BE · Bloom Energy Corporation

The thesis

Demand for Bloom Energy's on-site fuel-cell power from AI data centers and utilities is still growing, but rising Treasury yields have pushed the shares back toward their pre-index-inclusion level. The third-quarter report, which MarketBeat expects around 27 October 2026, decides the near-term case. It will show whether the $3.9–$4.2 billion FY2026 revenue outlook holds and whether Oracle's Project Jupiter is still on schedule.

Bloom closed at $272.82 on 8 October 2026, according to adjusted daily closes. That is down from $295.78 on 6 October, 21.1% below the 52-week high of $345.85 and 16.8% above the close three months earlier. Benzinga linked the 8 October drop to the 10-year Treasury yield, which touched 5.35% during the session before easing to 5.28%, and to selling across expensive AI-power stocks. The company has released no new operating results since 28 July.

The narrative is maturing: the story has been widely known since the 21 September S&P 500 inclusion, and Benzinga Pro ranked Bloom among its 12 most-searched tickers for September (2 October report). Analysts are still moving targets up. UBS raised its target to $350 on 7 October, Benzinga reported. The case holds if the October report keeps guidance at or above $3.9 billion. It breaks on a weekly close under $265, which would give back the gain since the 18 September close of $265.63.

Bullish and bearish views on Bloom Energy Corporation

The bull case on Bloom Energy Corporation (BE), in brief: Revenue growth is already reported. The bear case: Rising yields hit the shares directly.

Bull case

• Revenue growth is already reported. Second-quarter 2026 revenue was $1,065.4 million, up 165.5% year over year, and operating income under generally accepted accounting principles (GAAP) was $182.2 million, according to Bloom's 28 July 2026 release. The same release raised FY2026 revenue guidance to $3.9–$4.2 billion and non-GAAP earnings per share (EPS) guidance to $2.55–$2.85.
• Bloom has beaten estimates by a wide margin. MarketBeat data cited on 6 October shows second-quarter adjusted EPS of $0.78 against a $0.39 consensus, and revenue of $1.07 billion against an expected $826 million.
• Analyst targets are still rising. UBS kept Buy and raised its target to $350 on 7 October, according to Benzinga. Barclays raised its target to $308 from $276 on 1 October, citing a second 158,000-square-foot Fremont, California facility and Ameren Missouri's plan for 500 megawatts of fuel cells. RBC kept Outperform and a $335 target on 2 October.
• Virginia opens a state-level channel. Virginia's 2026 Energy Plan, published 1 October, creates a "non-combustion gas resource" designation and targets 5 gigawatts (GW) of that capacity from 2029 through 2035, Parameter.io reported on 2 October.
• Oracle says it is still committed. After Oracle's force majeure notice on Project Jupiter, Bloom said Oracle "remains committed" to its 2.4 GW fuel-cell contract, FuelCellsWorks reported on 25 September.

Bear case

• Rising yields hit the shares directly. Benzinga attributed the 8 October decline to a 10-year yield that touched 5.35%. 24/7 Wall St. tied earlier drops of about 8% on 18 August and 24 September to the same pressure on clean-energy financing. The 10-year yield had reached 5.29% on 29 September.
• The shares trade above the average target. MarketBeat's average analyst target was $257.18 on 6 October, below the 8 October close of $272.82. Bernstein reiterated Market Perform with a $282 target on 7 October, according to Benzinga.
• Project Jupiter timing is uncertain. Press reports in late September said permitting setbacks had pushed the in-service date of the gas pipeline for the New Mexico campus to February 2027, with air-quality approval still pending. Jefferies flagged air, water, gas and local-approval risk on 29 September.

• A lawsuit is pending. A securities class action over scandium-sourcing disclosures covers a class period from 27 February 2025 to 8 July 2026.

Price setup

The 8 October close of $272.82 sits 21.1% below the 52-week high of $345.85 and about 2.9% above the 18 September close of $265.63, the last close before S&P 500 membership took effect. The 14-day relative strength index (RSI) was 52.3 on 8 October. That is a neutral reading, with no sign of an overbought price.

The two-day move shows how quickly money is moving in and out. Benzinga reported that Investor's Business Daily's SwingTrader service bought the stock on 6 October and sold it on 8 October. Benzinga's options scanner flagged large-trader activity in Bloom on 2 October, 6 and 8. Crowding shows up as heavy retail search interest, active options trading, insider selling into strength and an earnings report less than three weeks away. There is no wide gap above a rising average: the shares are well below their high.

Catalysts, next 30 days

• ~27 October 2026, est. Third-quarter 2026 results. MarketBeat lists 27 October, and the company has not confirmed the date. Bloom announced last year's third-quarter date on 9 October 2025, for an 28 October report. The report tests the $3.9 billion revenue floor and gives the first company update on Jupiter since Oracle's force majeure notice.
• 28 October 2026 — Federal Reserve decision at the end of the 27 October–28 meeting. With the 10-year yield above 5.2%, the rate outlook has driven several of Bloom's largest daily moves since August.
• ~2027-02, est. Jupiter gas pipeline in service, per September 2026 press reports. This is outside the 30-day window but sets when the largest contract can turn into revenue.

What would change the view

The case breaks if Bloom cuts FY2026 revenue guidance below the $3.9 billion floor set on 28 July 2026. It also breaks if Oracle or Blue Owl reduces or cancels the 2.4 GW Project Jupiter contract, or if the supporting gas pipeline slips past February 2027. On price, a weekly close below $265 would erase the gain since the 18 September close of $265.63 and end the thesis.

The read would get stronger if the third-quarter report raises the revenue range again and gives a firm Jupiter delivery schedule. A clear drop in the 10-year yield from the 5.28–5.35% range of 8 October would remove the main pressure behind the latest decline.

What it trades with

Bloom trades with AI power and grid suppliers. StockStory reported that Generac, American Superconductor and Bloom jumped together on 6 October on AI-infrastructure spending, and FuelCell Energy rose 14% the same day, Benzinga reported. The shares also move against long-term Treasury yields. Press reports tied the 18 August, 24 September and 8 October declines to rising 10-year yields. Since 21 September, S&P 500 membership has also tied part of the buying and selling to index-fund flows.