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Bloom Energy announced two of the biggest contracts in its history on the same day. The next day, the stock fell approximately 16%.
Two deals, 1,602 megawatts of fuel cells
On November 5, 2026, Bloom Energy (NYSE: BE) said NTT DATA had agreed to deploy 900 megawatts of its solid oxide fuel cell systems. The systems will serve as the main onsite power source for several data center projects around the world.
Bloom called it the company’s largest international deal to date. First shipments are expected in 2027.
The agreement also has room to grow. It is structured so it could potentially scale to gigawatt levels across NTT Global Data Centers’ network.
Then came the second announcement. Alphabet’s Google unveiled its first data center in Wyoming, a $17 billion project. Bloom will build the fuel cells for a 702-megawatt plant that will power the site.
That plant will also include carbon capture technology. So Google gets onsite power and a way to trap some of the emissions that come with it.
Put the two deals together and Bloom has lined up 1,602 megawatts of new capacity in one news cycle.
Why the stock went the other way
Investors were not grading Bloom’s homework. On November 6, 2026, BE shares dropped approximately 16% as a broader selloff swept through AI power and energy infrastructure stocks.
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The trigger was the US midterm election results. Investors grew concerned that possible policy shifts could slow domestic data center development.
Bloom is especially exposed to that worry. The company draws most of its revenue from the US market.
The irony is that the NTT DATA deal is exactly the kind of international business that could reduce that dependence. It just won’t start shipping until 2027.
Bloom’s growing data center backlog
The NTT DATA and Google contracts are not isolated wins. Bloom has been stacking up large data center agreements as AI workloads push electricity demand higher.
One example is an expanded collaboration with Oracle that could reach up to 2.8 GW. That figure alone is larger than the NTT DATA and Google deals combined.
Bloom is also trying to make sure it can actually deliver. The company aims to reach an annual production capacity of 2 GW by the end of 2026.
The case for fuel cells at data centers
Bloom’s technology leans on several selling points. The company highlights rapid deployment, high reliability, low emissions, minimal water use, and quiet operation compared with conventional power generation.
What this means for Bloom and its investors
The selloff exposes a gap between operational momentum and political risk. Bloom’s order book is clearly growing. Its share price, however, is tied to sentiment about the entire AI infrastructure trade, and that sentiment just took a hit from the election.
The NTT DATA agreement is the most interesting piece of the puzzle from that angle. As Bloom’s largest international deal, it offers a path toward geographic diversification. Its potential to scale to gigawatt levels inside NTT’s global network would make that diversification meaningful rather than symbolic.
Bloom has committed to large deliveries across NTT DATA, Google, and potentially Oracle. Hitting its 2 GW annual production goal by the end of 2026 will signal whether it can convert announcements into installed capacity.
