Bloom Energy has secured a $5 billion collaboration with Brookfield Asset Management to deliver on-site solid-oxide fuel cell power for AI data centers, marking its largest commercial agreement to date. In addition, the company expanded its relationship with Oracle to supply dedicated fuel cell microgrids for new AI compute facilities. These partnerships underpin Bloom’s positioning to capitalize on soaring data-center energy demand, helping drive a 57% year-over-year revenue increase to $519 million in its most recent quarter and contributing to a more than 290% stock gain during 2025.

After surging roughly 300% over a four-month span, Bloom Energy shares declined 20.5% in December as investors harvested gains following the record November high that placed the company’s market capitalization near $34 billion. Despite the pullback, shares remain about 30% below that peak, offering a potential entry point for long-term investors betting on the solid-oxide fuel cell platform’s role in powering resilient AI infrastructure and broader clean-energy deployments.

To support ambitious expansion plans, Bloom Energy completed a $2.2 billion convertible senior note offering, with proceeds earmarked for manufacturing capacity growth and R&D. Management aims to double installed fuel cell capacity to 2 gigawatts by the end of 2026 to keep pace with enterprise demand from customers such as AT&T, Honda and Oracle. Achieving this scale will be critical to sustaining the company’s improved gross margin, which climbed more than five percentage points in the latest quarter to 33%, and securing its competitive leadership in the emerging AI power market.