Jefferies upgraded Bloom Energy rating to Hold from Sell after announcing a 1.2 GW Oracle order, with up to 1.6 GW additional potential.
The 1.2 GW order adds roughly $3.8 bn revenue at $3,200/kW ASP, with warrants valued at $320 mn, implying an 8% discount.
Jefferies projects Bloom’s 2026 revenue 20% above consensus and 2027 revenue 51% above, assuming full conversion of the Oracle deal and backlog.
Jefferies notes valuation, execution, potential oversupply and natural‑gas feedstock constraints as long‑term risks to incremental capacity expansion.