Nebius Just Gave Bloom Energy a Big Boost. What It Means for BE Stock.

Sristi Suman Jayaswal

Sat, August 15, 2026 at 5:00 PM GMT+3 8 min read

Nebius Group N.V. (NBIS) recently released its quarterly results, and management had some encouraging things to say about Bloom Energy Corporation (BE). During the Q2 earnings call, Chief Communications Officer Tom Blackwell said switching to Bloom's fuel-cell technology would significantly enhance the company's planned 300-megawatt AI data center in Vineland, New Jersey, particularly from a community perspective.

Chief Product and Infrastructure Officer Andrey Korolenko added that Bloom's fuel cells should be deployed quickly, with no significant impact expected on the project timeline. Investors liked what they heard, sending BE stock 12.3% higher on Wednesday, Aug. 12.

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The endorsement comes at an important time for the project, which has faced permitting, zoning and community opposition over its earlier plans for onsite gas generation. Nebius now sees Bloom as a quieter, reliable, ultra-low-emission power solution, while the company seeks final approval for an amended site plan following the switch.

This could be crucial for BE stock. Bloom Energy's shares surged as the AI data center boom fueled demand for its power solutions. Now, Nebius' endorsement adds another positive signal for BE stock. But can this latest vote of confidence help support the shares after such a huge run?

About Bloom Energy Stock

Power is quickly becoming one of the biggest bottlenecks in the AI boom, and that is exactly where Bloom Energy wants to play. Founded in 2001 and based in San Jose, California, Bloom makes solid oxide fuel cell (SOFC) systems that let businesses generate electricity where it's needed most. Its customers range from data centers and semiconductor makers to utilities, hospitals, college campuses and retailers.

Bloom also makes solid oxide electrolyzers used to produce hydrogen. With more than 2,000 employees worldwide, the company manufactures its systems in the United States and has spent over 25 years building onsite energy solutions. Today, Bloom's market capitalization is at $69.9 billion.

Bloom Energy's shares have had a big year so far, but the recent action has been a lot less clear-cut. The latest move gives investors a glimpse of why. Shares jumped roughly 12.3% after Nebius Group said its 300-megawatt New Jersey AI data center project would switch to Bloom's fuel cells, helping overcome local zoning and community hurdles while providing quiet, ultra-low-emission power. It was a timely boost for a stock that had been facing plenty of pressure.

Bloom Energy sits in the middle of the AI infrastructure race. Fuel cells generate electricity from hydrogen and oxygen without carbon emissions at the point of use, making them an attractive option for AI hyperscalers that need huge amounts of reliable power. With regional grids struggling to keep pace with data center electricity demand, companies like Bloom Energy are increasingly being looked at as an alternative way to fill that gap.

That potential helped push BE sharply higher in late June after Bloom announced an expanded partnership with Brookfield Asset Management.

But the stock soon ran into crosswinds. In July, short-seller Hunterbrook Capital alleged that Bloom secretly relied on China for scandium oxide, a critical material used in its solid oxide fuel cells. Bloom rejected the allegations as "false and misleading," but the controversy still weighed on shares.

Then came another pressure point – a broader rotation out of AI and high-beta growth stocks and into more defensive areas of the market. Even Bloom's blowout Q2 results in late July could not completely shield the stock as AI shares sold off.

The result was a brutal July, with BE stock shedding 31%. Despite sitting 31% below its June peak of $351.28, shares remain up a stunning 457% over the past 52 weeks and have gained 182.6% so far in 2026.

BE stock currently trades above the 200-day moving average and below the 50-day moving average, signaling that the longer-term trend remains intact, while the stock still has some ground to recover in the near term. The 14-day Relative Strength Index (RSI) sits at 55.48, placing it in neutral territory and indicating that neither buyers nor sellers currently have a clear edge.

Meanwhile, the MACD line crossed above the signal line and the histogram is positive, pointing to improving momentum. Even so, the lines remain below zero. It suggests that while momentum is picking up, the bulls have yet to fully take control.

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Valuation-wise, BE stock is priced at 87.47 times forward adjusted price-to-earnings and 16.93 times forward sales, representing a premium to the sector averages. That means investors are paying a premium for Bloom Energy's growth story and its exposure to rising AI power demand. With expectations running high, the stock may need continued strong execution and earnings growth to justify those elevated multiples.

A Closer Look at Bloom Energy's Q2 Earnings Report

Bloom Energy is showing what can happen when surging AI power demand meets a business built around clean, reliable energy. The company's latest financial numbers suggest that investors may have good reason to keep watching the stock, with Bloom Energy delivering a standout second-quarter report on July 28 and management setting an even bigger target for the year ahead.

For Q2 2026, Bloom Energy generated revenue crossing the $1 billion mark for the first time. Revenue came in at $1.065 billion, up a whopping 166% year-over-year (YOY). Product revenue, which includes its core SOFC systems, was even stronger, jumping 215.4% annually to $935.4 million.

The growth was not just about the top line. Bloom also made meaningful progress on profitability. Non-GAAP gross margin improved to 34.3% from 28.2% in the year-ago quarter, while adjusted EPS surged to $0.78 from just $0.10 in the year-ago quarter. More importantly, the result comfortably beat Wall Street's estimate, marking Bloom's seventh consecutive quarterly earnings beat.

Cash flow added another layer of strength to the quarter. Net cash provided by operating activities reached $226.4 million, a sharp turnaround from the -$213.1 million outflow recorded in the prior-year period. Bloom finished Q2 with $2.67 billion in cash, giving it a substantial liquidity cushion.

Meanwhile, Bloom is working to make it easier for customers to adopt its technology. During the quarter, the company deepened its existing partnership with Brookfield Asset Management, expanding financing capacity for customer projects to $25 billion. The idea is that customers can deploy Bloom's systems without taking on the full upfront capital burden, potentially helping accelerate adoption as demand for power continues to rise.

And management is bullish. For full-year 2026, Bloom expects revenue of $3.9 billion to $4.2 billion. At the midpoint, that would represent another doubling of revenue. The outlook is based on two key drivers – converting the existing backlog as customer sites become ready, and securing new bookings during the year. The company expects non-GAAP EPS to be between $2.55 and $2.85.

Analysts monitoring Bloom Energy anticipate Q3 revenue to be $1.07 billion, with EPS of $0.53. Looking further out, analysts see fiscal 2026 EPS reaching $1.93 and then climbing by another 118.7% annually to $4.22 in fiscal 2027. That kind of earnings growth could give investors another reason to keep BE stock on their radar.

What Do Analysts Expect for Bloom Energy Stock?

Bloom Energy is getting a fresh vote of confidence from Evercore ISI, with analyst Nicholas Amicucci reiterating a "Buy" rating and $350 price target. His view comes as Bloom's AI opportunity appears to be expanding well beyond traditional data center operators.

For the first time, Bloom disclosed that it now serves nearly two dozen AI infrastructure customers, including names such as Oracle, Nebius, Brookfield, AEP and Equinix. Amicucci believes the MiTAC deal further broadens that reach into commercial and industrial companies across the AI supply chain, including server and rack makers, chip-related operations and testing sites.

That matters because these businesses face the same power constraints as data centers, making onsite generation increasingly valuable when "waiting for the grid is not an option." Speaking with CNBC, Amicucci said Bloom benefits as speed-to-power becomes increasingly important, particularly as AI demand shifts toward inference, reasoning and agentic workloads. He also pointed to Bloom's low noise, limited permitting needs and relatively modest emissions profile as advantages.

Overall, BE stock carries a consensus "Moderate Buy" rating. Among the 27 analysts in coverage, 12 suggest a "Strong Buy," two advise a "Moderate Buy," 12 analysts are on the sidelines, having a "Hold" rating, and the remaining one has a "Strong Sell."

The stock has a mean price target of $272.22, implying upside potential of 12.8% from the current price levels. The Street-high price target of $354 suggests that the stock could rise as much as 46.7%.

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Final Thoughts on Bloom Energy

For Bloom Energy, the Nebius update is worth watching because this is not the first time the AI infrastructure provider has highlighted Bloom's technology. The latest decision to use Bloom fuel cells for the Vineland project adds more weight to that relationship.

For BE stock, the bigger point is what this could lead to. If Bloom can deliver the project as planned, it gives the company another real-world example of its technology working for a large AI data center. That could help when Bloom goes after similar projects, especially as data center operators look for power without waiting years for grid connections.

On the date of publication, Sristi Suman Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com