Nebius Gains 15.6% as $2.6 Billion Bloom Energy Accord and Strong Pricing Power Bolster AI Cloud Story

Nebius shares jump after signing a 10-year fuel-cell agreement with Bloom Energy, addressing AI's electricity bottleneck. Revenue surges 684% as capex hits $20-25B.

Investors piled into Nebius shares on Thursday after the company unveiled a deal that tackles one of the most pressing bottlenecks in artificial intelligence: reliable electricity. The stock soared 15.6% to close at $221.72, bringing its rally since late April — when the price hovered near $130 — to roughly 60%. Year to date, the equity has more than doubled, climbing 129.2%.

The catalyst was a ten?year master agreement with Bloom Energy that could generate up to $2.6 billion in service fees. Under the pact, Bloom will install and operate fuel?cell technology at Nebius’ data centers, replacing previously planned gas?based infrastructure. The first project, located in Independence, Missouri, is scheduled to start up in 2026 and will add 328 megawatts of capacity across three phases, with 250 MW guaranteed.

By generating power directly on site, Nebius sidesteps congested utility grids that often delay hyperscale projects. “Control over energy supply, data?center space and pricing becomes a competitive differentiator when AI infrastructure is scarce,” the company has signaled. The move shifts the capital burden from upfront investment to an operating?expense model, preserving cash for the broader buildout.

That buildout is already accelerating at breakneck speed. Nebius reported first?quarter 2026 revenue of $399 million, a 684% surge from $50.9 million a year earlier. The AI cloud segment alone contributed $389.7 million, up 841%, and generated a 45% EBITDA margin. The strong performance gives management the credibility to raise ambitions: capital expenditure for 2026 has been set at $20?$25 billion, up sharply from earlier guidance.

The company now targets an annualized revenue run?rate of $7?$9 billion by the end of the year, and has lifted its contracted energy?capacity goal to at least 4 gigawatts, above the previous mark of more than 3.5 GW. A portfolio of long?term commitments — including a $27 billion infrastructure pact with Meta signed in March 2026 and a $2 billion investment from Nvidia — underpins the plan.

Nebius also appears to be exploiting tight market conditions to push pricing. Reports indicate it has raised tariffs for GPU?on?demand services by roughly 30%, a move that analysts say reflects scarce compute capacity and strong demand for Nvidia?based hardware.

The financial snapshot at the end of the first quarter shows both the scale and the strain of rapid expansion: cash and equivalents stood at $3.68 billion, equity at $4.59 billion, and long?term debt at $4.86 billion. Remaining performance obligations — a measure of contracted future revenue — reached $33.6 billion, offering high visibility but also highlighting the heavy upfront spending required.

Wall Street remains split on valuation. Citigroup, the most bullish, rates Nebius with a $287 price target, while D.A. Davidson sees less upside at $250. Morgan Stanley is notably cautious at $144, arguing that execution risk on the infrastructure plan could cap near?term gains.

With the Bloom Energy deal underway, the next operational milestones include the startup of the Missouri fuel?cell block in 2026 and the launch of a 310?megawatt data center in Finland in 2027. For a company that is simultaneously securing power, capital and compute, the market’s verdict will depend not just on revenue growth but on whether it can translate those three pillars into a reliable, scalable AI cloud platform.