New York, June 22, 2026, 2:04 PM EDT
- Bloom Energy was last seen at $337.49, off the $349.75 mark it hit earlier, but the stock stayed above last week’s record area.
- AI data-center builders see electricity as a bottleneck, with a Bloom survey showing 61% plan to secure their own power if they can’t get enough from the grid.
- The focus is on execution now. Contracts are up, but valuation, natural-gas exposure, and when projects hit are still clear pressure points.
Bloom Energy kept rising Monday, with shares staying close to new highs after last week’s 15% surge tied to investor demand for AI data-center power. The stock’s jump is shifting Bloom from a niche clean-power play to a test of whether Wall Street is ready to give utility-style valuations to companies delivering quick, on-site power.
It’s simple. AI is hitting a power crunch. Bloom’s mid-year data-center report showed inference now accounts for over half of all AI compute, overtaking training. That means electricity demand is settling into a steadier pattern, not just coming in spikes when models are initially trained.
Broader markets are following a similar path. Chevron said Monday it signed an agreement with Microsoft to build a co-located natural gas power plant for a West Texas data center. Project Kilby is expected to deliver its first power in 2028 and eventually ramp up to 2.67 gigawatts. That’s the landscape for Bloom now—tech firms going after megawatts wherever they find them.
Bloom makes solid oxide fuel cells, which produce electricity by electrochemical reaction instead of burning fuel in turbines. Data center buyers look at more than just emissions. These systems offer fast deployment, flexible siting, and better control—useful when a grid hookup could take years.
Oracle is the key customer here. Reuters said in April that Bloom will deliver up to 2.8 GW of fuel-cell capacity to Oracle, with 1.2 GW already under contract and some projects already rolling out. Mahesh Thiagarajan, Oracle Cloud Infrastructure’s EVP, said Bloom’s product is letting Oracle “quickly” meet demand from customers in the U.S. Reuters
Oracle and BorderPlex said they will use Bloom fuel cells to supply all the power for Project Jupiter, their AI data-center campus in New Mexico. The plan calls for as much as 2.45 gigawatts of Bloom capacity. The companies will drop the gas turbines and diesel generators that were in earlier plans. They estimate nitrogen-oxide emissions will come down around 92%. Thiagarajan called it “highly reliable on-site power” with less footprint. Oracle
Nebius, which rents out AI cloud computing, is making another move. In May, the company said it will use Bloom fuel cells to supply 328 megawatts of installed power, expected online this year. These systems will deliver “behind-the-meter” electricity—produced on the customer’s side of the utility line. “Power remains a key constraint,” chief product and infrastructure officer Andrey Korolenko said. Bloom’s commercial chief Aman Joshi said AI workloads require strong power infrastructure to match cloud demand. Nebius
Bulls had more than a story after Bloom’s numbers came out. First-quarter revenue jumped 130.4% to $751.1 million, with product revenue up 208.4% from last year. Bloom raised its 2026 revenue outlook to a range of $3.4 billion to $3.8 billion and now expects non-GAAP operating income of $600 million to $750 million. CEO KR Sridhar called Bloom a “go-to choice” for on-site power. SEC
Contract density isn’t getting much attention. Barron’s said Nebius agreed to pay as much as $2.6 billion over the contract, with plans for 328 megawatts of installed capacity this year. That works out to about $793,000 per installed megawatt-year, or about $90 a megawatt-hour if you assume full use for 10 years. But that isn’t the total electricity price—fuel, ramp-up timing, uptime guarantees and service all change the deal’s economics.
Plug Power and FuelCell Energy may be the closest fuel-cell competitors, but they’re not the only ones. A 24/7 Wall St. piece put Bloom out front of both on 2026 share gains and business trends. Generac is also on the radar for investors looking at backup-power plays tied to grid concerns.
But Bloom stock faces tighter limits on execution. Simply Wall St. said shares last finished at $328.91, above a fair value estimate of $263.65 that’s often cited by investors, and pointed to the company’s reliance on natural gas and potential delays or changes to AI data-center deals. Another Simply Wall St. screen called out Bloom’s 0.2% net margin and warned about funding risks from outside borrowing.
Market players are paying up for scarcity—specifically, permitted, modular power near the point of use. If Bloom converts its announced megawatts to steady service revenue on time, the new valuation is justified. But if those megawatts get delayed, or if gas-turbine and generator competitors pull off faster rollouts, that scarcity premium could fade fast.
