Bloom Energy has been one of the most spectacular beneficiaries of the AI infrastructure gold rush, riding a wave of massive contracts to a market cap of roughly $28 billion. But the narrative that propelled its stock nearly 1,000% over the previous year is starting to show cracks.
The company’s fuel cell technology, designed to provide onsite power generation for data centers that can’t wait years for grid connections, faces obstacles including community resistance, soaring construction costs, and grid interconnection delays that regularly stretch 18 to 24 months.
The deals look great on paper
Bloom Energy’s contract pipeline reads like a highlight reel. In April 2026, Oracle expanded its agreement with Bloom to up to 2.8 GW of fuel cells, building on an initial 1.2 GW contract aimed at powering AI and cloud infrastructure.
Before that, Brookfield Asset Management struck a strategic deal valued at up to $5 billion in October 2025.
