W.025NTT’s 900 MW is Bloom’s largest deal outside the US, and 45% of the yearly factory capacity it targeted for the end of 2026
NTT DATA agreed on November 5 to deploy 900 MW of Bloom Energy fuel cells at data centers worldwide, with shipments from 2027, three weeks after AEP said it plans to invest about $4B in 702 MW of Bloom fuel cells for Google in Wyoming. Bloom said a year ago it would double its factory capacity to 2 GW a year by the end of 2026. Its quarterly sales have more than tripled since early 2025, to $1.24B, and it has raised its 2026 guidance three times, to $4.4B–$4.6B. The shares were down about 14% at midday on the day of the NTT deal.
What NTT agreed
NTT’s deal is large and open-ended on details. NTT DATA said its NTT Global Data Centers unit had an agreement with Bloom to deploy 900 megawatts of onsite power across multiple data center projects globally, with initial shipments in 2027. The companies called it Bloom’s largest international project to date and said they intend to extend it across NTT’s data center portfolio to gigawatt scale. They named no sites and gave no value. Bloom’s fuel cells, typically run on natural gas, generate electricity on site, so a data center can run before, or without, a grid connection. NTT’s data center chief said its clients are building AI “at a pace the grid alone cannot always match.”
It follows AEP’s Wyoming plan for Google. On October 14, AEP said it plans to invest about $4 billion in a 702 MW Bloom fuel cell plant near Cheyenne, Wyoming, to supply Google under a 20-year power purchase agreement, fully operational by the end of 2028 and with plans to add carbon capture. That is about $5,698 per kilowatt of capacity for the whole project, not the price of the fuel cells alone. Together the two deals are 1,602 MW.
NTT’s 900 MW is 45% of Bloom’s targeted yearly capacity
Bloom Energy’s large data center power deals, MW, as announced: firm amounts solid, amounts described as “up to” outlined. Oracle’s is up to 2.8 GW with 1.2 GW contracted; AEP’s 2024 supply agreement is up to 1 GW, with a first order of 100 MW, and may include the Wyoming project, which AEP did not say. Nebius’s 300 MW, outlined, is the New Jersey campus Bloom is supplying, as described on its third-quarter call; no contracted amount was disclosed. The dotted line is the 2 GW a year of production capacity Bloom said in October 2025 it was on track to reach by the end of 2026.
Sales are catching up with the orders
Bloom’s revenue has risen in every quarter but one since early 2025. Third-quarter revenue was $1,236M, up 138% on a year earlier and 3.8 times the $326M of the first quarter of 2025. Product sales, the fuel cell systems themselves, rose 179% to $1,074M, 87% of revenue, and the non-GAAP gross margin widened to 34.5% from 30.4%. Bloom started 2026 guiding to $3.1 billion to $3.3 billion of revenue and has raised the range in each quarter since, to $4.4 billion to $4.6 billion in October, 41% higher at the midpoint and about 122% above 2025’s $2.02B. With $3.05B of revenue reported through September, the range implies $1.35B to $1.55B in the fourth quarter.
The backlog is several years of sales. Bloom said in February that its total backlog was about $20 billion, and its product backlog about $6 billion, up about 2.5 times in a year; it has not updated the figure, and said in October only that backlog was growing faster than revenue. At the 2026 guidance midpoint, $20 billion is about 4.4 years of revenue, though most of it is service contracts that run for many years.
Revenue tripled in five quarters
Bloom Energy total revenue by quarter, $ billions, as reported. The last bar is the fourth quarter of 2026 implied by the October guidance of $4.4 billion to $4.6 billion for the year, less revenue for January to September (midpoint drawn, outlined; our calculation).
Data
| Quarter | Revenue, $ thousands | On prior quarter |
|---|---|---|
| Q2 2025 | 401,242 | – |
| Q3 2025 | 519,048 | 29.4% |
| Q4 2025 | 777,683 | 49.8% |
| Q1 2026 | 751,054 | -3.4% |
| Q2 2026 | 1,065,365 | 41.8% |
| Q3 2026 | 1,235,837 | 16.0% |
Guidance raised three times in 2026
Bloom Energy’s guidance for 2026 revenue, $ billions, by the date it was issued: solid to the low end of the range, outlined to the high end. The dotted line is revenue reported for January to September 2026.
The shares fell with the sector
The deal did not hold the stock up. Bloom shares were down 14% at $171.52 at midday on November 5, the day of the NTT announcement, according to 24/7 Wall St., as FuelCell Energy fell 17% and Plug Power 7%, in a selloff in AI-related stocks two days after the US midterm elections.
What this changes on 06.ai
- Pack lead (Will AI compute run short or long through 2030?): onsite fuel cells are a growing share of data center power plans; Bloom’s announced data center deals now run to several gigawatts against a factory it targeted at 2 GW a year, so its production rate, not orders, may set how fast this power arrives.
- Series lead: AEP’s about $5,700 per kW for the Wyoming project is a dated cost benchmark for onsite gas power at data centers, to set against grid and turbine costs.
- Watch: whether Bloom updates its backlog or production capacity with its fourth-quarter results; neither was in its third-quarter release.
Sources and method
| Item | Figure | Source |
|---|---|---|
| NTT DATA | Agreement to deploy 900 MW of onsite power across multiple data center projects globally; initial shipments begin in 2027; Bloom’s largest international project to date; the companies intend to extend it across NTT’s portfolio to gigawatt scale; no sites or value given | NTT DATA and Bloom release, Business Wire, Nov 5 |
| AEP, Google | AEP plans to invest approximately $4 billion in a 702 MW fuel cell project near Cheyenne, Wyoming, using Bloom fuel cells; Google signed a 20-year power purchase agreement; construction planned to start in 2026, fully operational by the end of 2028; plans to integrate carbon capture | AEP release, Oct 14 |
| AEP, 2024 | Supply agreement for up to 1 GW of fuel cells, initial 100 MW order | Bloom release, Nov 14, 2024 |
| Oracle | Expanded partnership to deploy up to 2.8 GW, 1.2 GW contracted | Bloom release, Apr 13 |
| Q3 2026 | Revenue $1,236M (Q3 2025 $519M; Q2 2026 $1,065M); product revenue $1,074M ($384M); non-GAAP gross margin 34.5% (30.4%); 2026 guidance raised to revenue of $4.4B–$4.6B | Bloom Q3 release (8-K), Oct 22 |
| Q3 call | Nebius project in New Jersey, 300 MW; backlog growing faster than revenue | Q3 call transcript, Motley Fool, Oct 22 |
| Q2 2026 | Revenue $1,065M and Q1 2026 $751M; Q2 2025 $401M; 2026 guidance raised to $3.9B–$4.2B | Bloom Q2 release (8-K), Jul 28 |
| Q1 2026 | Revenue $751.1M, up 130.4% from $326.0M; 2026 guidance raised to $3.4B–$3.8B | Bloom Q1 release, Apr 28 |
| FY2025 | Q4 2025 revenue $777.7M; FY2025 revenue $2,024.0M; total backlog ~$20B, product backlog ~$6B, up ~2.5x; initial 2026 guidance $3.1B–$3.3B | Bloom Q4 release, Feb 5 |
| Capacity | On track to double annual production capacity to 2 GW by the end of 2026 | Utility Dive, Oct 30, 2025 |
| Shares | Bloom down 14% at $171.52 at midday on Nov 5; FuelCell Energy down 17%, Plug Power down 7% | 24/7 Wall St., Nov 5 |
Shares of capacity: 900 ÷ 2,000 = 45.0%; 900 + 702 = 1,602 MW. Cost per kW: $4,000M ÷ 702,000 kW = $5698; this is AEP’s planned investment for the whole project.
Revenue: 1,235,837 ÷ 519,048 − 1 = 138.1%; ÷ 326,000 = 3.79×. Product 1,073,610 ÷ 384,314 − 1 = 179.4%; share 86.9%. January–September 751,054 + 1,065,365 + 1,235,837 = 3,052,256; fourth quarter implied 4,400 − 3052.3 = 1347.7 to 4,600 − 3052.3 = 1547.7 ($ millions). Guidance midpoints 3200 and 4500, 40.6% apart; 4500 ÷ 2,024.0 − 1 = 122.3%. Backlog: $20B ÷ $4.5B = 4.4 years.
Wire reports are written within hours of the news, on a six-hour schedule. Each lists its sources and shows the arithmetic behind its figures. Not investment advice.