San Jose, California, May 21, 2026, 08:02 PDT
- Nebius has signed a deal to purchase power capacity and electricity from Bloom fuel-cell systems worth as much as $2.6 billion across 10-year supply phases.
- Bloom climbed 11.7% in U.S. morning trading. Nebius was up around 16.8%.
- 328 megawatts of installed capacity will come online at the first project this year, set to replace gas turbines at the location.
Bloom Energy shares surged Thursday after Nebius, an AI cloud outfit based in Amsterdam, unveiled a fuel-cell capacity deal that could bring Bloom as much as $2.6 billion over the contract term. The move put the San Jose power name back in focus as traders eyed the AI-power space.
Timing is key as power keeps limiting new artificial-intelligence data centers. Training and running AI depends on dense chip clusters that use a lot of steady power. Companies want to dodge long delays for fresh grid hookups.
Nebius said Bloom’s systems will deliver “behind-the-meter” electricity, so the power is made and used on site instead of going through the grid. According to the companies, the modular systems can be up and running quicker than it takes to build new transmission lines, which can speed up the time from site selection to compute capacity. Nebius
Nebius Inc., which is fully owned, signed a master fuel-cell capacity deal with Bloom on May 14, according to a filing. The agreement covers about 250 MW of guaranteed capacity, backed by roughly 328 MW of installed fuel-cell systems. The plan will run in three phases over 10 years.
Nebius’s Andrey Korolenko said in the announcement that “Power remains a key constraint.” Bloom’s Aman Joshi said AI workloads require power to match cloud performance. Business Wire
Bloom’s investor story continues to shift quickly with the new deal. The company posted first-quarter revenue of $751.1 million in April, a jump of 130.4% from the previous year, and raised its 2026 growth guidance midpoint to about 80%. CEO K.R. Sridhar called Bloom the “go-to choice” for on-site power. Q4 Capital
Bloom is moving further into the AI data-center supply chain via Oracle. Last month Reuters said Bloom would supply as much as 2.8 gigawatts of fuel-cell capacity to Oracle. The initial contract is for 1.2 gigawatts and deployment has started.
Nebius is counting the power deal as part of a larger growth push. Back in March, Reuters said the company closed a $4.34 billion convertible debt round. Nvidia put in $2 billion, and Nebius landed big AI infrastructure deals with both Microsoft and Meta.
Nebius is part of the neocloud group—firms like CoreWeave—pushing AI-focused compute to big tech buyers. Reuters calls them cloud companies mostly built for AI, not general enterprise software.
But the trade isn’t without risk. Nebius, in its filing, says the Bloom agreement still needs some conditions met before starting. The companies’ announcement also points to technical and operational challenges that come with large power projects. Analyst targets for Bloom are below the latest share price, and that’s despite most analysts rating it as a Buy.
Bloom’s fuel cells make electricity without burning fuel, which the company says means fewer emissions and uses less water compared to some power sources. But for investors, the question now is whether Bloom can get those fuel cells up and running at the speed and profit margins the stock price demands, and at the scale needed for growing AI.
