Shares of Bloom Energy surged to $326.78, up 6% in pre-market Thursday, extending a blistering rally that has pushed the stock up roughly 26% in just five trading days. The catalyst: a deal valued at up to $2.6 billion in service fees over its duration, positioning Bloom's fuel cell technology as a key enabler for Nebius's rapid expansion of AI data centers . For shareholders, this is the clearest signal yet that AI's insatiable hunger for electricity is transforming Bloom from a niche clean-energy firm into an infrastructure backbone.
A Single Contract Worth More Than a Full Year of Revenue
Bloom posted record revenue of $2.02 billion in 2025, up 37.3% year over year . The Nebius deal's $2.6 billion in service fees alone — spread across three ten-year phases — represents roughly $260 million per year in recurring income. Management already raised 2026 revenue guidance to $3.4–$3.8 billion, implying ~80% growth , and this contract bolsters those targets with long-term cash flow locked in for a decade.
AI's Power Problem Is Bloom's Business Opportunity
Nebius originally planned to use gas turbines at its initial site but scrapped those plans in favor of Bloom's fuel cells, which convert natural gas to electricity through an electrochemical process rather than combustion — meaning higher efficiency and lower emissions . The first project, delivering an initial 250 MW, is scheduled to come online in 2026 in Independence, Missouri . For data center operators struggling to get grid connections, on-site generation that deploys quickly is a decisive advantage.
The Backlog Keeps Swelling, but Execution Risk Grows With It
Bloom's total backlog already stood at ~$20 billion, with product backlog of ~$6 billion, up ~2.5x year over year . Adding $2.6 billion in contracted services further extends visibility, but delivering at this pace is uncharted territory. Bloom also has a $5 billion financing framework with Brookfield Asset Management housed in an AI infrastructure fund , which eases capital constraints — yet margins must hold as manufacturing scales rapidly.
The Valuation Question No One Can Ignore At $326.78, Bloom trades at roughly 145x the midpoint of its guided 2026 non-GAAP EPS of $1.85–$2.25 . The Nebius contract validates demand, but the stock's near-vertical move — from $258.71 last Monday to today's level — already prices in considerable optimism. Investors must now weigh enormous revenue visibility against a valuation that leaves zero room for missteps.