Nebius Group N.V. NBIS and Bloom Energy have announced a partnership to deploy Bloom’s fuel cell technology in support of NBIS’ expanding AI infrastructure. Nebius selected Bloom for its rapid time-to-power capabilities, clean and virtually non-polluting energy generation, and ability to meet the high-performance demands of AI workloads. Under the agreement, Bloom’s modular fuel cell systems will provide behind-the-meter electricity for Nebius’s AI cloud platform, helping address growing compute capacity requirements while reducing dependence on new transmission infrastructure and accelerating deployment timelines.
The first project under the partnership is expected to deliver 328 MW of installed capacity and become operational this year, replacing previously planned combustion-based gas turbine technology at the site. Bloom’s fuel cells generate electricity without combustion, offering high efficiency, low emissions and minimal water use, aligning with Nebius’s strategy to expand AI infrastructure with a lower environmental footprint. In addition, the systems generally face lighter permitting requirements than combustion-based generation, enabling faster site-to-operation timelines.
Management highlighted that power availability remains a major constraint in AI infrastructure expansion and noted that Bloom’s onsite fuel cell technology provides the reliability and deployment speed needed for AI workloads. The long-term agreement supports Nebius’s growing AI compute footprint across the United States, with potential for broader global expansion as the company continues scaling operations across the United States and EMEA regions.
Nebius Group is gaining from aggressive AI infrastructure expansion, rising enterprise AI adoption and rapid growth in its full-stack AI cloud platform. The company continues to scale capacity aggressively to meet increasing demand for AI workloads, raising contracted power capacity to more than 3.5 gigawatts during the first quarter and increasing its 2026 target to at least 4 gigawatts.
Additionally, the company is expanding beyond compute infrastructure into inference, agentic AI and software orchestration capabilities. Management highlighted strong momentum in its Token Factory inference platform, which is gaining traction among enterprises and AI-native customers. Acquisitions of Eigen AI, Clarifai and Tavily further strengthened Nebius’ inference optimization, agentic search and software capabilities, enhancing its vertically integrated full-stack AI ecosystem.
Taking a Look at NBIS’ Competitors
CoreWeave, Inc. CRWV is gaining from accelerating AI demand across hyperscalers, enterprises, training, inference and agentic AI workloads, alongside rapid hyperscale expansion and stronger financing capabilities. Contracted power capacity exceeded 3.5 GW in the first quarter, while the company raised more than $20 billion this year at improved capital costs to support future growth. Management stated that the 2026 capacity is effectively sold out, highlighting tight AI infrastructure supply. Growing adoption of CoreWeave’s platform by enterprises and AI labs drove record first-quarter backlog growth, supported by Vera Rubin deals and monetization of Blackwell, Hopper and Ampere capacity, lifting revenue backlog to $99.4 billion.
Oracle Corporation’s ORCL cloud infrastructure business demonstrates accelerating revenue growth, supported by strategic partnerships and competitive pricing that attract enterprise workload migrations. AI-optimized database capabilities provide technological differentiation, while robust free cash flow generation enables sustained infrastructure investments. The integrated solutions strategy strengthens customer retention and drives cross-selling opportunities. For full-year fiscal 2026, management maintained its revenue expectation of $67 billion and reaffirmed capital expenditure guidance of $50 billion. For fiscal 2027, Oracle raised its total revenue guidance to $90 billion from the prior $89 billion target, reflecting confidence in continuing AI-driven demand.
NBIS’ Price Performance, Valuation and Estimates
Shares of Nebius have gained 129.2% year to date compared with the Internet – Software and Services industry’s growth of 9%.
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In terms of price/book, NBIS’ shares are trading at 6.7X, lower than the Internet Software Services industry’s 25.75X.
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The Zacks Consensus Estimate for NBIS’ 2026 earnings has seen a downward revision over the past 60 days.
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NBIS currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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