Nebius (NBIS) Stock: Vineland Clears Path for Microsoft Deal With Data Center Vote
TLDR
- Vineland’s Planning Board approved Phase 2 of Nebius’ New Jersey data center, adding 600,000 sq ft to the project.
- The approval clears a key hurdle for Nebius’ $17.4 billion, five-year Microsoft cloud deal.
- NBIS dipped 2% in premarket trading Tuesday, opening at $277.58.
- Q2 revenue hit $582.3 million, up 454% year over year, beating estimates by a wide margin.
- Bank of America has a Buy rating on NBIS with a $310 price target.
Nebius Group (NBIS) slipped 2% in premarket trading Tuesday, opening near $277.58, even as a key regulatory hurdle for its most important cloud contract was cleared.
The Vineland, New Jersey Planning Board voted Monday night to approve Phase 2 of the AI data center under construction in the South Jersey town. Phase 2 adds 600,000 square feet to the project, which was originally approved as a roughly 300-megawatt facility. Phase 1 is already under construction.
The data center is being developed by DataOne as a major AI infrastructure campus. The project had stalled after DataOne proposed a larger build-out that could reach 350 MW. Public pushback over noise, water use, emissions, and LNG storage held up the board’s vote.
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