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While many will tell you the biggest bottleneck in AI is the chip supply, I actually believe it's electricity. Because of this, Bloom Energy (BE -11.24%) will be the biggest winner of the AI power crunch for one reason in particular: The company's speed to power is top-notch.

AI hyperscalers and their data centers cannot wait years for utility hookups. Bloom's solid oxide fuel cells help businesses avoid this wait. The company's systems can bring a data center online in about three months and don't require grid connectivity. This is a massive advantage, and customers are coming on board at record scale.

$193.30-$24.47 (-11.24%)

NYSE · As of 4:00 PM ET 10/23/26

The demand behind Bloom is quickly converting to revenue, as the company crossed $1 billion in the second quarter, a 166% year-over-year increase. Bloom's balance sheet is improving rapidly, with the company boasting about $2.7 billion in cash.

Management raised its full-year guidance to reflect a substantial increase in revenue, with a range of $3.9 billion to $4.2 billion. That's just about double what the company did in 2025.

Image source: The Motley Fool.

All this momentum means the stock isn't cheap. Shares have skyrocketed more than 150% year to date. The stock is trading at a whopping 357 times trailing earnings. For long-term investors, the premium is justified by the ever-improving balance sheet and incessant demand for fast power. We're still early on in the AI and data center days. Bloom's systems will be needed for years to come.

Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.

Live 1 update · Last at 2:28pm ET Updates appear automatically.

By Thomas Richmond · Updated Oct 22, 2:28pm ET · Published Oct 22, 2:31pm ET

Live UpdatesNewest first

Bloom Energy is expected to report Q3 earnings at 4:05 PM ET tonight after a brutal selloff for the AI power infrastructure company.

Analysts expect $1.07 billion in revenue and earnings of approximately $0.67 per share, putting significant pressure on Bloom to deliver strong results.

Shares plunged 10.04% today and have fallen 21.37% over the past month. With Bloom trading at roughly 314 times trailing earnings, expectations for future growth remain enormous. Analysts currently project earnings of approximately $4.94 per share in 2027.

Investors will be watching whether Bloom can maintain gross margins near its 34% full-year target and how quickly its financing partnership with Brookfield Asset Management can translate into actual deployments and revenue.

Tonight, strong margins and faster deployments could help restore confidence, while execution delays could extend the stock’s recent slide.

This article is updated throughout the trading day. Check back for more.

Full CoverageThe story so far

Bloom Energy (NYSE:BE) is expected to report third-quarter results today at 4:05 PM ET, after the market closes. The stock fell 10.04% ahead of the release, and tonight’s results will show whether it can recover by the end of the week.

Billion-Dollar Quarter Meets a Sharp Pullback Last quarter, Bloom Energy reported its first quarter with over $1 billion in revenue. Q2 revenue came in at $1.065 billion, up 166% year-over-year, and non-GAAP EPS of $0.78 beat the $0.4066 estimate. The stock gained 43.1% in the seven days after that report. It has since pulled back, though it remains up 146.96% year to date. Operating cash flow reached $226 million and free cash flow hit $175 million.

Management raised 2026 guidance to $3.9-$4.2 billion in revenue and $2.55-$2.85 in non-GAAP EPS. The company also said all major U.S. hyperscalers have approved its systems.

Bloom Energy Consensus Estimates Metric Q3 2026 Estimate YoY Change FY 2026 Estimate FY 2027 Estimate Revenue $1.07B +106.4% $4.12B $6.82B EPS (Normalized) $0.6724 +348.3% $2.7079 $4.9384 The revenue consensus is about flat with Q2, so analysts are modeling a pause in sequential growth after an uneven delivery quarter. The Q3 EPS estimate has risen from $0.5216 90 days ago. Full-year consensus already falls inside management’s guided ranges.

What I’m Watching Tonight: Margins, Financing and Delivery Timing One of the top numbers I’m watching tonight is the gross margin. Q2 gross margin hit 34.3%, and services margin reached 22%. However, management said it will prioritize fast delivery over protecting margin in any one quarter.

Another focus is how much of Brookfield’s recently expanded $25 billion financing framework gets used. A second group led by Industrial Development Funding has committed $2.6 billion. The more of these commitments become funded installations, the clearer the revenue path through 2027.

Analysts will also be watching revenue concentration among customers. Management warned that “one or two customers may lead revenue in a given quarter” because large campus deliveries are uneven. Any comments on project delays matter, along with the claim that its equipment can be moved from one site to another.

Investors are going to be watching operating leverage too. In Q2, revenue grew 166% while operating expenses rose 48%, and management called $375 million plus a new baseline for cash flow from operations. Analysts will also be listening for updates on manufacturing capacity and scandium supply, which management said is secured for 25 gigawatts of deployments.

Earnings History Quarter EPS Surprise 1-Day Move 7-Day Move 30-Day Move Q2 2026 +91.83% +26.49% +43.1% +28.71% Q1 2026 +242.41% -1.6% -0.87% -5.02% Q4 2025 +50.35% +8.49% -2.3% +11.31% Q3 2025 +50.15% -4.38% +5.76% -26.01% On average, shares have swung 11.4% in the week following earnings over the past year.

Contact [email protected] for any questions or corrections.

Thomas Richmond

Thomas Richmond is a financial writer and content strategist with 5+ years of experience covering stocks and financial markets. He has published over 500 articles focused on individual stock analysis, helping investors better understand business fundamentals, stock valuations, and long-term opportunities.

Thomas previously served as a Content Lead at TIKR, a stock research platform, where he helped scale the company’s blog to hundreds of articles per month and contributed to a weekly newsletter reaching more than 100,000 investors.

Outside of work, Thomas enjoys weight lifting and soccer.

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Assenagon Asset Management S.A. boosted its position in Bloom Energy Corporation (NYSE:BE – Free Report) by 34.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 323,295 shares of the company’s stock after purchasing an additional 83,418 shares during the quarter. Assenagon Asset Management S.A. owned about 0.11% of Bloom Energy worth $89,546,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BE. Montanova Capital LLC bought a new position in shares of Bloom Energy during the second quarter valued at $10,231,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Bloom Energy by 78.3% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,327,549 shares of the company’s stock valued at $401,849,000 after purchasing an additional 583,135 shares during the period. Militia Capital Management LLC acquired a new stake in Bloom Energy in the first quarter valued at $813,000. Zweig DiMenna Associates LLC acquired a new stake in Bloom Energy in the first quarter valued at $8,468,000. Finally, Sei Investments Co. raised its position in Bloom Energy by 28.7% during the 1st quarter. Sei Investments Co. now owns 365,975 shares of the company’s stock worth $49,586,000 after purchasing an additional 81,584 shares during the last quarter. 77.04% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades A number of equities research analysts have commented on BE shares. Clear Str upgraded Bloom Energy from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, July 29th. Roth Capital restated a “neutral” rating and set a $260.00 price objective on shares of Bloom Energy in a research report on Tuesday. BTIG Research reaffirmed a “buy” rating and issued a $295.00 price objective on shares of Bloom Energy in a research note on Wednesday, July 29th. Jefferies Financial Group upped their price objective on shares of Bloom Energy from $229.00 to $264.00 and gave the company a “hold” rating in a research note on Tuesday, September 29th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $335.00 price objective on shares of Bloom Energy in a research report on Monday, September 28th. Two research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $260.05.

Get Our Latest Research Report on Bloom Energy Key Headlines Impacting Bloom Energy Here are the key news stories impacting Bloom Energy this week:

Positive Sentiment: Robert W. Baird raised its price target for Bloom Energy (BE) to $351 from $310 and maintained an “outperform” rating, signaling substantial potential upside if the company delivers on its AI-power growth opportunity. Benzinga report on Bloom Energy analyst activity Positive Sentiment: Truist lifted its price target to $240 from $218, although it retained a “hold” rating. Morgan Stanley also initiated or reiterated a “buy” view, providing additional institutional support. Morgan Stanley gives Bloom Energy a buy rating Positive Sentiment: Coverage continues to highlight Bloom’s solid-oxide fuel cells as a potential solution to electricity bottlenecks at AI data centers. The company’s Oracle-related AI-campus opportunity and projected 2026 revenue of $3.9 billion to $4.2 billion support the longer-term growth narrative. Bloom Energy Oracle AI campus coverage Neutral Sentiment: Bloom Energy’s $10,000 donations to firefighter and public-safety organizations in Texas and Florida enhance its community profile but are not expected to materially affect financial results or the stock. Bloom Energy supports Central Texas first responders Negative Sentiment: The recent AI-power rally is unwinding as investors question whether data-center construction and electricity demand can justify the sector’s valuations. Bloom has risen sharply this year, increasing profit-taking and pullback risk. Barron’s analysis of Bloom Energy’s decline Negative Sentiment: Bloom trades at a very demanding valuation, while coverage ahead of earnings says the company may lack the usual indicators associated with a likely earnings beat. Investors are focused on backlog, guidance and whether strong prior revenue growth can continue. Zacks earnings preview for Bloom Energy Insider Activity In related news, Director Jeffrey Immelt sold 30,000 shares of Bloom Energy stock in a transaction dated Monday, August 17th. The stock was sold at an average price of $238.91, for a total value of $7,167,300.00. Following the completion of the sale, the director owned 201,243 shares of the company’s stock, valued at approximately $48,078,965.13. This trade represents a 12.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Satish Chitoori sold 2,870 shares of the business’s stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $270.06, for a total value of $775,072.20. Following the completion of the sale, the insider owned 202,494 shares in the company, valued at $54,685,529.64. This represents a 1.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 89,698 shares of company stock worth $21,780,758. 3.00% of the stock is owned by company insiders.

Bloom Energy Stock Down 6.2% BE opened at $221.61 on Friday. Bloom Energy Corporation has a twelve month low of $75.70 and a twelve month high of $351.28. The company’s 50-day moving average price is $249.30 and its two-hundred day moving average price is $246.10. The stock has a market cap of $65.27 billion, a price-to-earnings ratio of 207.28, a PEG ratio of 3.04 and a beta of 3.77. The company has a quick ratio of 3.41, a current ratio of 4.09 and a debt-to-equity ratio of 1.59.

Bloom Energy (NYSE:BE – Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.39. Bloom Energy had a net margin of 7.87% and a return on equity of 35.45%. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $826.13 million. During the same quarter last year, the business posted $0.10 EPS. Bloom Energy’s quarterly revenue was up 165.5% compared to the same quarter last year. Bloom Energy has set its FY 2026 guidance at 2.550-2.850 EPS. As a group, equities analysts expect that Bloom Energy Corporation will post 2.04 earnings per share for the current year.

About Bloom Energy (Free Report)

Bloom Energy Corporation (NYSE: BE) develops and manufactures energy-generation and hydrogen technologies. Its primary product is the Bloom Energy Server, a solid-oxide fuel cell system designed to produce electricity onsite from fuels such as natural gas, biogas and hydrogen. The company’s distributed-generation systems are intended to provide reliable, low-emission power for commercial and industrial facilities, data centers, utilities and other large energy users.

Bloom Energy also produces electrolyzers that use electricity to separate water into hydrogen and oxygen.

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The market expects Bloom Energy (BE - Free Report) to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended September 2026. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on October 22. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis developer of fuel cell systems is expected to post quarterly earnings of $0.71 per share in its upcoming report, which represents a year-over-year change of +373.3%.

Revenues are expected to be $1.07 billion, up 106.3% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 3.94% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Bloom Energy?For Bloom Energy, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -5.63%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Bloom Energy will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Bloom Energy would post earnings of $0.39 per share when it actually produced earnings of $0.78, delivering a surprise of +100.00%.

Over the last four quarters, the company has beaten consensus EPS estimates four times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Bloom Energy doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Bloom Energy (BE -9.15%) stock has surged as artificial intelligence (AI) data centers have turned to the company's fuel cells for on-site power. Even after dropping 9% on Oct. 14, shares closed at $239.34, up almost 1,000% in the last five years.

But the stock has also come down hard from its high. The close was around 31% below its June 22 record of $345.85.

So, where might Bloom stock be at the end of 2030? My forecast is around $230 a share, near where it trades now. I think the company can get much bigger and more profitable in the next four years. I just don't think today's valuation leaves much room for the stock to reward that growth.

Image source: Getty Images.

How big could Bloom get by 2030?Bloom grew its revenue 37% in 2025, to $2.02 billion. Growth then picked up sharply this year, with second-quarter revenue up 166% year over year to $1.07 billion.

And management now expects $3.9 billion to $4.2 billion of revenue for all of 2026, around twice last year's total at the midpoint. The company also plans to double its Fremont, California, factory's annual production capacity from 1 gigawatt to 2 gigawatts by the end of 2026.

For my forecast, I'll assume Bloom's revenue hits around $12 billion in 2030, or about triple the midpoint of this year's guidance. That would mean growth of about 31% a year after 2026 -- under a third of this year's rate. Getting there would likely take another factory expansion after this one.

Margins may be flattening outA year ago, Bloom's non-GAAP (adjusted) operating margin was just 7.1%. It rose to 17.3% in the first quarter of 2026, then hit 22.5% in the second quarter as revenue more than doubled.

But management's full-year guidance is for adjusted operating income of $800 million to $900 million. After the first half, that implies a margin of only about 21% to 22% over the rest of the year.

So the big gain could already be behind Bloom, at least for now. Its third-quarter report on Oct. 22 should show the first of the second-half quarters.

Taxes might also take a bigger bite. Bloom recorded almost no income tax expense on its second-quarter profit, helped by $2.3 billion in federal tax-loss carryforwards it had at the end of 2025. With at least $800 million of adjusted operating income expected this year alone, those carryforwards might be mostly used up long before 2030.

In my base case, Bloom keeps around 22 cents of adjusted profit for every dollar of revenue in 2030, a little over the 21% or so that this year's guidance implies. Even that takes progress, of course, because holding the margin after taxes likely means operating margins in the high 20s.

On $12 billion of revenue, that's around $2.6 billion of adjusted earnings. Spread across about 340 million diluted shares (up from about 323 million in the second quarter), it's about $7.75 a share. That's nearly triple the $2.70 midpoint of management's adjusted earnings-per-share guidance for 2026.

What would that be worth?I'll pick 30 times adjusted earnings as the stock's price-to-earnings ratio at the end of 2030.

For a growth stock that could still be expanding at a solid double-digit pace by then, I think that's a fair price. But it's a big step down from today. After all, at $239.34, shares cost nearly 90 times adjusted earnings, using the $2.70 per share Bloom expects this year.

Thirty times $7.75 of adjusted earnings per share brings me to around $230 a share. From the Oct. 14 close, that's a total drop of about 4%, or a loss of a bit under 1% a year.

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If margins just stay near today's levels, the result looks worse. Say Bloom's adjusted operating margin holds around 21% and taxes take a normal bite. So adjusted profit might be closer to 17 cents per dollar of revenue, or about $6 per share in 2030. At 30 times adjusted earnings, the stock would be near $180, about 25% under the Oct. 14 close.

Sure, if demand keeps outrunning Bloom's factories, revenue might well beat $12 billion. But a short-seller's July report questioning Bloom's accounting (which the company rejected), adds another risk besides margins.

In the end, I think Bloom will probably be a much larger, more profitable company in 2030 than it is today. The trouble is the starting price. Earnings per share could nearly triple and still leave shareholders around where they started, so I'd want a lower price before buying the stock.

Bloom Energy shares have already surged over 200% this year, yet Wall Street's consensus target barely budges. A closer look at the numbers reveals why one specific price could still be achievable by 2027.

Bloom Energy (NYSE:BE) makes solid-oxide fuel cell “Energy Servers” that generate electricity onsite without burning. AI data centers have made that technology a default choice.

Here is how CEO KR Sridhar put it on the second-quarter call: “Today, all the major US hyperscalers and over a dozen US neoclouds, AI labs, and colocation data center operators have validated and approved our power solutions for their AI factories. Bloom is now a standard for AI onsite power.”

The market has noticed. Shares trade at $273.45, up 214.71% year-to-date and 1327.94% over five years. Here is what Bloom needs to do to hit $450 per share in 2027.

Wall Street’s Target Lags Its Own Rising Estimates The consensus price target of $283.78 implies just 3.8% upside. Ratings are split, with 12 holds against 15 buy or strong buy ratings. The estimates themselves are more bullish.

Analysts now expect $4.9421 in 2027 EPS, compared with $4.4009 90 days ago, a 12.3% increase. The 2027 revenue consensus of $6.79 billion sits 65% above the 2026 estimate, and EPS is forecast to grow 82.6%.

Bloom also exceeded estimates in five straight quarters, so forecasts have tended to come in too low. In the second quarter, non-GAAP EPS of $0.78 topped the $0.41 estimate, and revenue rose 165.5% to $1.07 billion.

Here’s What It Takes for Bloom to Reach $450 Today Bloom trades at 55x 2027 earnings. At $450, that multiple rises to 91x. Using the high 2027 estimate of $7.01, it falls to 64x. It’s a premium valuation, but it comes with earnings growth above 80%.

How might Bloom reach $450? Guidance raises: The 2026 non-GAAP operating income outlook now stands at $800 to $900 million, up from $425 to $450 million at the start of the year. Financing capacity: Brookfield expanded its framework from $5 billion to $25 billion in June 2026. Backlog: Total backlog of roughly $20 billion gives Bloom years of visibility. Operating leverage: Revenue grew 166% while operating expenses rose 48%, which raised operating margin to 22.5%. Scalable supply: CFO Simon Edwards said Bloom is “neither gated by capacity nor our supply chain.” Inference demand: Sridhar expects inference to need distributed power close to users, saying “You cannot put a gas turbine in the middle of Manhattan.” Bloom’s Recent Run Shows $450 Is Within Reach Reaching $450 would take a 64.6% gain. It’s a large move, and Bloom has already beaten it by a wide margin this year.

Shares are up 212.23% over the past year and have traded as high as $351.28 in the last 52 weeks. After the second-quarter earnings report, the stock rose 43.1% in a single week. With a beta of 3.776, Bloom moves fast in both directions. The 52-week low was $75.70.

$450 Is a Stretch, but Here’s Why It’s Possible Hitting $450 would require Bloom to gain about 65% in 2027. Several things support that path: 2027 estimates keep rising, Bloom keeps beating them, management keeps raising guidance, and a $25 billion financing shelf supports more installations.

The hurdles are real. A slowdown in AI spending, uneven large-campus deliveries, and tariffs could each halt the rally. Still, if hyperscalers keep choosing onsite power and estimates move toward the high end, $450 is within reach. Returns at this level shouldn’t be expected every year, but we’ve outlined the plan for how Bloom could see outsized returns in 2027.

Contact [email protected] for any questions or corrections.

Up over 200% since last October, and over 1,400% over the last five years, Bloom Energy (BE +2.81%) has been on an absolute tear. And it's not hard to see why. Bloom has become one of the most important energy companies to the tech industry, mainly because it has something AI companies desperately need: power, and fast.

Bloom's solid oxide fuel cells -- Bloom boxes, as they're sometimes called -- can generate electricity directly at data centers, which allows developers to sidestep the years-long wait for a connection to the grid. This "time to power" advantage has catapulted Bloom from a relatively obscure clean-energy upstart into one of Wall Street's hottest energy stocks.

With such an enormous run behind it, however, the uncomfortable question emerges: Have Bloom's best market days come and gone, or is there still upside ahead?

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How Bloom cemented its dominance in 2026 As mentioned, Bloom sells solid oxide fuel cells for on-site power generation. The company earns most of its revenue from selling and installing these systems, with maintenance providing a smaller stream of revenue.

Sales of Bloom's energy systems have been spectacular, and its second-quarter numbers show just how quickly demand has spiked. Product revenue in Q2 hit $935 million, up roughly 215% year over year, and total revenue surpassed $1 billion for the first time in company history.

Better yet, Bloom's operating expenses did not rise as drastically as revenue. In Q2 2025, for example, Bloom generated about $401 million in revenue while spending roughly $111 million on operating expenses. This year, Bloom generated more than $1 billion while operating expenses rose to about $173 million. That helped Bloom swing from a $3.5 million operating loss a year ago to a $182 million profit last quarter.

One slight wrinkle is that about 73% of Bloom's second-quarter revenue came from a single buyer. That's concerning because it means a large portion of Bloom's recent growth depended on one buyer rather than a broad mix. That doesn't take away from what was an otherwise outstanding quarter, but it could make Bloom's growth less durable if that customer's orders slow down.

Image source: Bloom Energy.

Bloom has several projects in its back pocket, including partnerships with Equinix, Oracle, Nebius, and Brookfield Asset Management. But perhaps the most interesting is its relationship with miTAC Computing, which manufactures servers for AI workloads.

Bloom plans to deploy a "microgrid" at miTAC's manufacturing campus in Fremont, California. Bloom hasn't disclosed the project's size, but what fascinates me is the customer: miTAC isn't a data center. It basically makes equipment for data centers. This suggests that Bloom is trying to expand beyond data centers to encompass the broader AI-related supply chain, which could significantly broaden its market opportunity.

I don't think it's too late to buy Bloom Energy stock. At the same time, if you're buying Bloom with the expectation that immense growth will come from data centers, you might be late to that particular story.

However, it doesn't mean that Bloom's momentum has hardened into stasis. Indeed, if the miTAC relationship tells us anything, it's that Bloom is already looking for ways to expand beyond data centers. Bloom investors may not see the same 15-fold gain the stock has seen over the last five years. But I think the stock still has a competitive edge and the potential to beat the market over the long term.

Key Takeaways Bloom Energy trades above key SMAs after a 237.7% gain in a year, signaling positive price momentum.AI data center demand and grid constraints are expanding opportunities for Bloom Energy's on-site power.Bloom Energy's strong ROE and rising EPS estimates are tempered by high debt and a premium valuation. Bloom Energy Corporation (BE - Free Report) is trading above its 50 and 200-day simple moving averages (SMAs), signaling a bullish trend. BE’s shares have gained significantly in the past 12 months, and it has reported positive earnings surprises in the past four quarters.

Bloom Energy is benefiting from increasing demand for clean, reliable power, supported by rapid AI-driven data center growth and greater adoption of distributed energy solutions that help customers avoid transmission and distribution constraints.

BE’s 50 & 200 Day SMAs
Image Source: Zacks Investment Research

BE is trading above its 50-day and 200-day simple moving averages, indicating positive price momentum. These widely followed technical indicators help traders and analysts identify potential support and resistance levels, while sustained trading above them is generally viewed as an early signal of a broader uptrend.

Shares of Bloom Energy have registered a gain of 237.7% in the past year against the Zacks Alternative Energy - Other industry’s decline of 7%. The company has also outperformed the Zacks Oil & Energy sector’s return of 30.8% and the S&P 500’s rally of 16.2% in the same time frame.

Another clean-energy player, Plug Power Inc. (PLUG - Free Report) , is expanding its hydrogen capabilities across North America and Europe. The company is building an integrated “hydrogen highway” spanning the full value chain, from green hydrogen production to distribution and delivery. Over the past year, PLUG’s shares have declined 49.1%.

Price Performance (One year)
Image Source: Zacks Investment Research

BE’s recent price strength may attract investors, but momentum alone should not drive an investment decision. Evaluating the company’s earnings prospects, growth opportunities, valuation and key risks is essential to determine whether the stock offers sufficient upside potential to justify adding it to a portfolio.

Can Bloom Energy Sustain Its Strong Stock Momentum?Bloom Energy’s Energy Server platform provides efficient, reliable and lower-emission power to commercial and utility customers. Built on proprietary solid oxide technology, the system generates electricity through an electrochemical process rather than combustion. Rising power requirements from AI-driven data centers, crypto-mining facilities and the reshoring of U.S. manufacturing should create meaningful growth opportunities for Bloom Energy.

At the same time, electricity demand is increasing faster than transmission and distribution infrastructure can expand, creating grid constraints in several markets. Bloom Energy’s Energy Servers help address this challenge by connecting directly to a customer’s electrical system and operating alongside the grid, reducing dependence on centralized power infrastructure and associated transmission losses. Their modular architecture also enables customers to scale capacity from hundreds of kilowatts to several hundred megawatts as power requirements grow.

Bloom Energy’s DC-native fuel cell solution strengthens its position in the fast-growing AI data center market by reducing power infrastructure requirements, conversion losses and reliance on constrained grid equipment. For a 1-GW facility, the system could lower non-compute capital spending by $3.6 billion and five-year ownership costs by $5.5 billion, supporting stronger customer economics and adoption potential.

Bloom Energy and Brookfield expanded their strategic partnership, increasing planned investment in AI-focused power infrastructure from $5 billion to $25 billion. The fivefold increase underscores accelerating electricity demand from hyperscale AI data centers and highlights the growing opportunity for Bloom Energy to support large-scale, reliable power needs.

BE’s EPS Estimates Moving UpThe Zacks Consensus Estimate for BE’s 2026 and 2027 earnings per share (EPS) reflects year-over-year growth of 255.26% and 80.56%, respectively.

Image Source: Zacks Investment Research

The same for PLUG’s 2026 and 2027 EPS reflects year-over-year growth of 71.13% and 58.05%, respectively.

BE Stock Returns Better Than Its IndustryThe return on equity (“ROE”) measures how well a company is utilizing its shareholders’ funds to generate profits. ROE compares net income with shareholders' equity.

ROE of Bloom Energy was 35.45% compared with the industry average of 8.28%.

Image Source: Zacks Investment Research

Operating in the same industry, Talen Energy Corporation (TLN - Free Report) benefits from rising data center demand and strategic grid assets, supporting stable cash flows and long-term growth potential. Talen Energy’s ROE is 43.32%, better than the industry average.

BE’s Debt Level Higher than IndustryBloom Energy is presently using more debt compared with the peers in its industry. The current debt-to-capital of the company is 62.07% higher than its industry level of 42.93%.

Image Source: Zacks Investment Research

Bloom Energy Is ExpensiveBloom Energy is currently trading at a premium valuation. Its forward 12-month price-to-sales (P/S) of 14.63X stands higher than the industry’s 5.09X and the median of 12.81X over the past five years.

Image Source: Zacks Investment Research

Talen Energy is currently trading at P/S F12M of 3.53X, a discount to the industry level.

Summing UpBloom Energy continues to post steady performance, supported by rising clean-energy demand and its ability to deliver reliable, on-site power solutions tailored to customers’ requirements. Growth prospects could strengthen further as businesses increasingly adopt flexible, distributed generation to address rising electricity needs and grid constraints.

Improving earnings expectations and an ROE that exceeds the industry average strengthen BE’s investment case. Still, relatively high debt utilization and a premium valuation temper its near-term appeal. Given the current risk-reward balance, prospective investors may prefer to wait for a more attractive valuation before initiating a position.

Bloom Energy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Bloom Energy (BE +4.17%) put a dollar amount on its pitch to artificial intelligence (AI) data centers on Sept. 16. According to the fuel cell maker's own cost model, a 1-gigawatt AI data center run on its systems could spend $3.6 billion (27%) less on non-chip construction than one built around standard AC (alternating current) power. Over five years, Bloom says the total cost to own the facility drops by $5.5 billion, or 9%.

These savings are big next to the $3.9 billion to $4.2 billion in revenue Bloom sees for all of 2026. And they come with the stock near $289 as of this writing, about 18% under its 52-week high of $351.28.

I think the claim's credible, but I'm less sure it affects what the stock's worth.

Image source: The Motley Fool.

Where does the $3.6 billion come from?Bloom's solid oxide fuel cells make electricity on-site, and they produce it as 800-volt direct current (DC). That matters because AI chips use DC, but the grid, gas turbines and engines supply AC power that has to be converted before it reaches a server rack. Skipping these steps, Bloom argues, reduces the need for transformers and switchgear, equipment that can already take years to get.

Work the percentages backward, and Bloom's model puts non-chip construction for a 1-gigawatt site at about $13 billion and five-year ownership at roughly $60 billion. Most of that tab, in other words, goes toward the chips and the cost to run them. Even in Bloom's own numbers, power savings trim less than a tenth of it.

Bloom also notes that real project economics will differ by site.

Nvidia's racks are moving to 800 voltsNvidia (NVDA +1.34%) has said full-scale production of 800-volt DC data centers should coincide with its Kyber rack systems in 2027. It says running one of these 1-megawatt racks on today's 54 volts could use up to 200 kilograms of copper. Research firm SemiAnalysis reported in July that Kyber could slip to 2028, a report Nvidia denied.

But Nvidia's own design doesn't need a fuel cell. It converts AC grid power to 800-volt DC once, at the edge of the data center.

The data center power system makers Nvidia listed as 800-volt partners in October 2025 included Eaton and GE Vernova, but not Bloom. So Bloom's real competitor in 2027 might be grid or turbine power converted to DC once, which could cut the savings.

"To move away from the AC paradigm that is over a century old requires the pain of not switching to be far greater than the benefit and comfort of accepting the status quo," Bloom's founder and CEO, KR Sridhar, said when the report came out, admitting that switching is a high bar.

Saving 9% on ownership costs is worth having. I'm not sure it's that sort of pain.

Orders still depend on speedBloom's Oracle deal seems to have been won on something else. When Oracle expanded its partnership in April to get up to 2.8 gigawatts of Bloom's fuel cells, its executive spoke about speed, not cost.

"By rapidly deploying Bloom's reliable, efficient fuel cell energy, we are quickly meeting the demands of our customers across the United States," said Mahesh Thiagarajan, executive vice president of Oracle Cloud Infrastructure.

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That demand shows in Bloom's results. In the second quarter of 2026, product revenue was around $935 million, over three times the year-ago level. Product gross margin, though, is about where it was before the data center boom. The latest quarter's 36.5% is near the 36.6% Bloom reported in the fourth quarter of 2025 and the 36.8% it posted for all of 2024. So Bloom is selling far more systems without yet keeping a noticeably bigger share of every sale. If customers accept the cost claim, it may give Bloom room to charge more.

Of course, fuel cells also need a steady gas supply. On Sept. 24, Bloomberg reported that Oracle had sent a force majeure notice linked to Project Jupiter, a planned New Mexico campus that Bloom's fuel cells are due to power. The pipeline meant to supply the site with natural gas has been delayed. Bloom said Oracle is still committed to the contract, and Oracle said the project remains on schedule.

Shares cost around 56 times Bloom's expected 2027 earnings per share. And 2027 is just the year Nvidia's 800-volt racks are set to start arriving. Notably, Bloom's announcement doesn't name a customer for its full 800-volt design.

So the cost claim helps Bloom's case for the 2027 build-out. But I'd want to see a big data center operator commit to that design before paying this much for the stock.

Bloom Energy (BE) and FuelCell Energy (FCEL) are having a wild week, driven by Wall Street rating changes, AI timeline concerns and legal scrutiny. On Thursday, Bloom Energy stock wavered even as Treasury yields reversed lower.

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Why Is BE Stock Up And Down Today?
Bloom Energy stock rose initially in Thursday's stock market action following a price-target hike, but then got caught in a broader downdraft due to rising Treasury yields.

On Thursday, Barclays raised its price target on Bloom Energy stock to $308 from $276. BE stock initially rose on the news, before edging lower.

AI stocks tend to be rate-sensitive. While Treasury yields retreated Thursday, the near-vertical uptrend continues. Higher interest rates makes financing projects costlier, while increasing the discount rate for future growth However, in a positive sign, BE stock continues to hold above short-term support.

Intraday, BE stock traded right around 276. The AI power player has undercut a 288 deep cup-with-handle buy point, which it initially cleared on Friday, the MarketSurge chart shows. But it is riding above the 21-day exponential moving average, and comfortably above longer-term support levels.

Catalysts For AI Power Play Bloom Energy
Barclays analyst Christine Cho cited several catalysts, based on recent news reports and the firm's own analysis:

Factory Expansion: The City of Fremont, Calif., said in a recent LinkedIn post that Bloom Energy acquired a 158,000-square-foot facility. This would be almost as large as Bloom's current plant and suggests that Bloom Energy plans a massive capacity increase.

Amid the boom in power-hungry artificial intelligence (AI) data centers, Bloom shows explosive growth.

Utility Pipeline Growth: On Monday, Missouri utility Ameren (AME) unveiled a 20-year plan including 500 megawatts (MW) of fuel cells by 2030. That served as a big endorsement of fuel cells for round-the-clock power, which AI data centers need. And it could open up a major new market. Ameren did not name any fuel-cell company. However, Bloom is perhaps the only firm capable of supplying gas-powered fuel cells at the massive 500 MW scale, which could power up to 10 large AI data centers.

Insulated Oracle Supply: Cho also addressed recent concerns around Bloom customer Oracle (ORCL). Last week, Oracle declared force majeure over a New Mexico data center site, which will let it halt payments if the project is delayed.

According to Cho, Oracle faces a straightforward choice on that project, called Jupiter: Take fuel-cell deliveries on time or risk its spot in the line. However, Cho expects that Oracle will keep the units and shift it to another data center site (like Project Lighthouse in Wisconsin), rather than walk away.

Rival FuelCell Energy's Woes
While hiking the BE stock price target on Thursday, Barclays kept an equal weight rating. The $308 target implies a further 12% upside, after shares have more than tripled in 2026.

Meanwhile, FuelCell Energy shares rose 2.4% to 16.82 on Thursday, but still some distance below the 50-day line. FCEL stock has more than doubled in 2026 despite more than halving since July.

FuelCell Energy slumped after a worse-than-feared loss for the second quarter. It has now been accused of misleading investors in several lawsuits.

But on Thursday, Oppenheimer initiated FCEL stock at outperform with a $24 price target. That suggests the firm's analysts see the Bloom rival's long-term AI data center potential outstripping its short-term financial and legal woes.

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Bloom Energy (BE - Free Report) closed the most recent trading day at $262.87, moving -8.95% from the previous trading session. The stock trailed the S&P 500, which registered a daily loss of 0.77%. Elsewhere, the Dow saw a downswing of 0.67%, while the tech-heavy Nasdaq depreciated by 0.92%.

Heading into today, shares of the developer of fuel cell systems had gained 36.97% over the past month, outpacing the Oils-Energy sector's gain of 1.13% and the S&P 500's gain of 0.96%.

The investment community will be closely monitoring the performance of Bloom Energy in its forthcoming earnings report. In that report, analysts expect Bloom Energy to post earnings of $0.72 per share. This would mark year-over-year growth of 380%. At the same time, our most recent consensus estimate is projecting a revenue of $1.07 billion, reflecting a 106.31% rise from the equivalent quarter last year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.7 per share and revenue of $4.14 billion. These totals would mark changes of +255.26% and +104.34%, respectively, from last year.

Investors should also pay attention to any latest changes in analyst estimates for Bloom Energy. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has remained steady. At present, Bloom Energy boasts a Zacks Rank of #1 (Strong Buy).

In terms of valuation, Bloom Energy is currently trading at a Forward P/E ratio of 106.79. This expresses a premium compared to the average Forward P/E of 17.61 of its industry.

It is also worth noting that BE currently has a PEG ratio of 2.81. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Alternative Energy - Other industry currently had an average PEG ratio of 2.2 as of yesterday's close.

The Alternative Energy - Other industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 93, placing it within the top 38% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Envestnet Asset Management Inc. lessened its stake in Bloom Energy Corporation (NYSE:BE – Free Report) by 9.5% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 163,583 shares of the company’s stock after selling 17,244 shares during the quarter. Envestnet Asset Management Inc. owned 0.06% of Bloom Energy worth $49,517,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Continuum Advisory LLC acquired a new stake in Bloom Energy in the second quarter valued at $25,000. MJT & Associates Financial Advisory Group Inc. boosted its position in shares of Bloom Energy by 49.3% during the 2nd quarter. MJT & Associates Financial Advisory Group Inc. now owns 112 shares of the company’s stock worth $34,000 after acquiring an additional 37 shares in the last quarter. Markowski Investments acquired a new position in shares of Bloom Energy during the 2nd quarter worth about $37,000. Bogart Wealth LLC increased its holdings in shares of Bloom Energy by 725.0% in the 2nd quarter. Bogart Wealth LLC now owns 132 shares of the company’s stock valued at $40,000 after acquiring an additional 116 shares during the last quarter. Finally, Carolina Wealth Advisors LLC increased its holdings in shares of Bloom Energy by 51.7% in the 2nd quarter. Carolina Wealth Advisors LLC now owns 135 shares of the company’s stock valued at $41,000 after acquiring an additional 46 shares during the last quarter. 77.04% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth BE has been the topic of several research analyst reports. Evercore reissued an “outperform” rating on shares of Bloom Energy in a research report on Friday, August 7th. Barclays increased their price target on shares of Bloom Energy from $254.00 to $276.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 23rd. Sanford C. Bernstein reissued a “market perform” rating and set a $282.00 price objective on shares of Bloom Energy in a report on Thursday, August 27th. Zacks Research upgraded shares of Bloom Energy from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 28th. Finally, Jefferies Financial Group upped their target price on shares of Bloom Energy from $188.00 to $229.00 and gave the company a “hold” rating in a report on Friday, August 14th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Bloom Energy has an average rating of “Moderate Buy” and an average price target of $254.14.

Get Our Latest Stock Analysis on Bloom Energy Bloom Energy News Roundup Here are the key news stories impacting Bloom Energy this week:

Positive Sentiment: Oracle maintains its Bloom Energy commitment. Oracle reportedly continues to stand behind a contract for approximately 2.4 gigawatts of Bloom fuel-cell systems, within a broader agreement covering up to 2.8 gigawatts. The confirmation eased concerns that Oracle’s force majeure notice could lead to cancellation of Bloom’s largest deployment. Oracle reaffirms Bloom fuel-cell contract Positive Sentiment: AI power demand continues to support Bloom’s growth narrative. Analysts and market commentary highlight Bloom’s role in providing rapid, behind-the-meter power for data centers amid a projected U.S. AI electricity shortfall. The company has reported an approximately $20 billion backlog and plans to double Fremont production capacity to 2 gigawatts by the end of 2026. Bloom backlog and production expansion Neutral Sentiment: The Oracle project remains delayed but has not been canceled. A natural-gas pipeline and regulatory delays affecting Oracle’s Project Jupiter could postpone Bloom’s revenue, cash flow and profits. However, Oracle says the project remains on schedule for its planned completion, and Bloom’s backlog is diversified across multiple customers. Oracle force majeure and AI infrastructure risks Neutral Sentiment: Bloom also publicized a $10,000 donation to support first responders in State College, Pennsylvania. The announcement may improve community visibility but is unlikely to materially affect financial results. Bloom supports State College first responders Negative Sentiment: Multiple law firms are promoting a securities class action. The lawsuit covers investors who purchased Bloom securities between February 27, 2025, and July 8, 2026, with a September 28 lead-plaintiff deadline. Allegations reportedly include misleading statements about the company’s China-related supply chain. The legal action adds reputational, financial and disclosure risk, though the allegations have not been proven. Bloom Energy securities class action Insider Activity at Bloom Energy In related news, insider Shawn Soderberg sold 2,870 shares of the stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $270.07, for a total transaction of $775,100.90. Following the completion of the sale, the insider directly owned 126,500 shares of the company’s stock, valued at $34,163,855. This trade represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Aman Joshi sold 3,601 shares of Bloom Energy stock in a transaction on Wednesday, September 16th. The shares were sold at an average price of $269.94, for a total transaction of $972,053.94. Following the completion of the transaction, the insider owned 155,529 shares in the company, valued at approximately $41,983,498.26. This trade represents a 2.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 89,604 shares of company stock worth $21,948,262 in the last ninety days. Company insiders own 3.00% of the company’s stock.

Bloom Energy Trading Up 0.1% NYSE:BE opened at $288.87 on Monday. The company has a market capitalization of $85.08 billion, a PE ratio of 385.15, a P/E/G ratio of 3.69 and a beta of 3.80. Bloom Energy Corporation has a 52-week low of $66.62 and a 52-week high of $351.28. The stock’s 50 day moving average price is $230.54 and its 200 day moving average price is $234.21. The company has a quick ratio of 3.41, a current ratio of 4.09 and a debt-to-equity ratio of 1.59.

Bloom Energy (NYSE:BE – Get Free Report) last issued its quarterly earnings data on Tuesday, July 28th. The company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.39 by $0.39. The company had revenue of $1.07 billion during the quarter, compared to analysts’ expectations of $826.13 million. Bloom Energy had a return on equity of 35.45% and a net margin of 7.87%.The firm’s revenue for the quarter was up 165.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.10 earnings per share. Bloom Energy has set its FY 2026 guidance at 2.550-2.850 EPS. On average, research analysts anticipate that Bloom Energy Corporation will post 2.06 EPS for the current year.

About Bloom Energy (Free Report)

Bloom Energy Corporation develops and manufactures solid oxide fuel cell systems that generate electricity through an electrochemical process. Its primary product, the Bloom Energy Server, is designed to provide on-site, distributed power for commercial and industrial customers, data centers, utilities, and other organizations seeking reliable electricity with lower emissions than conventional fossil-fuel generation.

The company also offers the Bloom Electrolyzer, which uses solid oxide technology to produce hydrogen from electricity and water.

See Also Five stocks we like better than Bloom Energy Data Centers Got the AI Hype—But Office REITs May Get the Rent Hikes 2 Cybersecurity Stocks Breaking Out as AI Continues to Be a Tailwind 3 More AI Infrastructure Plays Beyond the Big Names CAVA Stock Slips: Sector Fear or Valuation Reality? Want to see what other hedge funds are holding BE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bloom Energy Corporation (NYSE:BE – Free Report).

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Bloom Energy (BE -3.10%) disclosed a total backlog of about $20 billion in February -- about five times the revenue its raised 2026 guidance calls for. The fuel cell maker's systems generate electricity on-site, sparing a data center the yearslong wait for a grid connection, and that pitch has filled the order book.

But an order book rewards shareholders only as it converts into revenue. And the pace of conversion depends on what the backlog contains, on how fast Bloom can build -- and on when customers' sites are ready. Here's a closer look.

Image source: The Motley Fool.

A $20 billion order bookThe figure arrived with Bloom's fourth-quarter report in February. About $6 billion of the total was product backlog (orders for the power systems themselves), a figure that had more than doubled in a year.

The rest, roughly $14 billion, was service: long-term operation and maintenance contracts attached to systems Bloom has installed or agreed to deliver. Those contracts run 5 to 20 years, and customers can cancel on an annual basis.

The company's definitions are worth noting, too. Product backlog counts existing contractual commitments for future purchases, and the dollar figure includes the tax incentives Bloom expects those deals to generate -- not just the revenue the company itself would book.

And the order book has kept growing since. In April, Oracle expanded its partnership with Bloom to cover up to 2.8 gigawatts of fuel cell systems for its artificial intelligence (AI) infrastructure build-out, with 1.2 gigawatts contracted up front and deployments continuing into 2027.

The company's answer is a bigger factory. Bloom plans to double annual production capacity at its Fremont, California, plant from 1 gigawatt to 2 gigawatts by the end of 2026. Even then, the Oracle agreement alone could take more than a year of the expanded plant's entire output.

The conversion is already visible in the income statement. Revenue came in around $751 million in the first quarter, growth of 130% year over year. The second quarter brought $1.07 billion, up 166% year over year and 42% from the first quarter, with product revenue more than tripling to about $935 million. And management raised its full-year outlook twice -- in April to $3.4 billion to $3.8 billion, and in July to $3.9 billion to $4.2 billion, roughly double last year's total at the midpoint. Growth, in other words, is accelerating.

Set against about $4 billion of revenue a year (the guidance midpoint), the $6 billion product book is less than two years of work, and the factory could clear it faster as capacity doubles.

The service book pays out over decadesThe service book is the reason I wouldn't read the $20 billion as a five-year revenue queue. That roughly $14 billion converts over the life of contracts running 5 to 20 years, and Bloom's service revenue in the first half of this year was about $131 million.

Of course, service revenue will likely keep growing as the installed base grows. But a book that size is built to pay out over decades, not a couple of build cycles.

There's also a gap, however, between the backlog and the much smaller figure on Bloom's books. Under standard revenue accounting, the company reported unsatisfied performance obligations of about $442 million for products and installation as of June 30, plus about $52 million for service. Bloom expects the product portion to become revenue within one to two years, in line with customers' project deployment schedules.

In other words, the backlog is the broad measure of what customers have committed to over time. The accounting figure captures only part of the work that is next in line.

The conversion timeline, then, splits in two. The product book is one to two years of work at the current build rate. The service book pays out over decades behind it.

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The growth stock trades near $277 as of this writing.

That puts the stock's forward price-to-earnings ratio (today's price against next year's expected earnings) near 56, and the price at about 100 times the middle of management's own non-GAAP (adjusted) earnings per share guidance for this year.

A valuation that high arguably assumes full-speed conversion for years to come. Yes, the factory may well deliver. After all, management has already raised its outlook twice this year. But I'd rather not pay for those years up front -- at least not pay a price this high.

For the past few years, investors have been searching for the biggest winners from the artificial intelligence (AI) revolution.

Nvidia has been the obvious answer. Palantir Technologies has emerged as another favorite. Microsoft, Alphabet, Amazon, and Meta Platforms are spending hundreds of billions of dollars building the infrastructure needed to make AI more powerful and more widely available.

But there is a problem hiding underneath all that spending. AI needs electricity. A lot of it. And getting enough power to the next generation of data centers could become one of the biggest challenges of the AI boom.

That creates an interesting opportunity for investors. Two companies are attacking this problem from very different directions: Constellation Energy (CEG +0.92%) and Bloom Energy (BE +1.02%). One owns the power-generating infrastructure. The other sells equipment that allows customers to generate power on-site.

Image source: Getty Images.

AI's next bottleneck is not tech-related, but something else Investors have spent years worrying about whether there will be enough AI chips or memory. Now, another constraint is becoming increasingly apparent: whether there will be enough electricity to run them.

AI data centers are enormous power consumers. As companies build larger facilities and deploy increasingly powerful computing systems, their electricity requirements can reach hundreds of megawatts.

The problem isn't simply generating more electricity. It's getting that electricity to the right place at the right time. Building new power plants and transmission infrastructure can take years. Meanwhile, demand from data centers is arriving now. This suggests that the AI infrastructure race could increasingly become a race to secure power.

And this is where Constellation Energy and Bloom Energy become interesting.

Constellation Energy: Owns the power infrastructures Constellation Energy is the more traditional of the two businesses.

It owns and operates a massive portfolio of electricity-generating assets, with nuclear power at its core. Constellation Energy has about 55 gigawatts of generating capacity across nuclear, natural gas, geothermal, hydro, wind, and solar. It is also the largest nuclear energy company in the U.S.

Its investment proposition is relatively straightforward. If electricity becomes more valuable, owning large-scale generation assets should become more valuable, too.

That doesn't mean Constellation Energy has spare electricity sitting around waiting for AI data centers. Much of its existing generation is already committed through contracts or sold into power markets. The opportunity is that a tighter power market can create new commercial opportunities.

For instance, Constellation Energy is already signing long-term agreements with customers seeking reliable generation. In its latest quarter, it announced another 920 megawatts of long-term power purchase agreements for clean, reliable generation, with an average duration of 15 to 20 years.

In other words, Constellation Energy is betting that owning scarce, reliable generation will become increasingly valuable as electricity demand grows. That means whether it signs long-term agreements with AI data centers or not, electricity demand is growing and, hence, becoming more valuable.

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Bloom Energy: Bring the power to the customers Unlike Constellation Energy, Bloom Energy takes a completely different approach.

It doesn't primarily sell electricity. It sells solid-oxide fuel cell systems -- electrochemical conversion devices -- that allow customers to generate electricity on-site.

That distinction matters. Imagine an AI data center that has secured land, buildings, and billions of dollars of computing equipment, but the local grid cannot provide enough power quickly enough. Waiting for a new transmission connection could delay the project.

Bloom Energy's proposition is simple: Generate some of that electricity on-site instead. It doesn't replace the grid. Rather, it can provide another source of power when grid capacity, transmission, or connection timelines become constraints.

And the business is growing rapidly. Bloom Energy generated $1.1 billion of revenue in the second quarter of 2026, up 166% from a year earlier. That is remarkable growth for a company that was once a niche fuel-cell story. Better still, the company says major U.S. hyperscalers and more than a dozen AI labs, neoclouds, and data-center operators have validated its power systems for AI applications.

In short, the sky seems to be the limit for the company.

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What does it mean for investors? It's always exciting to look for the next AI company that could deliver outstanding investment returns. But sometimes the best ideas could be right under our noses.

In this case, both Constellation Energy and Bloom Energy are well-positioned to benefit from the AI infrastructure race. After all, what's the point of having all the latest chips and technology if we cannot get enough electricity to power them?

Interestingly, the biggest bottleneck in the AI industry may not be the tech, but the electricity.

NEW YORK, Sept. 17, 2026 (GLOBE NEWSWIRE) -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized investor-rights law firm, announces that a class action lawsuit has been filed against Bloom Energy Corporation (NYSE: BE) and certain of its officers.

This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Bloom Energy securities between February 27, 2026 and July 8, 2026, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/BE.

Bloom Energy Case Details

The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that:

that Bloom Energy obtained scandium through intermediaries who sourced the metal from China; that, as a result, the Company understated the extent to which it relied on scandium from China; and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. What's Next for Bloom Energy Investors?

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/BE. or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 917-590-0911. If you suffered a loss in Bloom Energy you have until September 28, 2026, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.

No Cost to Bloom Energy Investors

We, Bronstein, Gewirtz & Grossman LLC, represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.

Why Bronstein, Gewirtz & Grossman, LLC for Bloom Energy Securities Class Action?

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide. More at www.bgandg.com

"Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace," said Peretz Bronstein, Founding Partner of Bronstein, Gewirtz & Grossman, LLC.

Follow us for updates on LinkedIn, X, Facebook, or Instagram.

Contact Info

Peretz Bronstein, Esq. or Nathan Miller
Bronstein, Gewirtz & Grossman, LLC
917-590-0911 | [email protected]

Attorney advertising.
Prior results do not guarantee similar outcomes.

Bloom Energy (BE +0.90%) is joining the S&P 500 (^GSPC -0.45%). S&P Dow Jones Indices made it official earlier this month: The fuel cell maker enters the index before the market opens on Monday, Sept. 21.

The move caps an exceptional year for Bloom, whose systems generate electricity on-site for data centers and other major power users. Shares have roughly tripled in 2026 as of this writing, even after declining almost 7% on Monday as part of a broad sell-off in stocks linked to the artificial intelligence (AI) trade.

They trade near $263, about 25% under the stock's 52-week high of $351.28.

Should you buy before the index funds have to?

Image source: Getty Images.

The index pop has mostly disappearedThe case for acting quickly is mechanical. After all, about $13 trillion in assets were indexed to the S&P 500 at the end of 2024, according to S&P's own tally.

Funds that replicate the index don't get to weigh the price. They have to own Bloom, and they typically make the swap in the closing auction on the final trading day before a change takes effect -- this Friday, Sept. 18, in Bloom's case.

But that buying is well telegraphed, and investors have learned to get ahead of it. Researchers at Harvard Business School found that the additional return from a stock joining the S&P 500 declined from an average of 7.4% in the 1990s to 0.3% in the decade through 2020. Put another way, the market now absorbs the index funds' buying without much of a pop.

Bloom's own trading matches that pattern. Shares jumped almost 10% in the first trading session after the announcement. As of this writing, they have given back most of it and trade about 4% above where they closed before the news.

Index membership changes who holds Bloom's shares. What matters more, I think, is that it doesn't change what the business earns.

Accelerating growthOn that score, Bloom has been delivering. The company passed $1 billion of quarterly revenue for the first time in the second quarter, with sales up 166% year over year -- and faster than the first quarter's 130%. Not only did growth speed up, but Bloom also turned a profit. Operating income came in at $182.2 million, compared with a small loss a year before. Earnings per share swung to $0.62 from an $0.18 loss.

The full-year outlook has risen just as fast. Management's guidance pointed to about 60% revenue growth when the year began. In April, the company raised the midpoint to about 80%.

And in July it raised guidance once more, to $3.9 billion to $4.2 billion -- about 100% growth at the midpoint compared with the $2.02 billion of revenue Bloom reported in 2025. The company also now expects $800 million to $900 million of non-GAAP (adjusted) operating income this year, nearly double what it projected in February.

The buyers behind this surge are AI data centers and the companies building them. In the second-quarter release, CEO KR Sridhar said Bloom's power systems have been validated by "all the major US hyperscalers" (the largest cloud computing companies) and called the company "a standard for AI onsite power."

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Too pricey?The market, though, has noticed all of this. At about $263, Bloom stock's forward price-to-earnings ratio (its price measured against next year's expected earnings) is about 53.

At that price, investors have arguably already paid for this year's doubling and are counting on years of robust growth afterward. If spending on AI data centers cools, Bloom's growth and its stock price could both fall fast. Concerns about exactly that were behind Monday's slide.

Of course, the slowdown may never come. Management sees demand accelerating, and the guidance raises back that up. But at this price, Bloom has to keep executing at a pace few companies can maintain for long.

So, should you buy Bloom Energy stock before it joins the S&P 500? If the index change is the reason, I don't think so. The buying from index funds is a one-time event, and history says it no longer provides much of a boost.

In the end, if you believe in the business, shares will still be there after the funds have finished buying. As for me, the price is too rich. I'd rather wait for a better entry point than buy just ahead of the index funds. If the stock pulls back meaningfully, or if earnings start catching up with the price, I'd take another look.

Bloom Energy's S&P 500 addition triggered mechanical buying pressure, but rival fuel cell stocks with no connection to the rebalance are surging alongside it, pointing to a second, more powerful force at work in the sector.

Shares of Bloom Energy (NYSE:BE) are climbing in Friday morning trading, up 7% to $276.31 after S&P Dow Jones Indices confirmed the fuel cell maker’s addition to the S&P 500. The reaction is spreading beyond Bloom Energy stock into the broader fuel cell group.

The bid extends past the name being added. Also trading higher, FuelCell Energy (NASDAQ:FCEL) stock is up 4% to $16.22, and Plug Power (NASDAQ:PLUG) shares are up 2% to $2.15. Both stocks sit outside the rebalance entirely.

The sector trade is firm without being extreme. The iShares Global Clean Energy ETF (NASDAQ:ICLN) is up 1%, running with the fuel cell names. Meanwhile, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is up 1%, but the broad market isn’t the story here.

Index Add Fuels Mechanical Buying S&P Dow Jones Indices is adding Bloom Energy to the benchmark before the open on September 21, an inclusion announced earlier this week. Every fund benchmarked to the index has to own Bloom Energy shares by that effective date, which creates buying that has nothing to do with fuel cell economics. Passive rebalance demand typically concentrates into the closing auction the day before the add and the open of the add itself.

Bloom Energy didn’t publish a company announcement, contract award, regulatory decision, or analyst action on Friday. A review across financial wires turned up no same-day company-specific item, so the catalyst points squarely at the index news and the flows it sets in motion.

Fuel Cell Theme Adds a Second Bid Peer action complicates a pure index-flow reading. FuelCell Energy and Plug Power aren’t part of the rebalance and receive no index-related demand, yet both are higher in the same session. Both companies sell onsite power systems into the same data center customers Bloom Energy serves, and buyers appear to be extending the theme across the group.

That leaves two bids stacking on Bloom Energy at once. One is mechanical and specific to the index add; the other is thematic, tied to onsite power for AI data centers, and it’s the one showing up in FuelCell Energy and Plug Power today (we profiled seven suppliers riding that same AI power buildout, from generation to cooling, in a free report you can grab here).

What to Watch Next The mechanical half of the Bloom Energy trade carries a known expiry. Once index funds finish buying into the September 21 open, that source of demand ends, and how Bloom Energy stock behaves after the add reveals how much of this move was theme rather than flow, according to S&P Dow Jones Indices.

Investors can watch for whether the fuel-cell segment bid in FuelCell Energy and Plug Power holds through the effective date. If the peer strength persists past the add, the data center power narrative earns more credit than the index mechanics for what’s happening in Bloom Energy stock this week.

Contact [email protected] for any questions or corrections.

David Moadel

David Moadel is financial writer specializing in stocks, ETFs, options, precious metals, and Bitcoin. David has written well over 1,000 articles for leading online publications, helping investors understand markets, income strategies, and risk.His work has appeared in The Motley Fool, InvestorPlace, U.S. News & World Report, TipRanks, ValueWalk, Benzinga, Market Realist, TalkMarkets, Finmasters, 24/7 Wall St., and others.With a master’s degree in education, David has taught at the elementary, high school, and college levels. That teaching background shapes his writing style: clear, educational, and practical. David has also built a loyal social-media audience by providing trustworthy financial content on YouTube, X/Twitter, and StockTwits.

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Bloom Energy (BE -2.67%), a developer of solid oxide fuel cells (SOFCs), has been one of the market's hottest growth stocks. Its shares surged more than 2,500% over the past two years, while its backlog swelled to $20 billion at the end of 2025. That's ten times the $2.0 billion in revenue it generated in 2025. Analysts expect its revenue to more than double to $4.1 billion this year, then grow 65% to $6.8 billion in 2027 and 46% to $9.9 billion in 2028.

That growth trajectory is impressive, but the recent introduction of its Power Connect system -- which could reduce its on-site installation time by more than 40% -- could help it exceed those bullish estimates. Let's see why this upgrade could matter more than the size of its backlog.

Image source: Getty Images.

Why will the Power Connect systems boost Bloom's sales? Bloom's SOFCs can convert natural gas, biogas, propane, and hydrogen into electricity without any combustion. Its systems can also be deployed on-site in less than three months and bypass traditional electrical grids, which can require years to set up new connections.

Those advantages make SOFC systems a popular choice for data centers seeking to quickly expand their cloud and AI infrastructure while maintaining a smaller carbon footprint. Oracle, CoreWeave, Nebius, Equinix, and other data center giants already use its SOFC systems. Brookfield Asset Management (BAM -1.30%), one of the world's largest asset managers, funds Bloom's development and deployment of those SOFC systems via a $25 billion partnership.

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Bloom's new Power Connect systems shift the complex wiring and integration work from the field into its own factories. By pre-wiring, pre-connecting, and fully testing those systems before they're delivered, Bloom minimizes the need for local on-site electricians and accelerates system deployments. By reducing its installation times to just one to two months, Bloom will reinforce its early mover advantage and widen its moat against potential challengers.

Bloom isn't the only SOFC maker, but it dominates the market for stationary, multi-megawatt, and utility-scale deployments. The AI market's expansion will generate strong tailwinds for that business as more data centers deploy Bloom's SOFC systems to meet their energy needs.

With a market cap of $79 billion, Bloom's stock isn't cheap at 19 times this year's sales. However, its dominance of the SOFC market, massive backlog, and Power Connect upgrade could all justify that premium valuation and attract more growth-oriented investors.

Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy, Brookfield Asset Management, Equinix, and Oracle. The Motley Fool has a disclosure policy.

The largest bottleneck for the artificial intelligence (AI) infrastructure build-out is electricity. That is according to industry leaders, such as Elon Musk, who plans to invest tens of billions in AI data centers at Space Exploration Technologies.

Bloom Energy (BE +9.63%) has been a huge winner during this electricity supply crunch, with its fuel-cell power solution utilized by data centers. It all comes down to the fact that Bloom Energy can bring power quickly to a data center, and in fact, it delivered power to an Oracle data center in just 55 days this year.

Here's why speed is so important for electric power deployments in 2026 and whether Bloom Energy has built a sustainable business as the leading fuel cell provider for data centers.

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Quickly bringing on-site power to data centers Bloom builds modular electric power systems housing fuel cells. The systems use a fuel source, primarily natural gas, and convert it to electricity, with no particulate pollutants like traditional generators. This can be helpful to data center owners in two ways.

First, Bloom Energy can quickly deliver electricity to a data center when it is first constructed, whereas connecting to the broader power grid may take years. For its recent Oracle deployment, Bloom said that it got the system up and running in just 55 days. This makes Bloom Energy a perfect bridge before a data center complex can connect to the actual power grid.

Second, Bloom's fuel cells can provide backup power in the event of an outage, and data center owners want as close to 100% uptime as possible to ensure there are no disruptions for their end software customers.

There has been a boom in demand for Bloom's products across the myriad data centers being built throughout the U.S. Revenue rose 166% year over year last quarter to a little more than $1 billion, mainly from product revenue sales and significantly beating analyst estimates. Importantly, Bloom says its backlog is growing much faster than revenue and won't be depleted for many years.

Image source: Getty Images.

Service revenue can drive stable earnings Investors might think Bloom Energy will have only a temporary growth spurt in this immense data center build-out before falling back to Earth. This underestimates the length of its customer contracts.

When signing deals with data centers, Bloom Energy plans to provide its fuel cells on-site for more than a decade, even if they are only used as backup generators. This can mean service revenue for years that spans energy usage, maintenance, and systems monitoring by Bloom Energy.

Its order backlog at the end of 2025 was $20 billion, with $14 billion of that coming from future services revenue. As long as Bloom Energy remains the primary fuel cell provider for data centers and other sectors, such as large retail outlets, it should maintain stable earnings power, especially if it can increase the number of modular units deployed worldwide.

One risk with Bloom Energy stock today With soaring demand, Bloom Energy's stock price is up more than 1,000% during the past five years, reaching a market cap of roughly $82 billion as investors grow optimistic about modular power deployment at data centers.

The main risk for Bloom Energy is fairly obvious: that in data center build-out growth slows down significantly. This could occur for many reasons, including a lack of capital for AI infrastructure, innovations in efficiency for AI use cases, or slowing growth in end-customer usage.

Bloom's business wouldn't fall apart given its long-term contracts discussed. However, with the stock currently trading at a lofty price-to-sales ratio (P/S) of 22 for a low-margin energy business, missing Wall Street's expectations could lead to a collapse in its share price.

Bloom Energy has quadrupled in a year by becoming the default power solution for AI hyperscalers, but three blowout quarters later, the stock's next move hinges on whether that success is a launchpad or the ceiling.

At $252.87, Bloom Energy (NYSE:BE) sits at a crossroads. The stock has quadrupled in twelve months on an AI onsite-power thesis that has already delivered, leaving the debate over whether the next leg is earned or already reflected.

Bloom sells solid oxide fuel cell systems that hyperscalers, neoclouds, and colocation operators are deploying to bring gigawatts of AI compute online faster than the grid can support (the same power, cooling, and networking angle we mapped in a free report on seven AI infrastructure suppliers that aren’t chipmakers). CEO KR Sridhar has said “Bloom is now a standard for AI onsite power,” and all major US hyperscalers plus more than a dozen neoclouds, AI labs, and colocation operators have validated the platform.

The re-rating has been extraordinary. Shares are up 360.52% over the past year and 191.02% year to date, versus 18.65% and 12.94% for the S&P 500. Q2 FY26 revenue crossed $1 billion in a single quarter for the first time, marking a fourth consecutive EPS beat and cementing Wall Street’s willingness to pay a growth multiple.

Why Bulls See More Room to Run Fundamentals are still accelerating faster than the multiple. Q2 revenue of $1.065 billion grew 166% year over year, product revenue jumped 215% to $935 million, and operating income vaulted 737% year-over-year to $240 million. Management raised full-year 2026 guidance a third time to $3.9B-$4.2B in revenue and $2.55-$2.85 in non-GAAP EPS.

Backlog supports the trajectory: roughly $20 billion total, with product backlog near $6 billion. Brookfield expanded its financing framework from $5 billion to $25 billion. The 2026 EPS consensus has climbed from 2.1267 to 2.7062 in 90 days, with 24 upward revisions and zero cuts in the trailing month. On 2027 consensus EPS of 4.9201, the forward multiple compresses meaningfully as growth converts.

Why Bears See a Stock Priced Too High Trailing P/E sits at 333x, price/sales at 24, and EV/EBITDA at 199x. The 2027 EPS range of 2.9548 to 7.0100 across 28 analysts signals genuine disagreement on backlog conversion. Insiders have been consistent sellers: Director Jeffrey Immelt disposed of 30,000 shares at $238.91, Director John Chambers sold 15,000 at $250 and another 15,000 at $205.58, and Chief Commercial Officer Aman Joshi unloaded 8,343 shares at $300.37.

Overhangs are real. A securities class action carries a September 28, 2026 lead-plaintiff deadline. Stock-based comp is running near $52 million per quarter, GAAP FY2025 was still a net loss of $88.4 million, and the story remains tethered to IRA and One Big Beautiful Bill Act tax credits, Brookfield-linked revenue, and continued hyperscaler capex intensity.

Why the Setup Rewards Patience Execution is undeniable, but the price now embeds most of what management has promised through 2027. Beta of 3.811 means any wobble in AI capex sentiment gets amplified. S&P 500 inclusion, announced Sept. 4, adds a one-time index bid, though that is a one-time technical event.

What tips the verdict is straightforward. Another guidance raise on the Q3 report, visible backlog conversion, and clarity on the litigation would open a path back to Buy. A capex airpocket at hyperscalers, a margin miss, or an adverse court development would open the door to Sell. Right now, neither signal is in hand.

What the Numbers Actually Say Bloom currently trades at $252.87, up 7.35% on its most recent session and 19.97% over the past week. The 29 covering analysts carry an average price target of $275.08, implying upside to the consensus target. Ratings break down as follows:

5 Strong Buy 10 Buy 12 Hold 1 Sell 1 Strong Sell Analyst targets are one data point, not a guarantee, and this target sits well below the 52-week high of $351.28. The valuation debate lives here: forward P/E of 49x, price/book of 43x, and EV/revenue of 22x. Against the S&P 500’s 18.65% one-year return, Bloom’s 360.52% gain shows how much AI-power optionality is already in the price.

Why Waiting Beats Chasing at $252.87 At $252.87, Bloom Energy sits in a wait-and-see zone. Here is why.

The bull case has largely been vindicated by three consecutive blowout quarters, which is precisely why the risk/reward has shifted. Buying here requires believing 2027 EPS lands in the upper half of the 2.9548 to 7.0100 range and that the forward multiple compresses only modestly. That outcome is plausible but demands flawless execution against a live litigation deadline, active insider selling, and a highly cyclical AI capex backdrop.

Selling is equally difficult. Guidance keeps rising. Cash flow from operations swung from -$213 million a year ago to $226 million last quarter. The company closed Q2 with $2.7 billion of cash and a $25B Brookfield shelf behind it. Fundamentally, the business is intact.

The Q3 earnings report, the September 28 litigation deadline, and the pace of backlog conversion into 2027 revenue will decide whether $252.87 was a launchpad or a ceiling. At today’s price, Bloom Energy deserves respect on the business, but patience on the position.

Contact [email protected] for any questions or corrections.

NEW YORK, Sept. 08, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Bloom Energy Corporation (“Bloom” or the “Company”) (NYSE: BE).   Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Bloom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until September 28, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Bloom securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.     

[Click here for information about joining the class action]

On July 8, 2026, Hunterbrook Media published a report entitled “Bloom’s Big Lie,” which alleged, among other things, that “Bloom is, in fact, reliant on Chinese scandium, according to global trade data, Chinese corporate filings, satellite imagery, and Hunterbrook’s messages with Bloom’s suppliers in China.”  The report assert that “Hunterbrook traced four separate China-linked routes into Bloom’s supply chain – scandium oxide shipped directly to its Delaware plant, plus scandium-bearing ceramics and powders flowing through intermediaries in Thailand, Japan, and South Korea.” 

On this news, Bloom’s stock price fell $15.28 per share, or 5.67%, to close at $254.29 per share on July 8, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising.  Prior results do not guarantee similar outcomes.

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980

After last quarter's year-over-year revenue growth of 165.5% paired with the 12% (at the midpoint) increase in its already-impressive full-year revenue guidance, it's difficult to believe Bloom Energy (BE +8.36%) could dish out another pleasant surprise.

Except maybe it isn't. Despite economic headwinds like lingering inflation and weak consumer confidence, capital investments in artificial intelligence (AI) infrastructure are still being made in earnest.

Image source: Getty Images.

Bloom Energy manufactures electricity-generating fuel cells, by the way. Although the technology wasn't initially envisioned as a primary power source for AI data centers, as it's improved while data centers have become increasingly starved for electricity, it's become a viable option. Bloom Energy's solid-oxide fuel cells are particularly marketable in that -- unlike most other fuel cells -- they can use readily available natural gas to generate power.

The market is clearly embracing the solution, too, as evidenced by Q2's explosive revenue growth to just over $1.0 billion, versus Q1's top line of $751 million. That's why the company understandably expects to report total revenue of between $3.9 billion and $4.2 billion this year, up from April's guidance of a range between $3.4 billion and $3.8 billion.

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This upward-revised guidance may still ultimately be too conservative, though. As noted, demand for AI data center-capable power equipment -- all of it -- remains insatiable. Just last month, Bloom expanded its supply agreement with AI server manufacturer MiTAC Computing Technology. That follows April's announcement that its similar (but larger) partnership with Oracle is also being expanded, from 1.2 gigawatts to 2.8 gigawatts.

Connect the dots. Bloom Energy had already proven itself to be a capable power solutions provider. Now that it has, industries are looking for more of it simply because they're desperate, and Bloom can offer a workable solution right now. Don't be surprised to see more of the same kind of dealmaking before the end of the year.

James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy and Oracle. The Motley Fool has a disclosure policy.

NEW YORK, Aug. 31, 2026 (GLOBE NEWSWIRE) -- Bronstein, Gewirtz & Grossman, LLC, a nationally recognized investor-rights law firm, announces that a class action lawsuit has been filed against Bloom Energy Corporation (NYSE: BE) and certain of its officers.

This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Bloom Energy securities between February 27, 2026 and July 8, 2026, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/BE.

Bloom Energy Case Details

The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that:

that Bloom Energy obtained scandium through intermediaries who sourced the metal from China;that, as a result, the Company understated the extent to which it relied on scandium from China; andthat, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
What's Next for Bloom Energy Investors?

A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm’s site: bgandg.com/BE. or you may contact Peretz Bronstein, Esq. or his Client Relations Manager, Nathan Miller, of Bronstein, Gewirtz & Grossman, LLC at 917-590-0911. If you suffered a loss in Bloom Energy you have until September 28, 2026, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as lead plaintiff.

No Cost to Bloom Energy Investors

We, Bronstein, Gewirtz & Grossman LLC, represent investors in class actions on a contingency fee basis. That means we will ask the court to reimburse us for out-of-pocket expenses and attorneys’ fees, usually a percentage of the total recovery, only if we are successful.

Why Bronstein, Gewirtz & Grossman, LLC for Bloom Energy Securities Class Action?

Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide. More at www.bgandg.com

"Our practice centers on restoring investor capital and ensuring corporate accountability, which serves to uphold the essential integrity of the marketplace," said Peretz Bronstein, Founding Partner of Bronstein, Gewirtz & Grossman, LLC.

Follow us for updates on LinkedIn, X, Facebook, or Instagram.

Contact Info

Peretz Bronstein, Esq. or Nathan Miller
Bronstein, Gewirtz & Grossman, LLC
917-590-0911 | [email protected]

Attorney advertising.
Prior results do not guarantee similar outcomes.

powered by

Onsite power supply chain — Buy (SPWR/ENPH basket)

Buy a small basket of solar/energy-infrastructure names that benefit from the same data-center buildout tailwind but trade at more reasonable multiples than BE. The second-order effect of hyperscaler/AI power demand is more grid-scale and on-site generation/efficiency spend (solar + storage + power electronics) to reduce delivered power costs and speed deployments. If BE’s valuation compresses, capital often rotates into cheaper “picks-and-shovels” that still ride the capex wave. Use a basket approach (e.g., SolarEdge Technologies (SEDG) and Enphase (ENPH)) to reduce single-name risk while targeting the broader theme.

Key Risk: Data-center power demand shifts toward cheaper grid upgrades or long-term utility contracts, reducing incremental spend on distributed generation and power electronics.

Bloom Energy (BE) — Sell/Short

Sell or short BE. The news is bullish on growth (AI data-center power, higher gross margins, big Brookfield deal), but the stock is already pricing perfection: forward non-GAAP P/E ~74 vs S&P ~20. With BE below the 50/100-day EMAs and a multi-week freefall, any “good news” is likely to be met with valuation-driven selling. Thesis: growth won’t be enough fast enough to defend a premium multiple while momentum is negative. Key catalyst to watch is whether the next earnings report sustains margin expansion without guidance surprises.

Key Risk: BE keeps beating expectations and expands margins faster than the market expects, forcing valuation re-rating upward despite the downtrend.

Bloom Energy stock has slumped sharply in recent weeks, falling from its year-to-date high of $350 to around $200. The stock has declined for seven consecutive sessions, reaching its lowest level since August 3. Its technical indicators suggest that further downside may be ahead, while persistent valuation concerns continue to weigh on investor sentiment.

Bloom Energy has become one of the fastest-growing companies in the United States, helped by the ongoing data center boom. It has partnered with some of the biggest companies in the industry like Oracle and Nebius. Recently, it inked a $25 billion deal with Brookfield, one of the biggest private equity companies in the world.

The most recent earnings report showed that its revenue soared by 165% in the second quarter to $1.06 billion as it continued delivering onsite power to data centers. This growth will likely continue in the foreseeable future after the company continues to monetize its projects.

Its gross margins jumped from 26.7% in the second quarter of last year to the current 33.4%, with its profitability accelerating. KR Sridhar, the CEO, said:

“Today, all the major US hyperscalers and over a dozen US neoclouds, AI labs, and colocation data center operators have validated and approved our power solutions for their AI factories. Bloom is now a standard for AI onsite power.”

This growth will likely continue as the data center buildup gains steam. For example, Nvidia has reached a financing deal with OpenAI for a Ohio data center project valued at over $105 billion. 

It has also reached a $500 billion deal with several financial companies like BlackRock, BlackStone, Goldman Sachs, and Brookfield to fund data centers. Bloom Energy will be one of the top beneficiaries of these investments. 

Yahoo Finance data shows that analysts are upbeat about its growth prospects, especially after the company launched Power Connect, which can reduce its onsite power installation time by over 40%.

The average estimate is that its revenue will by 103% this year to $4.13 billion this year. After that, it will make over $6.77 billion next year. Its earnings-per-share is expected to move from 76 cents to $2.71 this year. It is expected to nearly double next year to $4.89.

The main challenge, however, is that it has become a highly overvalued company, with its forward price-to-earnings on a non-GAAP basis being 74, much higher than the S&P 500 Index average of over 20. As such, it needs to demonstrate strong revenue and profitability growth to justify this valuation.

BE stock chart | Source: TradingView

The daily chart shows that BE stock has been in a strong freefall in the past few months. It has moved from the year-to-date high of $351 to the current $200. It is also in the process of erasing most of the gains it made after releasing its financial results earlier this month.

The stock has dropped below the 50-day and 100-day Exponential Moving Averages (EMA), a sign that bears remain in control. Therefore, the path of the least resistance for the stock is downwards, with the next key target to watch being at $180. In the long term, however, the stock will bounce back

NEW YORK, Aug. 21, 2026 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Bloom Energy Corporation (“Bloom” or the “Company”) (NYSE: BE).   Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.

The class action concerns whether Bloom and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.

You have until September 28, 2026, to ask the Court to appoint you as Lead Plaintiff for the class if you purchased or otherwise acquired Bloom securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.

[Click here for information about joining the class action]

On July 8, 2026, Hunterbrook Media published a report entitled “Bloom’s Big Lie,” which alleged, among other things, that “Bloom is, in fact, reliant on Chinese scandium, according to global trade data, Chinese corporate filings, satellite imagery, and Hunterbrook’s messages with Bloom’s suppliers in China.”  The report assert that “Hunterbrook traced four separate China-linked routes into Bloom’s supply chain – scandium oxide shipped directly to its Delaware plant, plus scandium-bearing ceramics and powders flowing through intermediaries in Thailand, Japan, and South Korea.” 

On this news, Bloom’s stock price fell $15.28 per share, or 5.67%, to close at $254.29 per share on July 8, 2026.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.

Attorney advertising.  Prior results do not guarantee similar outcomes. 

CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980