Bloom Energy Order Book Grows on Data Center Fuel Cells and California Carbon Capture Plan

Bloom Energy's stock got a lift from the broader data center infrastructure rebound, but the real news is in the order book. NTT DATA has agreed to deploy 900 MW of Bloom fuel cells across international data center sites, with first deliveries scheduled for 2027. A separate 702 MW project for Google in Wyoming adds to the pipeline. The company also reported third-quarter 2026 revenue of $1,235.8 million and raised its full year guidance to $4.4-4.6 billion, which gives investors a concrete yardstick for execution. Outside data centers, Bloom signed a non-binding letter of intent with California Resources Corporation's Carbon TerraVault to explore at least 1 GW of fuel cell capacity paired with carbon capture and storage. The partners say up to 3 million tonnes of CO2 a year could be captured and stored, but final agreements, investment decisions, and regulatory approvals are still required. That makes the California initiative a development option, not a signed contract. Barclays upgraded Bloom to Overweight while trimming its price target to $289 from $316, reflecting stronger operating prospects against more cautious valuation assumptions. The key metric to watch is delivered megawatts and whether 2026 guidance converts into shipped capacity.