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Bloom Energy (NYSE:BE) stock sold off hard last week, plunging 22% in the two days following the Midterm Elections 2028, amid worries that a new Congress will prove hostile to AI data centers and shrink the market for fuel cells to power them off-grid -- hurting Bloom Energy's growth rate. After the initial shock, however, investors began creeping back into the stock Friday, and today, that creep became a flood.
Shares of Bloom Energy are bouncing back with a vengeance Monday, up 13.8% through 11:15 a.m. ET.
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Part of the reason investors are starting to warm back up to Bloom: The company inked two new contracts immediately after the election. As StreetInsider.com reports, Bloom scored a 900-megawatt deal to supply fuel cells to NTT DATA for its "global data center projects" Thursday, then followed that up with a 702 MW deal to supply fuel cells to Google at its Wyoming data center campus.
In total, that's 1.6 gigawatts of new fuel cells Bloom will supply. And while the company didn't disclose precisely what it will be paid under the contracts, Gr1d.us reports that the smaller Google deal alone could be worth "about $4 billion" for Bloom.
That implies the total value of both contracts is probably north of $9 billion.
Not all this revenue will come at once. Gr1d notes, for example, that the Google fuel cells probably won't come online before 2028. Still, even if investors need to wait a while to see these contracts come through in full, $9 billion in future revenue -- from just a couple of contracts -- is more than twice what Bloom collected over the last 12 months.
I don't know that all of this makes Bloom stock worth more than 100x earnings, where it currently trades. But Bloom's growth story does look intact, election or no election.
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Rich Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy. The Motley Fool has a disclosure policy.
Why Bloom Energy Stock Popped Today was originally published by The Motley Fool
