Bloom Energy and Nebius strike $2.6 billion deal to power AI infrastructure with fuel cells

Bloom Energy rises 2% after partnering with European AI infrastructure upstart in $2.6 billion deal

Bloom Energy power storage equipment in San Ramon, California. Bloom Energy's shares were higher before the opening bell after it unveiled a partnership with Europe's Nebius, an AI cloud provider seeking to overcome power constraints in the AI infrastructure buildout. Nebius said Wednesday that it would deploy Bloom's fuel-cell technology to generate electricity faster and more quickly at its data centers in Europe. Nebius will pay Bloom up to $2.6 billion in service fees during the life of the agreement, subject to conditions, the company said in a SEC filing. The cloud company plans to buy electricity generated by Bloom's systems, while Bloom will install and manage the equipment. The project is expected to roll out in three phases over 10-year terms, providing about 250 megawatts of guaranteed power capacity and 328 megawatts of installed capacity, per the filing. Bloom was last trading 1.6% higher in premarket trading, while the Nasdaq-listed Nebius was up over 7%. "Power remains a key constraint for AI infrastructure build-outs," Nebius' Chief Product and Infrastructure Officer Andrey Korolenko said in the statement. "We chose Bloom because their fuel cells solve that directly: Clean power with virtually no pollutants is deployed onsite, on the timelines our customers need, with the availability AI workloads require."

NVIDIA-Backed Nebius Partners With Bloom Energy For AI Cloud Expansion - Nebius Group (NASDAQ:NBIS)

This collaboration aims to utilize Bloom's fuel cell technology, which is known for its efficiency and low emissions, to support Nebius's ambitious expansion plans in the AI cloud sector. Nebius is establishing a significant footprint in AI compute capacity globally, with a focus on clean energy solutions. The partnership with Bloom Energy is expected to accelerate Nebius's operational capacity. The company expects the first project to be operational this year, featuring 328 MW of installed capacity. Earnings Snapshot Last week, Nebius reported first-quarter 2026 results that highlighted explosive growth in its AI cloud business, surging customer demand and an aggressive expansion of its global data center footprint, as the company raised its contracted power guidance to more than 4 gigawatts by year-end. The Amsterdam-based company reported adjusted loss per share of 33 cents for the quarter ended March 31. The figure may not be comparable to analyst estimates for a 77-cent loss. Revenue jumped 684% year over year to $399 million from $50.9 million a year earlier. Analyst Consensus & Recent Actions: NVIDIA-backed Nebius carries a Buy rating with an average price target of $204.38. Recent analyst moves include: DA Davidson: Neutral (Target $250.00) (May 18) Citigroup: Buy (Raises Target to $287.00) (May 15) Morgan Stanley: Equal-Weight (Raises Target to $144.00) (May 14) DA Davidson analyst Alexander Platt said the results highlighted "continued demand signals across customer demographics," while the company also raised its 2026 contracted power outlook from 3GW to 4GW. NBIS Technical Analysis: Momentum And Key Chart Levels Over the last 12 months, shares of Nebius have surged by 392.86%, indicating strong long-term momentum. The stock is currently trading at $193.90, significantly above its moving averages: 15.1% above the 20-day simple moving average (SMA) of $176.54, 38.4% above the 50-day SMA of $146.79, and 88.2% above the 200-day SMA of $108.00. The MACD is above its signal line, suggesting that downside pressure is easing, which supports the bullish trend. This indicates improving momentum as the stock continues to trend upward, aligning with the positive news from the partnership announcement. Key Resistance: $233.73 -- This level represents the 52-week high, which could act as a psychological barrier for traders. Key Support: $181.58 -- This level is near the 20-day exponential moving average (EMA), providing a potential cushion for the stock if it experiences a pullback. NBIS Price Action: Nebius Group shares were up 8.40% at $207.94 during premarket trading on Thursday, according to Benzinga Pro data. Photo via Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.