Shares of Bloom Energy jumped about 15% on Thursday to a record high near $330, adding roughly $45 from the day before as investors rushed into the stock after a mid-year update to its data center power report and a pair of large supply agreements. The move pushed Bloom Energy to a market value of more than $90 billion and kept be stock at the center of the AI power trade.
The reason traders are still crowding in is simple: Bloom Energy is being treated as a direct way to play the electricity hunger behind AI data centers. On Thursday, Oracle named Bloom the sole power provider for Project Jupiter in Doña Ana County, New Mexico, a buildout that will draw up to 2.45 gigawatts from fuel cells after Oracle had originally planned gas turbines and diesel generators. Nebius Group also signed a master agreement worth up to $2.6 billion across three 10-year phases, with the first phase calling for 328 megawatts online this year.
The report update gave that optimism a fresh number to lean on. It said 61% of data center developers would generate their own power if the grid could not meet their needs, underscoring how many buyers are already looking beyond utility hookups. It also said at least 18 state bills and 86 local moratoriums had been proposed across the country as of May, a reminder that grid limits and permitting fights are not abstract concerns for this market. Bloom Energy chief executive KR Sridhar told investors in late April that the company was not order constrained and not capacity constrained, and Thursday’s rally suggested Wall Street believes him.
Bloom Energy’s latest results help explain why the market is willing to pay up. First-quarter revenue rose about 130% year over year to $751 million, the company swung to a profit of $0.25 per share, and it posted its first positive first-quarter operating cash flow. Management then raised full-year revenue guidance to a range that implies about 80% growth. Shares still look stretched by traditional measures, trading at about 46 times last year’s $2.02 billion in revenue, more than 25 times the midpoint of this year’s guidance and about 160 times adjusted earnings based on management’s non-GAAP earnings outlook of $1.85 to $2.25 this year.
That is where the friction sits. Bloom’s fuel cells run on natural gas and make electricity through a chemical reaction rather than combustion, which lets the equipment be installed at a customer site instead of waiting years for a utility hookup. But the company cannot turn signed agreements into revenue until customers can actually build the sites that house them, and those timelines can slip. Local opposition and permitting delays could stretch them further. The stock move says investors see Bloom as one of the clearest beneficiaries of AI power demand; the harder question is how fast Oracle, Nebius Group and other customers can get concrete in the ground.
