Bloom Energy Stock Triples on AI Data Center Demand
Bloom Energy's stock rose 228% in a year as it became a power supplier for major U.S. Hyperscalers' AI data centers, reporting record revenue and securing a $25 billion financing commitment.
Bloom Energy's stock price gained 228% over the past twelve months, dramatically outpacing the S&P 500's 16.7% rise. The fuel cell company's surge is tied to its successful pivot to supplying power for artificial intelligence data centers built by major U.S. Hyperscalers.
Winning Over AI Data Center Builders
Less than a year before its July report, Bloom announced Oracle as its first direct hyperscaler customer, delivering power for an Oracle data center within 55 days. According to company management, all major U.S. Hyperscalers have since approved Bloom's power for their AI sites. Over a dozen other entities described as neoclouds, AI labs, and colocation operators have also given their approval. Management states each approved customer is already using Bloom's power, has booked orders, or has signed definitive agreements, but it will not specify the breakdown.
The core product offering is speed. Management claims grid operators quote timelines of years for new power connections, while Bloom can deliver in months. This speed has led some buyers to switch plans; management says Nebius cancelled orders for combustion turbines and reciprocating engines in favor of Bloom's technology.
Not all fuel cell stocks saw similar gains. Over the same period, Plug Power's stock was flat, and FuelCell Energy gained 117%, roughly half of Bloom's increase.
Securing Financing and Doubling Sales
According to management, most end customers lack the capital budget to build their own power plants. Instead, they pay over time, with a financier purchasing the energy servers from Bloom and retaining ownership. Brookfield Renewable anchors this financing structure. Its commitment started at $5 billion and was expanded fivefold to $25 billion in June.
Management says Bloom can book, ship, and convert an order to revenue within a single fiscal year. This efficiency contributed to the company posting its first $1 billion revenue quarter in the second quarter of 2026. Trailing twelve-month revenue reached $3.11 billion, representing a 91.0% increase, far above the company's three-year average growth rate of 37.8%.
The growth has also translated to profitability. The operating margin is now 11.2%, a significant improvement from a three-year average of -2.6%. In July, management raised its full-year 2026 revenue outlook to a range of $3.9 billion to $4.2 billion. The company's Chief Financial Officer stated the midpoint of that range would represent a doubling of 2025 revenue.
| Metric | Figure |
|---|---|
| Stock Gain (Past Year) | 228% |
| S&P 500 Gain (Past Year) | 16.7% |
| FuelCell Energy Gain (Past Year) | 117% |
| Trailing 12-Month Revenue | $3.11 billion |
| Revenue Growth (Year-over-Year) | 91.0% |
| 3-Year Average Revenue Growth | 37.8% |
| Operating Margin | 11.2% |
| 3-Year Average Operating Margin | -2.6% |
| Brookfield Financing Commitment | $25 billion |
| 2026 Revenue Guidance | $3.9B - $4.2B |
Risks Priced Into The Valuation
The current stock price assumes the data-center growth story continues. With a market value of $76.3 billion, Bloom trades at about 25 times its trailing revenue.
Analysts have questioned risks. One pressed management on two specific issues. The first is access to scandium, a rare earth metal used in its systems. CEO KR Sridhar stated the company has visibility for 25 gigawatts of deployments without depending on China for the material. The second risk involves potential delays at large projects. Management says its 2026 revenue guidance does not depend on any single project. A separate securities class action lawsuit has been filed on behalf of buyers who purchased stock between February 2025 and July 2026.
