Bloom Energy's order book keeps expanding, but investors are watching whether the fuel-cell maker can actually ship on time. The company signed a 900 MW agreement with NTT DATA for data-center projects, with first deliveries in 2027. That's the most concrete test of execution. A separate announcement with Google covers a 702 MW fuel-cell project in Wyoming paired with carbon capture and storage. Bloom is the equipment supplier, but the project is still in development. In California, a non-binding letter of intent with California Resources could lead to over 1 GW of generation, but it's only an exploration for now. The stock dropped 4.2% after the news, reflecting market skepticism about delivery timelines. Analysts at Barclays upgraded the stock but cut the price target, showing the tension between growing demand and high valuation. The real metric to watch is whether Bloom converts these announcements into shipped hardware.
