Key Highlights
- Shares of Nebius Group (NBIS) rallied more than 8% during Thursday’s premarket session following the disclosure of a decade-long $2.6 billion fuel cell partnership with Bloom Energy (BE).
- Under the agreement, Bloom Energy will deploy, manage, and service solid oxide fuel cell systems throughout Nebius’s expanding AI infrastructure network.
- Initial deployment is scheduled for later this year, featuring 328 MW of capacity, contributing to Nebius’s target of surpassing 4 GW in contracted power before year-end.
- The company’s Q1 2026 financials showed revenue reaching $399 million, representing a 684% year-over-year increase, while contracted power guidance was upgraded from 3 GW to 4 GW.
- Shares of Bloom Energy also advanced on the announcement, with analysts holding a “Moderate Buy” rating and price projections reaching as high as $335.
Shares of Nebius Group (NBIS) surged over 8% in Thursday’s premarket session, reaching $207.94, following the company’s announcement of a $2.6 billion fuel cell capacity partnership with Bloom Energy (BE). The news triggered upward movement in both companies’ stocks.
The decade-long arrangement calls for Bloom Energy to deploy, operate, and service its advanced solid oxide fuel cell technology throughout Nebius’s rapidly expanding AI cloud infrastructure and data center portfolio. The initial deployment is scheduled to launch within the current year, featuring 328 MW of capacity from the outset.
For Nebius, this partnership addresses a critical infrastructure challenge: securing adequate power capacity quickly. High-density AI workloads demand massive amounts of electricity, and traditional grid connections often require years to establish.
Bloom’s advanced fuel cell platform enables Nebius to circumvent grid bottlenecks completely. The technology operates on natural gas, biogas, or hydrogen, delivering high efficiency with reduced environmental impact.
How This Partnership Benefits Bloom Energy
For Bloom Energy, the Nebius partnership represents far more than headline-grabbing contract value. The arrangement transforms BE’s conventional equipment sales approach into a predictable revenue model through ongoing monthly service payments throughout the contract duration.
The agreement also builds on Bloom’s recent momentum with major customers. The company has secured multi-gigawatt fuel cell commitments from American Electric Power (AEP) and Oracle (ORCL) in recent quarters.
BE shares have climbed approximately 140% since bottoming out in late March. Wall Street analysts maintain a “Moderate Buy” consensus, with price targets extending to $335 — implying roughly 17% additional upside potential. Hedge fund Situational Awareness LP recently revealed a position approaching $1 billion in the company.
Strong Q1 Results Support Nebius Growth Narrative
The Bloom partnership announcement followed impressive first-quarter performance from Nebius. The Netherlands-based technology company posted Q1 2026 revenue of $399 million, representing a 684% surge compared to $50.9 million during the prior-year period.
Adjusted earnings showed a loss of 33 cents per share for the quarter ending March 31.
Nebius elevated its 2026 contracted power forecast from 3 GW to 4 GW. DA Davidson’s Alexander Platt highlighted that the results demonstrated “continued demand signals across customer demographics.”
Analyst price targets vary considerably. Citigroup maintains a Buy recommendation with a $287 objective (updated May 15), while Morgan Stanley holds an Equal-Weight stance with a $144 target. DA Davidson carries a Neutral rating alongside a $250 price objective.
Over the trailing twelve months, NBIS shares have appreciated nearly 393%. The stock currently trades significantly above its major moving averages, facing key resistance at its 52-week peak of $233.73.
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