Bloom Energy (BE) shares closed at $290.52 on Friday, May 2, 2026, up $7.29, as the fuel-cell technology company benefited from strong quarterly results and a significant data center power deal. The stock's rally comes amid growing demand for power solutions tied to artificial intelligence infrastructure expansion.
Key Financial Highlights
Bloom Energy reported first-quarter revenue of $751.1 million, a 130.4% increase year-over-year, driven by a 208.4% surge in product revenue to $653.3 million. The company raised its full-year 2026 revenue guidance to a range of $3.4 billion to $3.8 billion and boosted its non-GAAP earnings per share forecast to $1.85 to $2.25. These figures exclude certain accounting adjustments.
Major Data Center Deal
Oracle and BorderPlex Digital Assets announced that their Project Jupiter AI data center campus in Doña Ana County, New Mexico, will now be powered by up to 2.45 gigawatts of Bloom Energy fuel cells, replacing earlier plans for gas turbines and diesel backup. The facility will operate as a microgrid, independent of the main electric grid. Mahesh Thiagarajan, an Oracle Cloud Infrastructure executive, stated that the fuel cells provide "highly reliable on-site power" while reducing environmental impact. Aman Joshi, Bloom's Chief Commercial Officer, noted that once completed, the project is expected to be among the largest data center microgrids in the United States.
CEO Comments and Capacity
Bloom Energy founder and CEO K.R. Sridhar told analysts that the company faces no limitations on orders or production capacity. He highlighted that Bloom's existing manufacturing setup can handle up to 5 gigawatts of annual product output. Sridhar added that revenue growth depends more on the speed at which customers can bring new sites online rather than Bloom's supply capabilities.
Analyst Reactions
Wall Street analysts have responded positively to the developments. Morgan Stanley raised its price target on Bloom Energy to $310 from $184, maintaining an Overweight rating, citing a faster-than-expected growth ramp. Mizuho increased its target to $285 from $110 but retained a Neutral rating.
Options Market and Competitor Performance
Options trading activity surged on Friday, with volume well above normal. The put-call ratio stood at 1.84 to 1, indicating increased demand for downside protection. According to TheFly via TipRanks, the put-call skew widened, signaling heightened hedging activity. In contrast, fuel-cell rivals Plug Power (PLUG) slipped 0.8% to $3.11, and FuelCell Energy (FCEL) added 2.1% to $13.31, leaving Bloom as the standout bet on near-term AI power demand.
Risks and Concentration
Despite the positive momentum, risks remain. Bloom Energy's latest quarterly filing revealed that just two customers accounted for approximately 50% and 12% of first-quarter revenue, respectively. The company attributed product revenue growth to its Brookfield joint venture and a significant hyperscaler deal. This concentration leaves Bloom exposed to potential hiccups with major projects, customer financing, or execution issues, which could weigh on the stock more than current valuations reflect. Investors are currently treating Bloom as an AI infrastructure play rather than a pure clean-energy stock, but the key challenge will be converting data center power projects into delivered units, cash, and solid margins without being overly dependent on a few large customers.
