Bloom Energy’s 2026 Data Center Power Report surveyed more than 150 decision-makers across hyperscale, colocation and enterprise data centers and found that 68% are planning to reduce reliance on utility grids by investing in onsite power solutions. Respondents cited grid instability—reported outages have increased by 25% over the past three years—and the need for uninterrupted service as primary drivers. The report also noted that nearly 60% of new data center projects scheduled for completion in 2026 will include modular fuel-cell installations, up from 35% in 2024, reflecting a clear industry pivot toward distributed generation.

Prominent energy strategist Tom Nash projects that Bloom Energy could capture up to 20% of the global AI data center power market by 2030, driving revenue from $500 million in 2025 to more than $7 billion in five years. Nash cites the company’s solid oxide fuel-cell technology as uniquely suited to address the 40% year-over-year growth in AI electricity demand, which industry estimates place at 120 terawatt-hours by 2028. He warns, however, that execution risk remains significant: management has missed quarterly guidance twice in the past year, and product deployment timelines slipped by an average of four weeks in Q2 and Q3 of 2025.

Over the last twelve months, Bloom Energy’s revenue has surged by 57%, driven by record deliveries to Fortune 100 customers including Walmart, AT&T and Oracle, and a $5 billion strategic partnership with Brookfield to deploy fuel cells in AI-focused data centers. In Q3 2025, the company reported operating income of $7.8 million and a gross margin of 29%. Despite these metrics, the stock trades at approximately 150 times forward earnings—nearly nine times the sector average—and 48 times book value. Consensus forecasts predict revenue could double in fiscal 2026, but investors may face volatility if data center construction slows or if additional large‐scale deals fail to materialize.