NBIS Stock Vineland NJ Data Center

Vineland is where Nebius's American expansion becomes a physical delivery problem. A large customer contract needs buildings, GPUs, cooling and a dependable power supply to come together on the same schedule. The New Jersey campus brings all four into one project, making it a useful window into both the opportunity in AI infrastructure and the difficulty of turning announced capacity into a functioning business.

Nebius introduced the development in March 2025 as its first major U.S. data center, built with DataOne and expandable to 300 megawatts. It was a substantial step beyond adding racks inside an existing colocation facility: the partners were developing a campus around Nebius's requirements, with power generated on site and capacity arriving in phases. Microsoft subsequently became its anchor customer under a multiyear agreement. Nebius's original New Jersey announcement.

The story has advanced since then. Nebius reported its Microsoft delivery milestone in August 2026, the city approved a revised expansion and fuel-cell plan that month, and the temporary generators became the subject of state enforcement in September. Bloom has since described the first fuel-cell power block as ready for customer use. Those developments belong inside the larger story of what Vineland is being built to do. This report brings the campus, capacity, power, commercial structure and next stages together, with sources reviewed October 25, 2026.

The site and the companies behind it

Vineland is in southern New Jersey, near the Philadelphia market and within the wider Northeast business corridor. For Nebius, the location combines access to a large regional customer base with room for a purpose-built campus. Its own explanation of the choice emphasizes power availability, deployment speed and proximity to demand. Those advantages need to work together: nearby customers do little for a campus that cannot energize its equipment, while available power needs a commercially useful place to serve.

The responsibilities are divided. DataOne owns and operates the physical facility; Nebius is the tenant installing and managing the servers and GPU clusters. Nebius's project page identifies Northeast Precast as the local construction partner. Microsoft buys dedicated computing capacity from Nebius. Bloom Energy supplies the fuel-cell technology for the permanent power strategy. Nebius's project overview.

That structure matters when reading the financial headlines. A building owned by DataOne, computing equipment deployed by Nebius and a power system financed through energy partners are related investments, but they are not interchangeable items of Nebius capital expenditure. Microsoft is the customer for computing services, rather than the disclosed owner of this campus. Following the obligations of each participant gives a clearer picture of where delivery risk and cash commitments sit.

The site's redevelopment history also helps explain the local debate. Earlier plans for the former sand-mining land included the Silica Sands golf course before the property shifted toward data-center development. Residents were therefore reacting to a change in the character and scale of the project around them, as well as to the resource demands of AI infrastructure. The land-use history is documented by Pinelands Alliance; it is an advocacy organization's account, and its objections should be read as such.

Current active capacity and planned campus size

As of our October 25, 2026 review, Vineland is already serving Microsoft, while the broader campus continues to develop. Nebius reported that its first Microsoft capacity tranche was delivered in November 2025. Its May 2026 letter said New Jersey was servicing customer commitments, and its August update reported all Microsoft tranches delivered to that date, including two in the preceding month. These are company-reported customer deliveries. The reviewed disclosures do not give an exact current Vineland active IT load in MW, a utilization percentage or a hall-by-hall operating total. First Microsoft delivery, Q4 2025 letter; New Jersey operating update, Q1 2026 letter; Microsoft delivery update, Q2 2026 letter.

There is a disclosed numerical build schedule behind that progress. In August 2025, Nebius described 200 MW of contracted power under construction in New Jersey: 100 MW scheduled to become available in 2025 and the remaining 100 MW in 2026. That is the historical power-delivery plan, not a confirmed reading of today's active IT load. A past target does not become an achieved operating figure merely because its scheduled year has passed. Q2 2025 shareholder letter, pages 3 and 5.

For the current-capacity question, the distinction is therefore precise: customer service has begun and further deliveries have been reported, but current active IT MW remains undisclosed in the reviewed site-specific evidence. The 200 MW contracted build schedule, the 300 MW announced campus ceiling and DataOne's later 350 MW maximum describe different scopes. None should be presented as the amount of computing power operating today. The delivery schedule later in this report places the dated achievements and remaining targets alongside one another.

The original Nebius announcement described a campus expandable to 300 MW. DataOne's current community Q&A describes a maximum of 350 MW and a final configuration of 14 data halls. These are descriptions of the project's intended scale. Neither is a meter reading or a disclosure of how much computing load is operating today. Nebius's announced capacity; DataOne's campus Q&A.

Power figures become confusing because several different things can be measured in megawatts. The nameplate output of generation equipment is one measure. Contractually guaranteed power is another. A data center also consumes power outside its servers, including cooling and electrical distribution. The useful computing load, often called IT load, therefore cannot be inferred simply by copying a generation figure into a capacity column.

The 328 MW and 250 MW figures come from Nebius's May 20 filing, which describes the fuel-cell capacity agreement signed May 14. They should not be added to the campus figures or treated as competing estimates of the same thing. The public material does not provide a complete reconciliation among campus maximum, installed generation, guaranteed supply and operating IT load. Nebius's filing, reproduced by ADVFN, “Fuel Cell Capacity Agreement”.

For a reader tracking progress, the distinction is practical. A planned campus can be large while its first customer-serving phase is much smaller. Additional power equipment can arrive before the hall it will serve. Keeping these measures separate lets us recognize genuine progress without declaring the entire campus finished prematurely.

What is actually being built

The city's latest determination provides a more concrete picture than a single headline about campus size. At its August 17, 2026 special meeting, the Vineland Planning Board granted an amended two-phase site plan. The notice describes a 129,622-square-foot first-phase AI data-center building and a 587,980-square-foot, two-story expansion, with those building works described as under construction at that point.

The associated infrastructure is substantial. The approved scope includes four ground-mounted Bloom power areas, five multistory Bloom power areas, a 92,466-square-foot chiller building, LNG storage and filling infrastructure, a 6,750-square-foot water-treatment plant and 161,896 square feet of Megabay structures. This is a campus in which generation, heat removal and supporting equipment occupy meaningful space alongside the computing halls. City of Vineland notice of determination.

The notice also explains why a full-campus square-footage headline is a poor substitute for understanding the project. Building area, power-platform area and the wider development envelope have different meanings. Our earlier report used a roughly 2.6-million-square-foot full vision; the current approval should be read through its specified components rather than presenting that older envelope as completed server space.

Development proceeds through linked stages. A building shell must be fitted out, its electrical and cooling systems tested, computing equipment installed and the customer service made available. Construction completion, power availability and commercial delivery can occur on different dates. A useful site report follows those stages instead of reducing a multi-phase campus to one “operational” label.

Why the power strategy is central to the project

Vineland's basic approach is to generate much of its electricity at the site. In a behind-the-meter arrangement, that power serves the facility locally instead of relying on a utility to deliver the entire load through a new large grid connection. The attraction is control over the deployment schedule: power equipment can be developed alongside the buildings and computing systems.

That shifts the work rather than eliminating it. The campus still needs fuel, generation equipment, electrical distribution, maintenance, permissions and redundancy. If any one of those falls behind the computing build, the economic benefit of a faster building disappears. This is why Vineland's power story is fundamental to the investment case, rather than a technical sidebar.

The design has evolved from reciprocating engines toward Bloom's solid oxide fuel cells. Nebius's May announcement described a first project with 328 MW of installed capacity intended to replace previously planned reciprocating engines. Fuel cells make electricity through an electrochemical process instead of burning fuel in an engine. Nebius's current Vineland page explicitly identifies Bloom as the site's power partner. Nebius and Bloom's May announcement.

The fuel-cell agreement gives the transition a commercial structure. Bloom is to install, operate and maintain the systems, while Nebius purchases capacity and associated electricity. The filing describes three expected phases, each with a ten-year supply term, and aggregate monthly service fees of up to $2.6 billion over the agreement's term, subject to commencement conditions. It is a long-duration power commitment, not a $2.6 billion one-year expense or a price for the entire data center. May 20 filing.

DataOne describes a supporting grid connection as well. Its Q&A says the site is receiving 5 MW from Vineland and describes an approximately 49 MW permanent Atlantic City Electric supply, with fuel cells intended to serve the halls and mechanical loads and grid supply used for critical-network backup. This is the operator's description, not independent confirmation that the full connection is energized. It also makes “entirely off-grid” too simple a description of the proposed arrangement. DataOne's electricity explanation.

The LNG facilities in the approved plan are part of the fuel infrastructure. On-site generation still depends on gas availability and a workable supply arrangement. Replacing combustion engines with fuel cells can change local air emissions, noise and conversion efficiency, but it does not make a natural-gas-fueled campus carbon-free or remove the need for environmental approvals. Reliability will ultimately be demonstrated by the installed system's performance over time.

Power economics and the cost of getting the timing wrong

A large AI campus has two electricity problems to solve: what power costs and when dependable power becomes available. Cheap electricity that arrives after a customer needs its GPUs can be less valuable than a more expensive supply that enables timely service. Equally, a rapid launch can become unattractive if the permanent arrangement leaves too little margin after energy, equipment and financing costs.

The Bloom commitment changes how we should analyze that tradeoff. Our older engine discussion included an illustrative fuel-only estimate of roughly 5.68 cents per kWh. That is not a verified current Vineland electricity price. A fuel-only calculation leaves out service obligations, equipment economics and other delivery costs, and the plant design has changed. It should not be carried forward as if it established the campus's present margin.

Bloom separately described a $1.7 billion project investment supporting its deployment for Nebius, with Industrial Development Funding, Oaktree, Morgan Stanley and MUFG involved in development or financing. That helps explain how the energy assets can be financed outside a simple “Nebius buys every component” model. It should not be confused with Nebius's service-fee commitment or Microsoft's payments for computing. Bloom's project-financing explanation.

For Northwise, the economic test is whether the resulting supply supports timely, dependable computing at an attractive cost across the contract life. A delayed phase can leave equipment and financing costs running before the corresponding service earns revenue. A successful phase narrows that gap. Neither a large contract value nor an impressive generation specification, on its own, resolves that timing problem.

The computing and cooling inside the campus

An AI factory is a coordinated computing system: GPUs work together through networking and storage, and the facility must deliver electricity and remove the heat they produce. Training a large model and serving an AI application have different operating patterns, but both depend on the availability of the complete system. A hall full of equipment is only valuable when it can reliably perform the work customers bought.

Nebius describes closed-loop cooling at Vineland, with water recirculated through the system and air chillers housed indoors as part of its noise-control design. Closed-loop circulation reduces the need to continually replace cooling water; it does not mean there is no initial fill, maintenance requirement or water use elsewhere on the site. Nebius's cooling and sound disclosures.

The engineering questions become more demanding as each phase scales: can power, cooling, networking and service operations support the installed computing density together? The reviewed documents do not provide a verified current GPU count, rack-by-rack power schedule or complete cooling specification. Those omissions are why this report does not turn an older “100+ kW per rack” design description into a claim about every delivered hall, or assume that Nebius's entire public-cloud software offering is the precise service stack supplied to Microsoft here.

What Microsoft brings to Vineland

Microsoft gives the campus a large commercial anchor. The September 2025 agreement called for dedicated GPU infrastructure at Vineland, with capacity deployed in tranches. Nebius disclosed approximately $17.4 billion over a five-year term, with additional capacity and services potentially increasing the value to approximately $19.4 billion. These are multiyear contract values, not annual site revenue or a construction budget. September 8 agreement filing.

A committed customer changes the financing problem. Rather than building all the capacity and then searching for buyers, Nebius can align deployment with contracted demand. At announcement, it said it expected to fund the associated capital expenditure through contract cash flows and debt secured against the agreement. Microsoft's credit quality was part of that financing rationale. Nebius's announcement.

That support comes with concentration. A large anchor can make utilization more predictable while increasing the importance of delivery dates and service performance under one relationship. The relevant question for investors is how the cash earned from accepted capacity compares with the equipment, operating and financing obligations required to provide it.

In its August 12, 2026 shareholder letter, Nebius said it had delivered all Microsoft capacity tranches under the contract to that date, including two over the preceding month. This is meaningful company-reported commercial progress. It does not tell us the instantaneous electrical load of the entire campus, establish that every future hall is finished, or mean the five-year contract value has already been recognized as revenue. Q2 2026 shareholder letter.

Local approvals, temporary generators and community concerns

The August planning approval was a real step forward for the revised building and fuel-cell layout. It did not settle every environmental permission. Local land-use approval establishes what can be built under that decision; state air permits address separate requirements for the equipment being installed and operated. Treating one as proof of the other obscures the central issue now facing the project.

On September 22, NJDEP announced a $1.07 million penalty concerning 62 unpermitted natural-gas generators at the DataOne facility. DataOne subsequently told Floodlight that it disputed the temporary-generator determination, would apply for air permits, and was communicating with the regulator about its transition to fuel cells. The dispute therefore concerns the power arrangement used during the transition as well as the intended permanent solution. NJDEP announcement; Floodlight's reporting and DataOne response.

On October 21, Sustain SJ, represented by Earthjustice, sent a notice of intent to bring a Clean Air Act enforcement lawsuit to DataOne Vineland, DataOne USA, Nebius and Northeast Precast. Earthjustice also raised permitting concerns about equipment in the approved energy plan. This is an announced notice of intent, not evidence that this proposed federal enforcement case has already produced a court judgment. The group's allegations and DataOne's response remain distinct from confirmed regulatory decisions. Earthjustice's notice announcement.

For residents, the issue extends beyond which technology eventually supplies the halls. Noise, water demand, stormwater management and the effect of a large industrial campus on neighboring properties have all formed part of the opposition. The transition needs to deliver an acceptable operating environment, not simply a different label for the power plant. Earthjustice's account of the hearings explains those objections; it represents the challengers' position.

The local economic promises also deserve their own measurement. Nebius projects roughly 200 permanent on-site jobs and describes a five-year PILOT tax arrangement authorized in January 2026. PILOT means payments in lieu of taxes. Construction employment, lasting jobs and public revenues arise on different schedules and should be evaluated separately. Nebius's community and tax disclosures.

Future delivery schedule and remaining milestones

The newest power update is encouraging but specific. On Bloom's October 22 earnings call, management said the first power block for Nebius in New Jersey was ready for customer use. In the discussion that followed, it described the data center coming up block by block and left the customer's deployment timing to Nebius. No size was disclosed for that first block in the cited remarks. Bloom management's earnings-call remarks.

That statement is stronger than a promise to manufacture fuel cells in the future. It still does not certify that all planned power is operating, reconcile the earlier Microsoft deliveries to individual halls, or establish the final status of the generator-permitting dispute. Power readiness and customer-service readiness remain separate milestones.

The partners' broader schedules also need careful reading. DataOne's undated Q&A describes final delivery of 14 halls by the end of December and elsewhere identifies December 2026 as its delivery target. Nebius's undated community page says the AI factory is expected to be operational by 2027. These statements do not provide a common hall-by-hall schedule. We retain both as attributed targets while looking for a dated reconciliation. DataOne's schedule; Nebius's project schedule.

The dated operating guidance provides another part of the schedule. On May 13, Nebius expected to activate New Jersey's remaining capacity through 2026, with most coming online in the second half. Its August Microsoft update subsequently established further deliveries, but did not publish an updated MW balance for the campus. The 2026 activation guidance, DataOne's December handover target and the community page's 2027 wording should remain visible together. They do not establish a single date on which every hall, power block and customer workload becomes fully operational. Q1 2026 New Jersey activation guidance.

For the remaining buildout, the sequence to follow is permanent power available to a phase, hall commissioning, GPU and network readiness, and customer acceptance. Reporting one step does not establish completion of the next. Additional halls could be physically delivered while fit-out and commissioning continue; a fuel-cell block could be ready before its intended computing load is operating. Air-permit resolution and any restrictions on transitional generation also affect the ability to maintain service during that expansion. Until the partners disclose a common phase schedule, Northwise will retain their attributed dates and leave missing quarterly MW figures unfilled.

The next evidence that would strengthen the case is specific: additional halls entering customer service, confirmation of the permanent supply supporting each phase, and documented resolution of the relevant permissions. Conversely, a restriction on necessary power equipment, a material commissioning delay or a change to customer delivery would affect the timing of the site's contribution. An approval, a supplier-readiness statement and a customer-delivery statement each move a different part of that assessment.

Why Vineland matters beyond this campus

Our view is that Vineland's significance lies in proving how Nebius can assemble a large U.S. computing deployment through a network of partners. The model connects a developer-owned facility, Nebius computing infrastructure, a major customer and a separately structured power supply. If those pieces perform together, the experience can inform later campuses. That is an opportunity to improve execution, rather than proof that a design can be copied into any jurisdiction without modification.

The same project exposes the limits of focusing only on announced megawatts. A campus contributes to the business when capacity is usable, customers accept service, and the resulting revenue supports the cost of providing it. The development and regulatory history matters because it changes the route to that outcome. Vineland should be evaluated as a sequence of delivered, powered and commercially productive phases within a larger buildout.

Connect the site to the wider Nebius picture

Use the Vineland record in the Data Center Tracker to locate the campus and inspect its published site evidence, then use the Nebius data-center hub to compare its role with other locations. Source dates matter when the article and tracker have been reviewed at different times; an article update does not automatically turn every new source into a published tracker fact.

For the financial implications, the Nebius model section connects members to the existing Northwise modeling and Premium research. The useful connection is the chain from a site's delivery schedule to usable capacity, revenue timing, operating costs and financing needs. A campus maximum or contract headline cannot answer those questions on its own. Use the published model's stated date and assumptions when assessing the company-wide result.