Bloom Energy shares jumped about 15% on Thursday to a record high near $330, lifting the buy stock debate as a new AI power report and fresh contract wins pulled more attention to the fuel cell maker. The stock had closed near $285 the day before, a move that pushed its market value above $90 billion.
Oracle and Nebius Group deals
Oracle named Bloom Energy the sole power provider for Project Jupiter in Doña Ana County, New Mexico, and Project Jupiter will draw up to 2.45 gigawatts from fuel cells. Nebius Group also signed a master agreement worth up to $2.6 billion across three 10-year phases, with the first phase set at 328 megawatts due online this year.
61% of data center developers said they would generate their own power if the grid could not meet their needs, according to the mid-year update to Bloom Energy's data center power report. The same report said at least 18 state bills and 86 local moratoriums had been proposed across the country as of May, a reminder that site-specific power can move faster than utility buildouts when developers need electricity on their own timelines.
KR Sridhar on capacity
KR Sridhar said in late April that Bloom Energy was not order constrained and not capacity constrained. That line fits the first quarter, when 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.
80% growth is now implied by full-year revenue guidance, and that is why the stock looks expensive even after the rally. After Thursday's move, Bloom Energy traded 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 guidance of $1.85 to $2.25 this year.
The math leaves investors with a clear trade-off: contracts and demand signals are arriving, but customer build-out timelines can slip, and local opposition could stretch them further before revenue from those projects lands in full. If Oracle and Nebius Group keep moving sites forward, Bloom Energy's premium valuation can hold; if construction slows, the multiple gives little room for delay.
