Bloom Energy reported Q3 revenue of $1.24 billion, up 138 percent year over year, and raised full-year 2026 guidance to $4.4 billion to $4.6 billion—marking the second upward revision this year.
The fuel cell provider announced a landmark deal with IT services company NTT DATA to deploy 900 megawatts of fuel cell capacity across NTT DATA's global data centers. If fully realized, this would be Bloom's largest international deployment and a concrete signal that hyperscaler demand for on-site power generation is genuine.
Yet Bloom trades around $200, down 43 percent from its $350 52-week high. The pullback stems largely from investor fears that data center construction is slowing—the primary driver of Bloom's explosive growth.
The valuation looks stretched at 62 times projected adjusted earnings for the year, well above most industrial peers. But Bloom is growing faster than those peers by orders of magnitude. The company maintains a $20 billion backlog.
For a disciplined entry, the current weakness is worth watching. Bloom's execution on the NTT DATA contract over the next 12 to 18 months will determine whether the stock's premium multiple is justified or a risk. If the company proves it can deliver 900 megawatts of capacity to one customer while maintaining gross margins and shipping to other hyperscalers, the stock could re-rate higher. Short-term volatility is certain; long-term exposure to AI infrastructure power demand is real.
