Bloom Energy (BE 2.60%) stock is on a tear, with shares rallying 33.4% this week through 2 p.m. ET Thursday and hitting a 52-week high of $93.80 per share, according to data provided by S&P Global Market Intelligence.
In September, RBC Capital analyst Christopher Dendrinos more than doubled Bloom Energy stock's price target to $75 per share. This week, RBC Capital noted that the hydrogen fuel cell maker could bag a big project based on a recent filing, and that has sent investors in Bloom energy into a tizzy.
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Are data centers a big market for Bloom Energy?
In a research note, RBC Capital revealed that BFC Power has filed an application in Wyoming for an approval to construct a power plant with a total capacity of 900 megawatts, powered by Bloom Energy's fuel cells.
Since the proposed plant will support a 1.8-gigawatt data center, RBC sees this filing as evidence of Bloom Energy's opportunities in the high-growth data center market.
Data centers are booming in the U.S., and they require uninterrupted supplies of power to operate their vast infrastructure and run cooling systems. The International Energy Agency (IEA) projects data centers to account for almost 50% of the growth in demand for electricity through 2030.
The massive need for energy is spurring growth in the overall energy sector, especially clean energy. Bloom Energy's solid-oxide fuel cells can convert alternative fuels like hydrogen and biogas into electricity on-site for uninterrupted power generation.
Why Bloom Energy stock has become unstoppable
Winning a data center project win in Wyoming could just be the start for Bloom Energy for many such projects in the future. Bloom Energy already has a powerful customer base. One of its most notable recent deals was to supply on-site power to tech giant Oracle's data center within 90 days. That deal was a glimpse into how quickly Bloom Energy can deploy its servers.
Bloom Energy's growth story is undeniable. The company has posted record revenues and profits for three consecutive quarters and projects 2025 revenue between $1.65 billion and $1.85 billion versus $1.47 billion in 2024. With Bloom Energy planning to double capacity to 2 gigawatts by the end of 2026 to meet soaring demand for its fuel-cell servers, investors continue to pile in to the stock.
