Bloom Energy shares surged 15% to a record high after a report highlighted how much electricity AI data centers will need this decade, and major contracts like Oracle's Project Jupiter show fuel cells are becoming the preferred power solution.

What happened: Bloom Energy stock jumped about 15% on Thursday to near $330, driven by a mid-year data center power report and large supply agreements. The company's first-quarter revenue rose about 130% year over year to $751 million（約1200億円）, and management raised full-year guidance to imply about 80% growth.

Why it matters: Data center builders are turning to onsite fuel cells because they can be installed faster than waiting for grid hookups—every quarter of delay costs revenue. The report found that 61% of data center developers would generate their own power if the grid couldn't meet their needs, and major customers like Oracle and Nebius Group have already signed deals. However, the stock now carries a market value of more than $90 billion（約14兆円）, trading at about 160 times adjusted earnings guidance, which prices in years of nearly flawless execution.

What to watch: CEO KR Sridhar stated in late April that Bloom is "not order constrained and not capacity constrained," meaning growth now depends on how quickly customers can build their sites, not Bloom's production speed. Local opposition is a risk—the report flagged at least 18 state bills and 86 local moratoriums proposed as of May that could stretch customer build-out timelines.