---
title: "Bloom Energy's 63.5x premium rides on Oracle's 2.45-gigawatt campus and a December 7 air-permit hearing"
description: "Oracle reaffirmed Bloom fuel cells as Project Jupiter's primary power this week and added no revenue. The campus stands nearly finished without electricity, short an air permit and a gas pipeline, and the hearing that can change that starts December 7, five weeks after Thursday's earnings print."
publisher: "The Inference"
section: "Power"
published: 2026-10-21T13:09:56.689Z
modified: 2026-10-21T13:09:56.689Z
canonical: https://theinference.org/article/bloom-energy-s-63-5x-premium-rides-on-oracle-s-2-45-gigawatt-campus-and-a-december-7-air-permit-hearing
language: en
keywords: "Bloom Energy, Oracle, Data Centers, Fuel Cells, Natural Gas"
---

# Bloom Energy's 63.5x premium rides on Oracle's 2.45-gigawatt campus and a December 7 air-permit hearing

> Oracle reaffirmed Bloom fuel cells as Project Jupiter's primary power this week and added no revenue. The campus stands nearly finished without electricity, short an air permit and a gas pipeline, and the hearing that can change that starts December 7, five weeks after Thursday's earnings print.

[Oracle](https://theinference.org/markets/companies/oracle) settled demand this week and left delivery waiting on a permit. The database and cloud company reaffirmed that [Bloom Energy](https://theinference.org/markets/companies/bloom-energy)'s fuel cells stay the primary power source for Project Jupiter, its AI campus at Santa Teresa, New Mexico, slated for up to 2.45 gigawatts [1][2], and [posted that construction is "moving quickly"](https://stocktwits.com/news-articles/markets/equity/be-stock-adds-3-after-oracle-signals-project-jupiter-moving-quickly/cZx8yWpRBuc) [3].

None of it reaches the fuel-cell maker's order book. [The reaffirmation carries no contract value](https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/bloom-energy-s-oracle-megaproject-hits-a-permitting-wall-just-as-quarterly-numbers-take-center-stage/70373534) [1], and the backup agreement Oracle proposed with the local utility, El Paso Electric, pays the utility for commissioning and emergencies, which makes it Oracle's money, not Bloom's [2][4].

## The buildings are nearly finished and have no electricity

Bloom's cells make electricity from natural gas on site, which is why Oracle replaced the gas turbines it originally planned with them [2]. The campus is approaching completion with no power, and the plot where the fuel cells would sit is empty: construction there has not started, and a truck of sample tanks stood in for the 7,000 cells an Oracle executive says the site needs [5].

Between the buildings and the electrons sit a state air permit and a gas pipeline. The permit hearing, once set for September, now starts December 7, and the hearing officer has said it could slip again [5]. [A motion to dismiss the application](https://www.lcsun-news.com/story/news/local/2026/10/17/new-motion-moves-to-dismiss-project-jupiter-air-quality-permit-application/92282670007/), filed after state modeling showed projected pollutant concentrations doubling, is heard on October 26 [5][6]. The [pipeline's start date has already slipped to February 2027](https://theinference.org/article/aep-orders-up-to-1-6-gigawatts-of-mainspring-generators-oracle-s-gas-line-slips-at-ferc) [7].

## Thursday's numbers cannot settle what the multiple prices

Bloom reports after the close on October 22 [1][8]. Wall Street models $1.07 billion of revenue on estimates that have sat unchanged for two months, and Zacks' own model predicts no beat, even after four straight ones [8]. That figure is essentially level with what Bloom reported for its spring quarter [9]. Thursday can confirm a ramp that has already happened. It cannot permit a fuel cell.

*Chart: **Bloom's ramp is already reported; the Street's Q3 estimate asks it to hold that level** Line chart of Bloom Energy's quarterly revenue from Q3 2024 through the Q3 2026 consensus estimate, showing the ramp to about one billion dollars per quarter*

*Quarterly revenue, US dollars. Reported quarters from Bloom Energy's SEC filings; final point is the Zacks consensus estimate for the quarter reported October 22, 2026. [8][9]*

## The calendar risk sits with Bloom's holders

The available coverage reads this the other way around: bullish on Bloom as [the stronger infrastructure buy](https://ibusiness.news/news/2026-10-21/bloom-energy-be-looks-like-the-stronger-ai-infrastructure-buy-as-project-jupiter-hits-delays-leaving-oracle-orcl-more-exposed/), bearish on Oracle as the exposed party, with [Baird lifting its target again](https://finance.yahoo.com/markets/stocks/articles/bloom-energy-stocks-fall-3-191240581.html) [10][3][1]. The permit record runs opposite for the next two months.

Oracle has issued [a force majeure notice](https://theinference.org/article/oracle-bought-the-option-to-pay-late-bloom-and-blue-owl-carry-the-2028-date) shielding it from power-supply delays, lined up utility backup, and can [truck gas](https://theinference.org/article/bloom-energy-fell-6-3-on-a-report-oracle-is-trucking-gas-and-still-trades-above-the-street-s-258-target) at roughly four times pipeline cost while it waits; its problem is cost [2][7]. Bloom's problem is conversion. At 63.5 times forward earnings, far above its power-equipment peers, the stock pays out only if fuel cells get permitted and energized [1].

*Chart: **Bloom's forward earnings multiple towers over its power-equipment peers** Bar chart comparing forward price-to-earnings multiples: Bloom Energy 63.5, GE Vernova 43.2, Cummins 15.9*

*Forward 12-month price-to-earnings; Zacks figures as cited on October 21, 2026. [1]*

## The bottleneck is a hearing calendar

The fuel cells work and the demand is real. The unfinished hop between them is regulatory, a state air permit and a federal pipeline review, and the premium belongs to whoever moves that paperwork forward [5][7]. Both dated steps, the dismissal motion and the permit hearing, fall after the earnings call meant to reassure holders. Thursday will show what Bloom has already shipped; the multiple gets decided five weeks later.

## Takeaway

Oracle's reaffirmation keeps Bloom's fuel cells as Project Jupiter's primary power but adds no revenue, and the campus still needs an air permit and a gas pipeline. Thursday's earnings can only confirm a ramp already reported; the 63.5x multiple gets decided by the October 26 dismissal motion and the December 7 permit hearing.

## Sources

1. [Ad-hoc-news, "Bloom Energy's Oracle Megaproject Hits a Permitting Wall Just as Quarterly Numbers Take Center Stage", 21 October 2026](https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/bloom-energy-s-oracle-megaproject-hits-a-permitting-wall-just-as-quarterly-numbers-take-center-stage/70373534)
2. [Microgrid Knowledge, "Oracle Promises AI-Enabled Project Jupiter Fuel Cell Emissions Refined 35% Lower", 20 October 2026](https://www.microgridknowledge.com/data-center-microgrids/news/55413142/oracle-promises-ai-enabled-project-jupiter-fuel-cell-emissions-refined-35-lower)
3. [Stocktwits News, "BE Stock Adds 3% After Oracle Signals Project Jupiter 'Moving Quickly'", 19 October 2026](https://stocktwits.com/news-articles/markets/equity/be-stock-adds-3-after-oracle-signals-project-jupiter-moving-quickly/cZx8yWpRBuc)
4. [GuruFocus via Yahoo Finance, "Bloom Energy Stocks Fall 3.9% Although Baird Raises Target to $351", 15 October 2026](https://finance.yahoo.com/markets/stocks/articles/bloom-energy-stocks-fall-3-191240581.html)
5. [KRWG Public Media / The New Mexican, "Oracle touts Project Jupiter benefits during tour as wrangling over power continues", 19 October 2026](https://www.krwg.org/krwg-news/2026-10-19/oracle-touts-project-jupiter-benefits-during-tour-as-wrangling-over-power-continues)
6. [Las Cruces Sun-News, "Amid new data, group moves to dismiss Project Jupiter permit", 17 October 2026](https://www.lcsun-news.com/story/news/local/2026/10/17/new-motion-moves-to-dismiss-project-jupiter-air-quality-permit-application/92282670007/)
7. [Crypto Briefing, "Oracle weighs trucked natural gas for Project Jupiter as pipeline slips", 8 October 2026](https://cryptobriefing.com/oracle-trucked-natural-gas-project-jupiter/)
8. [Zacks Investment Research via Yahoo Finance, "Bloom Energy Q3 Earnings on Deck: Should Investors Buy or Wait?", 19 October 2026](https://finance.yahoo.com/markets/stocks/articles/bloom-energy-q3-earnings-deck-121600245.html)
9. [Bloom Energy, quarterly figures from its SEC filings, retrieved 21 October 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001664703)
10. [iBusiness, "Bloom Energy (BE) Looks Like The Stronger AI Infrastructure Buy As Project Jupiter Hits Delays, Leaving Oracle (ORCL) More Exposed", 21 October 2026](https://ibusiness.news/news/2026-10-21/bloom-energy-be-looks-like-the-stronger-ai-infrastructure-buy-as-project-jupiter-hits-delays-leaving-oracle-orcl-more-exposed/)


---

Bloom Energy's 63.5x premium rides on Oracle's 2.45-gigawatt campus and a December 7 air-permit hearing — The Inference. Canonical: https://theinference.org/article/bloom-energy-s-63-5x-premium-rides-on-oracle-s-2-45-gigawatt-campus-and-a-december-7-air-permit-hearing