Bloom Energy (NYSE: BE) saw its stock drop 16% on November 5, 2026, despite being featured in two major data center deals. NTT DATA announced plans to deploy 900 megawatts of Bloom's fuel cells across global data center projects, marking Bloom's largest international project to date. Meanwhile, Alphabet's Google revealed that Bloom would supply fuel cells for a 702-megawatt plant in Wyoming, part of a $17 billion data center project. However, the Google deal was actually finalized in January, with American Electric Power (AEP) investing around $4 billion in the project.
The stock's decline came amid concerns that rising opposition to new data centers following the November 3 midterms could slow the expansion of AI data centers. Despite the drop, Bloom Energy's shares are still up over 90% for the year, though they remain about 52% below their June 22 record close of $345.85. The company's stock closed at $167.52 on November 5.
NTT DATA's deal is the newer business, but details such as dollar value, project locations, and timelines beyond initial shipments starting in 2027 were not disclosed. The order represents nearly a full year of output at Bloom's current production capacity. Bloom Energy's third-quarter revenue grew 16% sequentially to $1.24 billion, up 138% year over year, but the company's operations burned $27 million in cash due to revenue outpacing billing.
Based on the midpoint of management's adjusted earnings forecast for 2026 ($3.10 to $3.40 per share), Bloom's stock traded at around 52 times earnings at its November 5 close. While this is a premium price, it reflects expectations of sustained rapid growth. Analysts suggest considering buying shares at the current price, with caution about potential delays in deliveries due to slower U.S. data center build-outs.