Bloom Energy's 900 MW NTT DATA Pact Meets a Choppy Tape

Bloom Energy shares jumped 11% after the fuel-cell maker and NTT DATA signed a 900-megawatt agreement on November 5, covering on-site power for data-center projects across multiple global locations. The first deliveries under the arrangement are slated to begin in 2027.

Media coverage on November 5 tied the deal to renewed interest in fuel-cell equities, though reports did not pin the day's rally on a single specific trigger.

The timing of the announcement mattered as much as its size. Bloom had unveiled the NTT DATA partnership on Monday, and by Tuesday the stock was moving in the opposite direction—falling 3.8% amid unexpectedly hot US inflation data. Reports said the inflation figures weighed on growth stocks broadly, with profit-taking after the prior session's rally adding pressure on Bloom specifically. Other fuel-cell names also came under the cosh.

The October consumer price data showed headline inflation up 0.4% and the core rate up 0.3%, both ahead of forecasts, reviving worries about higher interest rates.

Analysts Split on the Target, Not the Thesis

RBC Capital Markets reaffirmed its "Outperform" rating on Bloom Energy and a $335 price target. Analyst Christopher Dendrinos called the company well positioned, while flagging potential resistance from affected communities that could delay data-center construction.

Barclays, for its part, upgraded the stock from "Equal Weight" to "Overweight" roughly a week earlier, citing accelerating demand, according to media reports. The catch: it trimmed its price target to $289 from $316. The more positive rating thus arrived alongside a lower target.

A Strong Quarter and a Raised Outlook

The deal news landed on top of momentum from Bloom's third-quarter 2026 results, released October 22. Revenue hit $1.24 billion, up 138% year over year. The company also lifted its full-year 2026 revenue guidance to a range of $4.4 billion to $4.6 billion—a forecast, not revenue already booked. Guidance for adjusted earnings per share was raised as well, with the new 2026 range set at $3.10 to $3.40.

A separate sell-off had already tested the stock earlier in the month. On November 5, the Associated Press reported a broad retreat in shares tied to AI data-center buildout, as investors fretted over possible restrictions on data-center construction following the US midterm elections. Bloom Energy was among the names under pressure then, too.

For all the swings, the next hard milestone remains the start of first deliveries under the NTT DATA agreement in 2027.