Bloom Energy (BE) Stock Forecast & Price Target

Bloom Energy is benefiting from surging demand for on-site power as AI data centers and grid-constrained customers increasingly seek reliable 24/7 electricity, supporting a backlog above $20 billion and strong visibility into future deployments. Revenue is already showing powerful scale, with about $1.82 billion in 1H26 and a projected $1.05 billion in 3Q26, while non-GAAP gross margin is expected to improve to 34.8% and adj. EBITDA growth to 306%, signaling meaningful operating leverage. Its expanding manufacturing footprint, potential capacity beyond 2 GW, fuel-flexible solid oxide technology, and Brookfield partnership strengthen the long-term growth case, while FERC’s June 18, 2026 ruling further validates on-site generation as a strategic solution.

Bloom Energy is facing a cautious fundamental outlook because its high-capex on-site power model may be less attractive than temporary opex-based solutions while data center customers await grid availability, limiting near-term adoption. Competition from alternative generation technologies, execution risk tied to customer performance requirements, and supply-chain exposure further threaten margins and reliability, while 2024 concentration is elevated with its top two customers representing 23% and 16% of revenue. Although 2Q26 revenue is estimated at $837 million and fiscal 2026 revenue at $3,751 million, EBITDA is expected to lag the Street, and delays at Project Jupiter and Project Tembo could create a shortfall in 2027/2028.