Bloom Energy Jumps 13% as CoreWeave Calms Data Center Fears

Bloom Energy closed Wednesday at $209.47, up $24.05 or 13%, adding roughly $7 billion to its market value after CoreWeave's third-quarter report eased fears that AI data center construction is about to stall. The fuel cell maker touched $217.85 intraday, 17% above Tuesday's close, on 18.3 million shares. By 6:05 PM Eastern the stock traded at $206.76 after hours, 1.3% below the close.

The catalyst was not Bloom's own news. CoreWeave, which rents AI computing capacity, reported quarterly revenue of $3.66 billion, up 168% year over year, and a backlog of about $132.5 billion. It raised its 2026 revenue forecast to $13 billion to $13.3 billion and said about $9 billion of customer prepayments will arrive within three months. The money to keep building is coming from customers as well as lenders. That matters to Bloom because Bloom sells on-site power to data center builders: Oracle is contracted for up to 2.8 gigawatts, Brookfield is funding up to $5 billion of installations, and NTT Data signed for 900 megawatts last week. Nebius, another AI cloud operator, reports Thursday before the open.

Why was the stock down so far in the first place?

Bloom's record close was $345.85 on June 22. On November 5, after Texas governor-elect Gina Hinojosa called for a moratorium on data center approvals in a state holding about 27% of the country's planned capacity, the stock fell 16% in a day and sat 52% below its record. That marked the third time since its 2018 IPO that Bloom has lost half its value from a high. Even after four sessions of rebound, the stock remains 39% below June.

What does the stock's own history say?

The record favors holding through bounces. Six months after 28 of Bloom's 36 earlier one-day jumps of 12% or more from deep in a drawdown, the stock was higher, by a median of 57%. Counting Wednesday, the stock has made such a jump while at least 35% below its running high 40 times since the IPO. Of the 39 earlier ones, 29 were higher a month later, 28 of 36 were higher six months later, and 27 of 35 were higher a year later, with a median one-year gain of 29% and a best of 862%.

The limit of that reading: both earlier halvings took years to recover, 2.3 years and 4.5 years respectively, and 8 of those bounces were still underwater a year later. The first halving ran from $35.80 in September 2018 to $2.67 in October 2019, a 92% drop. The second ran from $42.65 in February 2021 to $8.58 in February 2024, an 80% drop. The 2026 drawdown, $345.85 to $163.75 on July 29, stands at 53% with recovery not yet achieved.

How strong are Bloom's fundamentals?

Bloom's third-quarter revenue was $1.24 billion, up 138% year over year, with a 33.8% gross margin, $225 million of operating income and earnings of 78 cents a share. Cash stood at $2.49 billion at the end of September. The company raised its 2026 revenue forecast for the third time, to $4.4 billion to $4.6 billion, and expects adjusted earnings of $3.10 to $3.40 a share. It joined the S&P 500 on September 21.

At $209.47, the stock trades at 64 times the midpoint of that earnings forecast and about 14 times the revenue midpoint, with a market value of $61.9 billion. The contracted backlog in filings is far smaller than the headlines: $661 million of unsatisfied performance obligations at the end of September, against a $4.5 billion revenue forecast. The company must keep signing to keep growing. NTT Data shipments do not start until 2027, and the Texas question returns in January, when the new governor takes office and the legislature meets.

Wednesday's move was a relief rally on someone else's numbers. A stock that has halved three times in eight years can do it again, and a repeat of the November 5 drop would be roughly a 16% single-session decline from here.