• In late May 2026, Bloom Energy’s stockholders approved amendments to its Restated Certificate of Incorporation, adding Delaware-permitted officer exculpation provisions and removing obsolete Class B common stock language, which became effective upon filing with the Delaware Secretary of State on May 26.
• Separately, Nebius and Bloom Energy announced an agreement to deploy 328 MW of Bloom’s solid-oxide fuel cells for behind-the-meter power at Nebius’s AI infrastructure sites, highlighting fuel cells as a fast-to-deploy alternative to traditional gas turbines for high-performance data centers.
• We’ll now examine how Bloom’s Nebius AI data center agreement, alongside recent developments, could reshape the company’s investment narrative.

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Bloom Energy Investment Narrative Recap

To own Bloom Energy today, you have to believe that solid oxide fuel cells can become a preferred way to power AI data centers and other mission critical sites, and that Bloom can scale profitably despite competition from renewables and storage. The Nebius deal and new charter amendments do not materially change the core near term catalyst, which is execution on large AI data center contracts, nor the key risk around overbuilding manufacturing capacity if demand slows or is delayed.

Among recent announcements, the Nebius agreement for 328 MW of behind the meter capacity is most relevant, because it reinforces Bloom’s role as a fast to deploy alternative to gas turbines for power hungry AI infrastructure. Taken together with the Oracle and Project Jupiter deals, it adds to the order visibility that underpins Bloom’s raised 2026 revenue guidance and highlights how concentrated the current growth story is in hyperscaler and AI data center demand.

But despite the excitement around these AI power deals, investors should also be aware that Bloom’s reliance on natural gas feedstock could become a much bigger issue as...

Bloom Energy's narrative projects $2.7 billion revenue and $395.4 million earnings by 2028. This requires 19.0% yearly revenue growth and about a $371.7 million earnings increase from $23.7 million today.

Uncover how Bloom Energy's forecasts yield a $111.18 fair value, a 63% downside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts already expected Bloom to reach about US$16.8 billion in revenue and US$5.5 billion in earnings by 2029, yet this Nebius deal could either support that bullish view or expose how sensitive those forecasts are to the risks around natural gas dependence and fast changing clean power alternatives.

Explore 6 other fair value estimates on Bloom Energy - why the stock might be worth less than half the current price!

Reach Your Own Conclusion

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Bloom Energy research is our analysis highlighting 2 key rewards and 4 important warning signs that could impact your investment decision.
• Our free Bloom Energy research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Bloom Energy's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.