The Vineland Planning Board approved the second phase of Nebius Group's data center project on August 18, 2026. This approval permits a 600,000-square-foot expansion in South Jersey. The project supports the company's infrastructure growth for AI and high-performance computing services. NBIS shares rose 2% in premarket trading following the announcement.
Nebius Group recently reported that its Q2 revenue surged 454% year-over-year. The company generated $582.3 million in revenue during that period.
Rapid expansion and strong financial performance have attracted significant institutional interest. However, some analysts remain concerned about the stock's high valuation. Experts also highlight execution risks associated with the company's large-scale capital projects.