Bloom Energy shares closed at about $223 on October 20, down roughly 36% from their June 22 record close of $345.85, but still up about 156% this year as AI data centers use its fuel cells for on-site power. The company reports third-quarter results after the market closes on Thursday, October 22. Bloom has raised its 2026 revenue outlook twice, most recently to $3.9–4.2 billion after second-quarter revenue of $1.07 billion. However, the guidance implies only about $1.04–1.19 billion per quarter in the second half, slightly below the second quarter's total. The author calculates the stock at about 82 times expected 2026 earnings using the midpoint of management's adjusted EPS forecast, and believes the valuation already prices in much optimism. The author would reconsider if the new forecast shows second-half revenue clearly above the second quarter's $1.07 billion.
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