Bloom Energy (BE)
Builds solid-oxide systems for onsite electricity generation and hydrogen production.
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Bloom Energy builds fuel-cell systems that make electricity where it is needed. The boxes remain the overwhelming source of sales, while data centers are pulling the company toward much larger projects. A handful of financing and customer programs now decides how quickly that demand becomes revenue.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 16 more below
Bloom Energy Server
The onsite power boxes provide about three quarters of sales. In February 2026, management said customers had lined up roughly $20 billion of equipment and long-term upkeep, though much can be cancelled; completed sites are what count.
Competes with PureCell Model 400 (Doosan Fuel Cell) · Ceres/Centrica onsite fuel-cell system (Ceres Power/Centrica) · SureSource platforms (FuelCell Energy)
In plain English
Think of the Energy Server as a power plant broken into repeatable boxes. Each box turns natural gas, gas from organic waste or hydrogen directly into electricity without burning it, and several boxes can be joined beside a building.
Data centers, utilities and commercial sites want power sooner than a strained grid may deliver it. They or a financing partner buy the equipment, and Bloom earns as boxes are delivered and working sites are completed. Fuel access, permits, site preparation and reliable internal parts decide how quickly an order becomes cash.
Brookfield AI Infrastructure Partnership and Fund JVs
Brookfield-controlled funds delivered $862.1 million of FY2025 revenue and were the largest customer at 43%; Bloom did not name the next two. As of June 2026, its separate $25 billion financing framework was a spending ceiling, not an order.
Competes with Global AI Infrastructure Investment Partnership (BlackRock/GIP, Microsoft/MGX) · Blackstone Digital Infrastructure Trust (Blackstone)
In plain English
This program is a financing bridge. Brookfield creates separate project companies that buy Bloom's equipment and installation work, while the data-center operator ultimately pays for dependable power. Bloom keeps a small ownership slice in those project companies.
The arrangement lets a large power build proceed without the site operator buying every box upfront. Bloom gets paid when a project company accepts equipment and installation, but the large funding framework matters only after a real site, customer and financing package are committed.
Oracle Master Agreement
In April 2026, Oracle's rented-computing arm contracted 1.2 gigawatts—roughly a large power station's output—within a possible 2.8 gigawatts. Deliveries run into 2027, so ready sites matter more than the larger option.
Competes with LM2500XPRESS power package (GE Vernova) · SureSource platforms (FuelCell Energy)
In plain English
Oracle needs electricity before the local grid can always provide it. Its cloud business—buildings full of computers rented to other companies—plans to place Bloom's power boxes beside those buildings, starting with a firm portion of a larger agreement.
Oracle chooses the sites and timing; Bloom supplies and helps install the systems, then can maintain them. Money arrives as deployments progress. Fuel, permits, construction schedules and a customer discount tied to future deliveries all influence how much Bloom ultimately collects.
AEP Fuel Cell Procurement Agreement
AEP, a U.S. electric utility, began a November 2024 agreement with 100 megawatts—a small power plant's output—and can reach one gigawatt. Expansion needs approvals, customer contracts, fuel and fresh order releases.
Competes with LM2500XPRESS power package (GE Vernova) · Jenbacher J624 plants (INNIO) · SureSource platforms (FuelCell Energy)
In plain English
AEP sits between Bloom and new data-center users. It finds sites, arranges utility approvals and buys the power equipment, while large electricity customers cover project costs through special supply contracts. The first order is the committed foothold; the rest is optional.
Bloom earns only when AEP releases more purchases and projects move forward. That makes this less like a single giant checkout and more like a standing order form whose next page opens only when a site, customer and fuel supply are ready.
Nebius Vineland AI Factory Power Program
Announced in May 2026, Nebius's power-plant-scale, 328-megawatt New Jersey site is now planned for 2027 after replacing a gas-engine design with Bloom's boxes. Financing, construction and permits still govern sales timing.
Competes with Jenbacher J624 plants (INNIO) · LM2500XPRESS power package (GE Vernova)
In plain English
At Vineland, Nebius is building what it calls an AI factory: a campus packed with computers that needs its own dependable electricity supply. Bloom's boxes replaced an earlier plan based on large gas engines.
A group of lenders and investors supplies the project money, while Bloom provides and later services the power system. Bloom gets paid as construction steps are cleared. The revised opening date shows the catch: even when the technology is chosen, financing, permits and the building schedule control when revenue arrives.
Service Agreements
Five-to-twenty-year maintenance deals brought in $228.3 million in FY2025. Customers can often leave each year, so the growing population of installed machines and their reliability matter more than the nominal contract length.
Competes with Energy Services and long-term service agreements (FuelCell Energy) · Gas Power service agreements (GE Vernova)
In plain English
Once a Server is running, Bloom stays involved. It watches the equipment, performs maintenance and swaps out worn internal sections, much like a long service plan for an essential appliance that cannot afford downtime.
Owners and project companies pay recurring fees to keep their power supply available. Every new installation adds a possible service customer, but poor durability raises Bloom's repair bill. The economic prize is therefore not merely signing long contracts; it is keeping customers while making fewer costly replacements.
Installation Services
Turning shipped boxes into working sites produced $204.1 million in FY2025 and was roughly break-even. Permits, fuel connections, wiring and site readiness can move payment from one quarter to another.
Competes with Project construction services (FuelCell Energy) · LM2500XPRESS power package (GE Vernova) · Jenbacher J624 plants (INNIO)
In plain English
The sale is not finished when a box leaves the factory. A site must be prepared, the equipment placed, fuel and electrical lines connected, and the whole system tested before the customer accepts it.
Bloom and outside contractors do that work, and Bloom earns as those steps are completed. This part behaves like a building project rather than a factory shipment: a late permit, unfinished fuel line or incomplete electrical connection can push both the work and the payment into a later period.
Bloom Energy ServerThe onsite power boxes provide about three quarters of sales. In February 2026, management said customers had lined up roughly $20 billion of equipment and long-term upkeep, though much can be cancelled; completed sites are what count.The onsite power boxes provide about three quarters of sales. In February 2026, management said customers had lined up roughly $20 billion of equipment and long-term upkeep, though much can be cancelled; completed sites are what count.
In plain English
Think of the Energy Server as a power plant broken into repeatable boxes. Each box turns natural gas, gas from organic waste or hydrogen directly into electricity without burning it, and several boxes can be joined beside a building.
Data centers, utilities and commercial sites want power sooner than a strained grid may deliver it. They or a financing partner buy the equipment, and Bloom earns as boxes are delivered and working sites are completed. Fuel access, permits, site preparation and reliable internal parts decide how quickly an order becomes cash.
Competes with PureCell Model 400 (Doosan Fuel Cell) · Ceres/Centrica onsite fuel-cell system (Ceres Power/Centrica) · SureSource platforms (FuelCell Energy)
Brookfield AI Infrastructure Partnership and Fund JVsBrookfield-controlled funds delivered $862.1 million of FY2025 revenue and were the largest customer at 43%; Bloom did not name the next two. As of June 2026, its separate $25 billion financing framework was a spending ceiling, not an order.Brookfield-controlled funds delivered $862.1 million of FY2025 revenue and were the largest customer at 43%; Bloom did not name the next two. As of June 2026, its separate $25 billion financing framework was a spending ceiling, not an order.
In plain English
This program is a financing bridge. Brookfield creates separate project companies that buy Bloom's equipment and installation work, while the data-center operator ultimately pays for dependable power. Bloom keeps a small ownership slice in those project companies.
The arrangement lets a large power build proceed without the site operator buying every box upfront. Bloom gets paid when a project company accepts equipment and installation, but the large funding framework matters only after a real site, customer and financing package are committed.
Competes with Global AI Infrastructure Investment Partnership (BlackRock/GIP, Microsoft/MGX) · Blackstone Digital Infrastructure Trust (Blackstone)
Oracle Master AgreementIn April 2026, Oracle's rented-computing arm contracted 1.2 gigawatts—roughly a large power station's output—within a possible 2.8 gigawatts. Deliveries run into 2027, so ready sites matter more than the larger option.In April 2026, Oracle's rented-computing arm contracted 1.2 gigawatts—roughly a large power station's output—within a possible 2.8 gigawatts. Deliveries run into 2027, so ready sites matter more than the larger option.
In plain English
Oracle needs electricity before the local grid can always provide it. Its cloud business—buildings full of computers rented to other companies—plans to place Bloom's power boxes beside those buildings, starting with a firm portion of a larger agreement.
Oracle chooses the sites and timing; Bloom supplies and helps install the systems, then can maintain them. Money arrives as deployments progress. Fuel, permits, construction schedules and a customer discount tied to future deliveries all influence how much Bloom ultimately collects.
Competes with LM2500XPRESS power package (GE Vernova) · SureSource platforms (FuelCell Energy)
AEP Fuel Cell Procurement AgreementAEP, a U.S. electric utility, began a November 2024 agreement with 100 megawatts—a small power plant's output—and can reach one gigawatt. Expansion needs approvals, customer contracts, fuel and fresh order releases.AEP, a U.S. electric utility, began a November 2024 agreement with 100 megawatts—a small power plant's output—and can reach one gigawatt. Expansion needs approvals, customer contracts, fuel and fresh order releases.
In plain English
AEP sits between Bloom and new data-center users. It finds sites, arranges utility approvals and buys the power equipment, while large electricity customers cover project costs through special supply contracts. The first order is the committed foothold; the rest is optional.
Bloom earns only when AEP releases more purchases and projects move forward. That makes this less like a single giant checkout and more like a standing order form whose next page opens only when a site, customer and fuel supply are ready.
Competes with LM2500XPRESS power package (GE Vernova) · Jenbacher J624 plants (INNIO) · SureSource platforms (FuelCell Energy)
Nebius Vineland AI Factory Power ProgramAnnounced in May 2026, Nebius's power-plant-scale, 328-megawatt New Jersey site is now planned for 2027 after replacing a gas-engine design with Bloom's boxes. Financing, construction and permits still govern sales timing.Announced in May 2026, Nebius's power-plant-scale, 328-megawatt New Jersey site is now planned for 2027 after replacing a gas-engine design with Bloom's boxes. Financing, construction and permits still govern sales timing.
In plain English
At Vineland, Nebius is building what it calls an AI factory: a campus packed with computers that needs its own dependable electricity supply. Bloom's boxes replaced an earlier plan based on large gas engines.
A group of lenders and investors supplies the project money, while Bloom provides and later services the power system. Bloom gets paid as construction steps are cleared. The revised opening date shows the catch: even when the technology is chosen, financing, permits and the building schedule control when revenue arrives.
Competes with Jenbacher J624 plants (INNIO) · LM2500XPRESS power package (GE Vernova)
Service AgreementsFive-to-twenty-year maintenance deals brought in $228.3 million in FY2025. Customers can often leave each year, so the growing population of installed machines and their reliability matter more than the nominal contract length.Five-to-twenty-year maintenance deals brought in $228.3 million in FY2025. Customers can often leave each year, so the growing population of installed machines and their reliability matter more than the nominal contract length.
In plain English
Once a Server is running, Bloom stays involved. It watches the equipment, performs maintenance and swaps out worn internal sections, much like a long service plan for an essential appliance that cannot afford downtime.
Owners and project companies pay recurring fees to keep their power supply available. Every new installation adds a possible service customer, but poor durability raises Bloom's repair bill. The economic prize is therefore not merely signing long contracts; it is keeping customers while making fewer costly replacements.
Competes with Energy Services and long-term service agreements (FuelCell Energy) · Gas Power service agreements (GE Vernova)
Installation ServicesTurning shipped boxes into working sites produced $204.1 million in FY2025 and was roughly break-even. Permits, fuel connections, wiring and site readiness can move payment from one quarter to another.Turning shipped boxes into working sites produced $204.1 million in FY2025 and was roughly break-even. Permits, fuel connections, wiring and site readiness can move payment from one quarter to another.
In plain English
The sale is not finished when a box leaves the factory. A site must be prepared, the equipment placed, fuel and electrical lines connected, and the whole system tested before the customer accepts it.
Bloom and outside contractors do that work, and Bloom earns as those steps are completed. This part behaves like a building project rather than a factory shipment: a late permit, unfinished fuel line or incomplete electrical connection can push both the work and the payment into a later period.
Competes with Project construction services (FuelCell Energy) · LM2500XPRESS power package (GE Vernova) · Jenbacher J624 plants (INNIO)
Named in filings, launches and programs
- Retained power contracts and leasesServiceBloom keeps some power contracts and collects electricity or capacity payments; this supplied 3.0% of FY2025 revenue.
- Bloom ElectrolyzerProduct lineMakes hydrogen from electricity in industrial blocks; impairments and silence across recent calls show it is currently de-emphasized.
- AlwaysON Microgrid PlatformPlatformRuns Energy Servers independently from the wider grid so a site can keep its primary power available.
- Primary PowerProduct lineThe continuous onsite-electricity use behind Bloom's data-center and commercial installations.
- Combined Heat and PowerProduct lineReuses the Server's high-temperature output for heating or cooling alongside electricity.
- Carbon Capture Utilization and StorageProduct · Pre-revenueA listed research path for pairing fuel cells with concentrated carbon-dioxide handling; no commercial revenue was found.
- Biogas EnergyProduct lineRuns Energy Servers on renewable gas made from waste for waste-to-energy sites.
- Hydrogen Fuel CellsProduct lineRuns the Energy Server on hydrogen instead of natural gas.
- Power ConnectProduct · AnnouncedFactory-integrated electrical equipment meant to cut onsite installation work; no customer deployment had been disclosed.
- Bloom Energy KoreaBrandConsolidated Korean assembly and maintenance businesses supported by SK ecoplant, with purchase commitments for a few hundred megawatts through 2027.
- Equinix data-center programCustomer programA data-center relationship begun small in 2015 and expanded beyond 100 megawatts—roughly power-plant scale—by 2025.
- MiTAC microgridsCustomer program · RampingIndependent power for Fremont and San Jose manufacturing sites, part of an AI-infrastructure relationship totaling a few hundred megawatts.
- Quanta islanded microgridCustomer programIndependent power for a Northern California AI-equipment factory, with capacity increased by more than 150% by late 2024.
- CoreWeave Illinois projectCustomer programA named Illinois data-center deployment; Bloom has not disclosed its contract value.
- Certified GasEcosystemBuys and tracks lower-emission natural-gas supply for customers that choose it.
- Marine Fuel CellProduct · Pre-revenueA listed fuel-cell power application for ships, with no commercial revenue found.
Retained power contracts and leasesService
Bloom keeps some power contracts and collects electricity or capacity payments; this supplied 3.0% of FY2025 revenue.
Bloom ElectrolyzerProduct line
Makes hydrogen from electricity in industrial blocks; impairments and silence across recent calls show it is currently de-emphasized.
AlwaysON Microgrid PlatformPlatform
Runs Energy Servers independently from the wider grid so a site can keep its primary power available.
Primary PowerProduct line
The continuous onsite-electricity use behind Bloom's data-center and commercial installations.
Combined Heat and PowerProduct line
Reuses the Server's high-temperature output for heating or cooling alongside electricity.
Carbon Capture Utilization and StorageProduct · Pre-revenue
A listed research path for pairing fuel cells with concentrated carbon-dioxide handling; no commercial revenue was found.
Biogas EnergyProduct line
Runs Energy Servers on renewable gas made from waste for waste-to-energy sites.
Hydrogen Fuel CellsProduct line
Runs the Energy Server on hydrogen instead of natural gas.
Power ConnectProduct · Announced
Factory-integrated electrical equipment meant to cut onsite installation work; no customer deployment had been disclosed.
Bloom Energy KoreaBrand
Consolidated Korean assembly and maintenance businesses supported by SK ecoplant, with purchase commitments for a few hundred megawatts through 2027.
Equinix data-center programCustomer program
A data-center relationship begun small in 2015 and expanded beyond 100 megawatts—roughly power-plant scale—by 2025.
MiTAC microgridsCustomer program · Ramping
Independent power for Fremont and San Jose manufacturing sites, part of an AI-infrastructure relationship totaling a few hundred megawatts.
Quanta islanded microgridCustomer program
Independent power for a Northern California AI-equipment factory, with capacity increased by more than 150% by late 2024.
CoreWeave Illinois projectCustomer program
A named Illinois data-center deployment; Bloom has not disclosed its contract value.
Certified GasEcosystem
Buys and tracks lower-emission natural-gas supply for customers that choose it.
Marine Fuel CellProduct · Pre-revenue
A listed fuel-cell power application for ships, with no commercial revenue found.