Over the past year, Bloom Energy shares have climbed approximately 400% as the company emerged as a preferred onsite power supplier for large-scale AI data centers. In November, the stock reached a 52-week high following strong third-quarter results and a landmark agreement with American Electric Power (AEP). More recently, Bloom’s shares jumped nearly 30% in two trading days after Wyoming regulators approved a 1.8 GW data center project expected to incorporate 900 MW of Bloom’s solid oxide fuel cells—an installation valued at roughly $3 billion, according to Morgan Stanley analyst David Arcaro. Concurrently, AEP committed $2.65 billion to acquire a substantial portion of those fuel cells under a related deal with an unnamed hyperscale customer.

In its October 28 earnings release, Bloom Energy reported third-quarter revenue of $519 million, up 57% year-over-year, driven by strong adoption among data center operators and enterprise clients. The company posted a net profit of $7.8 million, reversing a $9.7 million loss in the prior-year quarter. On a forward basis, Bloom trades at approximately 125 times projected earnings, reflecting high investor expectations for continued growth in its fuel cell deployments and the broader data center buildout, which McKinsey & Co. estimates will require $7 trillion in capital spending by 2030.

Bloom has installed over 1.5 GW of fuel cell capacity globally, with more than 400 MW dedicated to data centers at clients such as Equinix and Oracle. In October 2025, the company entered a $5 billion strategic partnership with Brookfield Asset Management to deploy solid oxide fuel cells across Brookfield’s infrastructure portfolio, enhancing sales channels and financing options for customers. To support escalating demand, Bloom plans to expand its Fremont, California manufacturing facility from its current 1 GW annual output to 2 GW by December 2026, funded in part by a $600 million credit facility arranged with Wells Fargo and roughly $595 million in cash reserves as of September 30. UBS analysts note the facility’s potential scalability up to 5 GW, contingent on order flow.