 8% After $2.6B Bloom Energy Deal to Power AI Data Centers

TLDR

• Nebius Group (NBIS) stock surged over 8% in premarket trading Thursday after announcing a $2.6 billion, 10-year fuel cell deal with Bloom Energy (BE).
• The deal requires Bloom Energy to install, operate, and maintain solid oxide fuel cell power systems across Nebius’s AI data center footprint.
• The first project is expected to be operational this year, with 328 MW of installed capacity, as part of Nebius’s broader push past 4 GW of contracted power by year-end.
• Nebius reported Q1 2026 revenue of $399 million, up 684% year over year, with contracted power guidance raised from 3 GW to 4 GW.
• Bloom Energy stock also climbed on the news, with Wall Street maintaining a “Moderate Buy” consensus and price targets as high as $335.

Nebius Group (NBIS) stock jumped more than 8% in premarket trading on Thursday, hitting $207.94, after the company announced a $2.6 billion fuel cell capacity agreement with Bloom Energy (BE). The deal sent both stocks moving.

Nebius Group N.V., NBIS

The 10-year contract requires Bloom Energy to install, operate, and maintain its proprietary solid oxide fuel cell systems across Nebius’s growing AI cloud and data center network. The first project is slated to go live this year, with 328 MW of installed capacity lined up from the start.

For Nebius, this is about solving a very real problem: getting enough power, fast. AI data centers running dense workloads can’t always wait years for new grid connections.

Bloom’s fuel cell technology lets Nebius bypass grid congestion entirely. The systems can run on natural gas, biogas, or pure hydrogen, and are known for efficiency and lower emissions.

What the Deal Means for Bloom Energy

For Bloom Energy, the Nebius agreement is more than just a big contract number. The deal flips BE’s traditional hardware-heavy sales model into a recurring revenue stream through monthly service fees over the life of the agreement.

It also adds to a recent string of high-profile wins for Bloom. The company has signed multi-gigawatt fuel cell agreements with American Electric Power (AEP) and Oracle (ORCL) in recent months.

BE stock is up roughly 140% from its late-March lows. The consensus analyst rating sits at “Moderate Buy,” with price targets going as high as $335 — suggesting around 17% more upside from current levels. Investment firm Situational Awareness LP recently disclosed a near-billion-dollar position in the stock.

Nebius Q1 Numbers Back Up the Story

The Bloom deal came on the heels of a strong first quarter for Nebius. The Amsterdam-based company reported Q1 2026 revenue of $399 million, a 684% jump from $50.9 million in the same period last year.

Adjusted loss per share came in at 33 cents for the quarter ended March 31.

Nebius also raised its 2026 contracted power outlook from 3 GW to 4 GW. DA Davidson analyst Alexander Platt noted the results showed “continued demand signals across customer demographics.”

Analyst targets range widely. Citigroup has a Buy rating with a $287 price target (raised May 15), while Morgan Stanley sits at Equal-Weight with a $144 target. DA Davidson holds a Neutral rating with a $250 target.

Over the past 12 months, NBIS stock has climbed nearly 393%. The stock is currently trading well above its key moving averages, with key resistance at its 52-week high of $233.73.

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