On May 26, Bloom Energy rose 3.26% in pre-market trading, trading at approximately $312.06 per share, with trading volume of $5.56 million.

The stock continued its upward trajectory fueled by a landmark $2.6 billion fuel cell capacity agreement with European AI infrastructure provider Nebius, disclosed in an SEC filing. Under the contract, Nebius will pay monthly service fees over the agreement term to purchase capacity and electricity generated by Bloom Energy's power supply systems. The project is expected to come online in three phases, providing approximately 250 megawatts of guaranteed capacity and 328 megawatts of installed capacity, with each phase carrying a 10-year contract term.

The deal further validates Bloom Energy's solid-oxide fuel cell technology as a critical power solution for AI data centers facing electricity supply bottlenecks. Adding to the momentum, Daiwa Securities upgraded the stock from Hold to Outperform, raising its target price from $98 to $324. This agreement follows the company's earlier 2.8GW Oracle order, reinforcing its position in the AI infrastructure power supply segment.

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