SAN JOSE, California, May 2, 2026, 13:06 PDT
Bloom Energy finished Friday at $290.52, jumping $7.29. The fuel-cell maker’s stock kept running higher, fueled by that upbeat 2026 outlook and the hefty data center power deal tied to Oracle. U.S. markets stayed shut Saturday.
This shift lands at a crucial time—the AI data center boom faces a straightforward issue: not enough power. Bloom’s solid-oxide fuel cells sidestep that by generating electricity via an electrochemical reaction instead of combustion, offering big facilities a self-contained power option that doesn’t depend solely on grid expansions.
The numbers landed hard. Bloom reported first-quarter revenue up 130.4% to $751.1 million, with product revenue surging 208.4% to $653.3 million. The company now expects full-year revenue between $3.4 billion and $3.8 billion, and boosted its non-GAAP earnings outlook to $1.85 to $2.25 per share—a figure that strips out certain accounting items.
Oracle and BorderPlex Digital Assets announced that Project Jupiter, their AI data center campus set for Doña Ana County, New Mexico, is shifting to as much as 2.45 gigawatts of Bloom fuel-cell power—scrapping earlier plans for gas turbines and diesel backup. According to Oracle, the campus will be designed as a microgrid, enabling it to operate independently from the main electric grid.
Mahesh Thiagarajan, Oracle Cloud Infrastructure executive, described the fuel cells as delivering “highly reliable on-site power” while reducing environmental impact. Bloom’s Chief Commercial Officer, Aman Joshi, said once it’s finished, the project should rank among the largest U.S. data center microgrids. Oracle
Bloom founder and CEO K.R. Sridhar told analysts the company isn’t facing limitations on orders or production capability. According to Sridhar, Bloom’s existing manufacturing setup can handle up to 5 gigawatts of annual product output. Revenue, he said, depends less on Bloom’s supply capacity and more on the speed at which customers are able to get new sites up and running.
Wall Street analysts are moving quickly. Morgan Stanley bumped its price target on Bloom up to $310 from $184, holding steady with an Overweight rating, citing a faster-than-anticipated growth ramp. Mizuho hiked its target too—to $285 from $110—but stuck with a Neutral rating.
Caution stuck around on the tape. Bloom saw options activity surge Friday—volume well above normal—with puts outpacing calls 1.84 to 1. That’s a sign traders leaned on puts, contracts typically used to guard against or bet on falling prices. According to TheFly, via TipRanks, the put-call skew widened, signaling heightened demand for downside hedges.
The rally’s pulled Bloom further from its fuel-cell rivals. Plug Power slipped 0.8% to $3.11 in its latest move, and FuelCell Energy added 2.1% to $13.31. That leaves Bloom standing out as the more obvious equity-market bet on near-term AI power demand among the group.
Still, the wager is hardly spread out. According to Bloom’s latest quarterly filing, just two customers brought in roughly 50% and 12% of revenue for the first quarter. The company pointed to its Brookfield joint venture—and a significant hyperscaler deal—as main drivers of product revenue growth. That leaves results especially exposed: hiccups with big sites, customer financing, or project execution could weigh more heavily than the current share price reflects.
Right now, investors are lumping Bloom in with AI infrastructure names rather than pigeonholing it as another specialty clean-energy play. The real hurdle comes next: can Bloom convert those data center power projects into delivered units, cash, and solid margins—without letting a couple of heavyweight customers call all the shots?
