NEW YORK, May 21, 2026, 14:07 EDT
Nebius Group N.V. shares were up 15.6% to $221.72 Thursday afternoon after the company landed a Bloom Energy power deal. The agreement gives the AI infrastructure firm a new way to address constraints in the industry. Shares on Nasdaq reached $226.77 earlier in the session.
Electricity, more than just chips, drove the move. Firms ramping up artificial intelligence cloud infrastructure have to secure GPUs—the chips for training and running AI—but equally, they need a reliable power supply to get those machines deployed quickly.
Bloom and Nebius Inc., its wholly owned unit, signed a master agreement for fuel cell capacity and systems orders, according to a filing. The deal, struck May 14, will have Bloom install, run and upkeep the equipment, with Nebius committing to purchase power capacity plus related electricity in three 10-year phases. The agreement calls for about 250 megawatts of guaranteed capacity and 328 megawatts installed. Monthly service fees could reach $2.6 billion in total over the life of the contract, depending on terms.
Bloom’s technology is set to deliver “behind-the-meter” power, generating electricity onsite for the end user instead of sending it through the public grid. Nebius plans to have its first 328 MW project up and running this year, scrapping earlier plans for combustion-based gear at its U.S. site. “Power was a key constraint,” Nebius chief product and infrastructure officer Andrey Korolenko said. “AI workloads demand power infrastructure,” Bloom chief commercial officer Aman Joshi added. Nebius
Bloom shares jumped 12.2%. The announcement turned into a two-stock move, with CoreWeave also rising, up 6.1%. The AI infrastructure group, including Nebius and CoreWeave, is still trading on power, financing, and Nvidia-based compute.
Nebius pitched investors on a larger operation this quarter. Revenue in the first quarter jumped to $399.0 million, up from $50.9 million last year. The AI cloud segment had revenue of $389.7 million, rising from $41.4 million. The company reported $33.6 billion in remaining performance obligations at March 31.
Nebius has bumped up its 2026 capex target to $20 billion-$25 billion, Reuters reported last week, up from the previous $16 billion-$20 billion. The company’s customers include Meta and Microsoft. CEO Arkady Volozh told Reuters there are “several customers competing for every GPU.” That’s likely why investors keep reacting to new capacity news, even as capex keeps climbing. Reuters
Analyst calls on the stock are mixed. Citigroup stuck with Buy and a $287 price target as of May 15. D.A. Davidson reiterated Hold at $250 three days later. Morgan Stanley also has Hold, but with a lower $144 target, from May 14, according to Markets Insider’s analyst table.
BUT risks are in focus. The Bloom agreement still has conditions to clear, and Nebius flagged that scaling big power projects isn’t simple—technical and operational issues could hit. There’s a chance Nebius will need extra capital for growth. Any hiccup in power delivery, customer rollouts or new funding, and a name trading on fast progress could see its premium go fast.
For now, traders are bidding up Nebius on the idea that power is the next big resource for AI. The company has made power a reason to buy the stock. The question is whether those megawatts will actually bring in revenue when expected.
