Bloom Energy (BE) Is Up 29.1% After Securing AEP’s $2.65 Billion Fuel Cell Megadeal - Has The Bull Case Changed?

In early January 2026, American Electric Power’s unregulated unit finalized a US$2.65 billion purchase of about 900 MW of Bloom Energy’s solid‑oxide fuel cells for a Wyoming power facility, backed by a 20‑year offtake agreement for all its output. This utility‑scale order, one of the largest solid‑oxide fuel cell deployments to date, positions Bloom Energy as a key on‑site power provider for AI‑driven data center demand and long‑term grid‑adjacent generation. Next, we’ll examine how this US$2.65 billion AEP fuel cell contract may reshape Bloom Energy’s investment narrative and risk profile. Outshine the giants: these 28 early-stage AI stocks could fund your retirement.Bloom Energy Investment Narrative RecapTo own Bloom Energy today, you have to believe its solid oxide fuel cells can become a core solution for power hungry AI and data centers before cleaner or cheaper alternatives catch up. The US$2.65 billion AEP order reinforces the near term catalyst of large, contracted utility and data center deals, but it also sharpens the main risk around execution on rapid capacity expansion and timely delivery. In that context, Bloom’s US$5 billion partnership with Brookfield to deploy its fuel cells for AI infrastructure looks closely related to the AEP deal, because both hinge on Bloom proving it can scale on site generation at multi hundred megawatt levels. Together, these arrangements could concentrate attention on whether Bloom’s planned move from 2 GW to higher manufacturing capacity is matched by reliable, profitable deployment. Yet while the AEP contract improves revenue visibility, investors should be aware of the execution risk if Bloom scales manufacturing faster than... Read the full narrative on Bloom Energy (it's free!)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 17% downside to its current price.Exploring Other PerspectivesBE Earnings & Revenue Growth as at Jan 2026 Seven fair value estimates from the Simply Wall St Community span roughly US$28 to US$157, showing private investors applying very different growth assumptions to Bloom. Set against this wide dispersion, the recent AEP contract highlights how much some investors may be hinging on large, contracted AI and utility deals to support Bloom’s future performance, and why it can be useful to compare several viewpoints before forming your own view.Explore 7 other fair value estimates on Bloom Energy - why the stock might be worth less than half the current price!Build Your Own Bloom Energy NarrativeDisagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.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.Ready To Venture Into Other Investment Styles?Our top stock finds are flying under the radar-for now. Get in early:Trump's oil boom is here - pipelines are primed to profit. Discover the 22 US stocks riding the wave.This technology could replace computers: discover 29 stocks that are working to make quantum computing a reality.These 19 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch. 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.