Bloom Energy's 229% Surge Meets a 2027 Pipeline Deadline in New Mexico

Bloom Energy's CEO says 2025-2026 guidance holds despite Oracle's force majeure at Project Jupiter, where a gas pipeline slips to 2027.

Bloom Energy CEO KR Sridhar took to Bloomberg TV on Tuesday to push back against mounting anxiety over the company's flagship projects, insisting that full-year guidance for both 2025 and 2026 remains untouched. His core argument: the company's fuel-cell units are modular and interchangeable, so modules already shipped to one site can be redirected to another if a particular development slips.

That flexibility claim now faces its stiffest test at Project Jupiter, a $165 billion AI campus in New Mexico slated to come online in 2028 with as much as 2.45 gigawatts of Bloom capacity. Oracle, the project's anchor partner, invoked a force majeure clause — not to walk away, according to Bloomberg, but to suspend payment obligations while construction timelines shift. Bloom says the maneuver does nothing to diminish long-term utilization.

A Gas Pipeline That Won't Arrive Until 2027

The mechanical snag behind the delay is a gas pipeline essential to the site, now not expected before February 1, 2027. Fuel cells standing on-site without gas to run them tie up capital without producing power — a timing gap that carries more weight than the recent share gains suggest.

Before the force majeure notice landed, Oracle had already sent a separate communication to developer Stack Infrastructure to protect its own contractual rights, stating explicitly that the move implied neither delays nor any change to delivery expectations. Bloom reaffirmed roughly a week ago that its 2.4-gigawatt commitment stays intact after Oracle restated its backing. Even so, the stock has shed 2.4% since then.

Barclays Lifts Its Target, RBC Stays Bullish

Analyst sentiment has moved in the opposite direction. Barclays' Christine Cho raised her price target on the stock from $276 to $308 while keeping an Equal Weight rating, pointing to the additional manufacturing site in Fremont, California, as a meaningful capacity expansion, along with utility Ameren Missouri's plans for more than 500 megawatts of fuel cells. RBC, for its part, reiterated an Outperform rating and a $335 target on September 29.

Investors bought enthusiastically, helped by broad strength across artificial-intelligence-linked names. The shares closed Tuesday at EUR 247.00, up 1.0% on the day, bringing the year-to-date advance to 229%.

Army Award, a Basketball Deal, and a Valuation Stretched Thin

Bloom has also secured a position for commercial power generation at a military installation through a conditional U.S. Army solicitation alongside Indelible — a provisional award, not a finalized power supply contract. On the marketing front, the company announced Monday a multi-year partnership with the Philadelphia 76ers including jersey sponsorship, paired with a planned seven-figure community investment. Financial terms of the tie-up were not disclosed.

At EUR 247.50, the stock already discounts a world in which AI infrastructure is fitted out with fuel cells at breakneck speed. The pipeline delay at Project Jupiter is a reminder that Bloom depends on external permits and slow-moving construction schedules it cannot control. Anyone buying at these levels is paying for a vision whose operational payoff stretches, in part, well into 2027.