Nebius Shares Jump on $2.6 Billion Power Deal With Bloom Energy

Shares of Nebius Group surged in trading Thursday following the announcement of a major power supply agreement with Bloom Energy, highlighting the critical role of electricity access in the expansion of artificial intelligence infrastructure. The AI cloud provider’s stock climbed as much as 15.6 percent during the session.

The multi-phase, 10-year agreement, disclosed in a filing dated May 14, is structured as a service contract that could be worth up to $2.6 billion in total fees. Bloom Energy will install, operate, and maintain its solid oxide fuel cell systems to provide power for Nebius data centers. The deal covers approximately 250 megawatts of guaranteed capacity and 328 megawatts of installed capacity, with the first project expected to become operational this year.

For Nebius, the partnership addresses a significant bottleneck in the AI boom: securing reliable electricity quickly enough to power new computing capacity. The fuel cell systems will generate electricity on-site, a setup known as behind-the-meter, which allows the company to bypass potential delays in connecting to the public electrical grid. Andrey Korolenko, Nebius’s chief product and infrastructure...