Bloom Energy Stock More Than Doubles in 2026 Amid AI Fuel Cell Expansion

Bloom Energy (NYSE: BE) traded around $208 after advancing roughly 139% in 2026, continuing a rally that saw shares rise 291% in 2025 as demand for on-site power generation from artificial intelligence data centers expanded. For market participants and everyday investors, the stock's multi-year run reflects rapid revenue and profit scaling, though shares remain about 40% below their June record peak of $345.85 due to pronounced pullbacks. What to watch next: Investors will be watching upcoming financial reporting to see whether unbilled revenues convert into positive operating cash flow.

The fuel cell provider's underlying financial performance accelerated sharply in its most recent report. Third-quarter revenue surged 138% year over year to approximately $1.24 billion, while adjusted operating margin expanded to 23% from 9% in the prior-year period. Adjusted earnings per share jumped to $0.94 for the quarter, bringing trailing four-quarter adjusted earnings to $2.61 per share. For full-year 2026, management projects revenue between $4.4 billion and $4.6 billion—up roughly 122% at the midpoint—and expects adjusted earnings of $3.10 to $3.40 per share.

Despite strong top-line momentum, working capital dynamics present ongoing operational risks. Operating cash flow flipped from a positive $226 million in the second quarter to a negative $27 million in the third quarter, largely driven by a $430 million increase in contract assets representing work completed but not yet billed to customers. Furthermore, the stock has experienced three separate declines of 40% or more over the past year, reflecting significant broader market volatility.

At its current price of roughly $208, Bloom Energy trades at approximately 80 times its trailing four-quarter adjusted earnings and about 39 times projected earnings for next year. While earnings growth has brought valuation multiples down from late-2025 highs, the persistence of unbilled revenue balances remains a key metric for evaluating whether current valuation levels can be sustained.