New York, June 10, 2026, 13:47 (ET)
- Bloom Energy shares dropped hard in intraday trading. Investors looked at a paused Crusoe data center project and weighed it against the company’s pitch around AI growth.
- This matters for Bloom, since the rally has banks on its data-center customers turning power plans into real fuel-cell systems.
- Oracle’s next earnings and any updates on the Cheyenne-area project timeline are the main near-term catalysts.
Bloom Energy shares fell Wednesday after a data-center project linked to the AI power ramp was put on hold. That pushed investors to ask how fast the fuel-cell pipeline, often in the news, will actually turn into revenue. The stock last changed hands at $235.92, off $23.69 from Tuesday’s finish. It moved between $230.72 and $258.66 earlier in the session.
Crusoe is under pressure after reports surfaced that it put Project Jade on hold. The 1.8-gigawatt data-center campus was planned for Cheyenne, Wyoming. According to Data Center Dynamics, Crusoe stopped work after a customer asked it to pause. The customer’s name and the reason weren’t given. One gigawatt equals 1,000 megawatts, a size more common for utility power plants than a single data center.
That weighed on Bloom, with investors betting on AI data centers as the main growth driver. According to Investing.com, the stock sold off in the morning as traders worried the Crusoe pause might shake up Bloom’s fuel-cell project pipeline and hit near-term revenue. The same report tied the project to a conditional power purchase deal with AEP Energy and Bloom’s solid oxide fuel-cell supply.
Cheyenne stands out. American Electric Power, in a January SEC filing, said an unregulated unit agreed to buy most of its solid oxide fuel cell option for about $2.65 billion. It also signed a 20-year offtake deal with a high-investment-grade customer tied to all the output from a planned fuel-cell power plant near Cheyenne. Solid oxide fuel cells make electricity from natural gas, biogas or hydrogen using electrochemical conversion, not regular combustion.
Bloom’s trade flipped hard from Tuesday. Speculation about a future S&P 500 spot and renewed fuel-cell buzz had lifted the stock after an analyst upgrade at FuelCell Energy, stoking interest in the data-center theme. But Wednesday, those index dreams faded and the focus snapped back to execution risk.
Crusoe isn’t seeing demand dry up. The company said Tuesday it has signed 4.9 gigawatts worth of AI infrastructure deals spread across its data-center projects and Crusoe Cloud. Its full development pipeline now stands at over 40 gigawatts. “The demand from the world’s leading technology companies for AI infrastructure – quickly and at scale – has never been greater,” Crusoe co-founder and CEO Chase Lochmiller said in the release. Crusoe AI
Bloom’s biggest anchor is Oracle. In April, Bloom said Oracle plans to buy up to 2.8 GW of its fuel-cell systems, with 1.2 GW under contract now and deployment already started. Oracle Cloud Infrastructure exec Mahesh Thiagarajan called it “building the power foundation and AI infrastructure to accelerate American AI leadership.” Business Wire
Oracle’s contract keeps some bulls in Bloom stock. Bloom’s most recent quarter had $751.1 million in revenue, up 130.4% from a year ago. Product revenue jumped 208.4%. The company lifted its 2026 revenue target to a range of $3.4 billion to $3.8 billion, with the midpoint about 80% growth from a year earlier. CEO KR Sridhar said in the April release the company is “ushering in the era of digital power for the digital age.” Bloom Energy
A stock priced for perfect execution can stumble if there are delays. Bloom has flagged issues for investors including slow sales and installation, construction holdups, trouble connecting to utilities, supply bottlenecks, slower AI data-center growth, and questions about when backlogged orders become real revenue. These are real risks when a multigigawatt data-center deal gets paused.
Broader markets slumped, piling on. Technology and AI stocks came under pressure Wednesday, with investors wary about valuations, Reuters said. The Nasdaq and S&P 500 both traded lower during the session. That hit Bloom, which has been moving more like an AI infrastructure play lately than a pure clean-energy stock.
Oracle’s results land after the close. Investors watching the stock are less interested in general cloud remarks this time—what they want are updates on data-center buildouts, how Oracle is locking in power, and when those projects come online.
