---
title: "布鲁姆能源63.5倍估值,系于甲骨文2.45吉瓦园区与12月7日空气质量许可听证"
description: "甲骨文本周重申布鲁姆能源的燃料电池仍是木星项目的主要电源,但没有带来任何新增收入。这座园区近乎完工却无电可用,空气质量许可和天然气管道双双缺位;能够改变这一局面的听证会12月7日才开场,比周四的财报发布晚了5周。"
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/zh-CN
language: zh-CN
keywords: "Bloom Energy, Oracle, Data Centers, Fuel Cells, Natural Gas"
---

# 布鲁姆能源63.5倍估值,系于甲骨文2.45吉瓦园区与12月7日空气质量许可听证

> 甲骨文本周重申布鲁姆能源的燃料电池仍是木星项目的主要电源,但没有带来任何新增收入。这座园区近乎完工却无电可用,空气质量许可和天然气管道双双缺位;能够改变这一局面的听证会12月7日才开场,比周四的财报发布晚了5周。

[甲骨文](https://theinference.org/markets/companies/oracle)本周敲定了需求,交付却仍在等一纸许可。这家数据库与云计算公司重申,[布鲁姆能源(Bloom Energy)](https://theinference.org/markets/companies/bloom-energy)的燃料电池仍是木星项目(Project Jupiter)的主要电源;该项目是甲骨文位于新墨西哥州圣特雷莎的AI园区,装机规模最高可达2.45吉瓦[1][2]。甲骨文还[发文称项目建设"进展迅速"](https://stocktwits.com/news-articles/markets/equity/be-stock-adds-3-after-oracle-signals-project-jupiter-moving-quickly/cZx8yWpRBuc)[3]。

这些都没有进入这家燃料电池厂商的订单簿。[此次重申不含任何合同金额](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];甲骨文向当地公用事业公司埃尔帕索电力(El Paso Electric)提出的备用协议,付的是埃尔帕索电力的调试费与应急服务费——这笔钱出自甲骨文,而非布鲁姆能源[2][4]。

## 楼快盖完了,电还没有来

布鲁姆能源的燃料电池就地以天然气发电,甲骨文当初正是因此放弃原计划的燃气轮机,改用燃料电池[2]。园区临近完工,却没有电源;燃料电池本该安放的那块场地仍是一片空地:那里的施工尚未开始,一辆载着样品储罐的卡车,顶替了甲骨文一位高管所说的项目所需的7000台燃料电池[5]。

隔在大楼与电流之间的,是一项州级空气质量许可和一条天然气管道。许可听证会原定9月举行,现改至12月7日开场,听证官还表示日期可能再度推迟[5]。州政府的模型测算显示预计污染物浓度将翻倍,此后提交的[一项要求驳回该申请的动议](https://www.lcsun-news.com/story/news/local/2026/10/17/new-motion-moves-to-dismiss-project-jupiter-air-quality-permit-application/92282670007/)将于10月26日审理[5][6]。[管道的投运日期则已推迟到2027年2月](https://theinference.org/article/aep-orders-up-to-1-6-gigawatts-of-mainspring-generators-oracle-s-gas-line-slips-at-ferc)[7]。

## 周四财报解不开估值的悬念

布鲁姆能源定于10月22日盘后发布财报[1][8]。华尔街对其营收的预测为10.7亿美元,两个月来一直未作调整;即便此前连续四个季度超预期,Zacks自家模型也预计本季不会再度超出[8]。10.7亿美元与布鲁姆今年二季度公布的营收基本持平[9]。周四的财报能确认已经发生的放量,却批不出一台燃料电池的许可。

*Chart: **布鲁姆的放量早已见诸财报,华尔街的三季度预期只求守住这一水平** 折线图:布鲁姆能源自2024年三季度至2026年三季度共识预期的季度营收,营收已放量至每季约10亿美元。*

*季度营收,单位为美元。已公布季度数据来自布鲁姆能源向美国证券交易委员会(SEC)提交的文件;最后一个数据点为Zacks对2026年10月22日发布财报这一季度的共识预期。 [8][9]*

## 时间表上的风险落在布鲁姆股东头上

现有报道的解读却恰恰相反:看多布鲁姆,视其为[更值得买入的基础设施标的](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/);看空甲骨文,视其为风险敞口更大的一方;[贝尔德(Baird)则再度上调目标价](https://finance.yahoo.com/markets/stocks/articles/bloom-energy-stocks-fall-3-191240581.html)[10][3][1]。但未来两个月,许可审批的记录走向恰好相反。

甲骨文已发出[不可抗力通知](https://theinference.org/article/oracle-bought-the-option-to-pay-late-bloom-and-blue-owl-carry-the-2028-date),使自己免受供电延误的影响,并落实了公用事业公司的备用供电;等待期间还能改以[卡车运气](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),成本约为管道输气的四倍——甲骨文的问题在于成本[2][7]。布鲁姆的问题则在于兑现。63.5倍的远期市盈率远高于电力设备同业,只有燃料电池拿到许可并通电,这只股票才有回报可言[1]。

*Chart: **布鲁姆的远期市盈率远超电力设备同业** 柱状图:对比远期市盈率,布鲁姆能源为63.5倍,GE Vernova为43.2倍,康明斯为15.9倍。*

*未来12个月市盈率;Zacks数据,引自2026年10月21日。 [1]*

## 瓶颈在于听证会日程

燃料电池技术可行,需求也真实存在。二者之间尚未走完的一环在监管:州层面的空气质量许可,加上联邦层面的管道审查;谁能推动这些文件往前走,溢价就归谁[5][7]。驳回许可申请的动议和许可听证会这两个有明确日期的节点,都排在旨在安抚股东的财报电话会议之后。周四的财报将展示布鲁姆已经交付了什么;估值倍数则要等五周之后才见分晓。

## Takeaway

甲骨文的重申让布鲁姆能源的燃料电池保住木星项目主要电源的位置,却没有带来收入;园区仍缺空气质量许可和天然气管道。周四的财报只能证实已经披露的营收放量;63.5倍市盈率的归属,由10月26日的驳回动议和12月7日的许可听证决定。

## 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/)


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布鲁姆能源63.5倍估值,系于甲骨文2.45吉瓦园区与12月7日空气质量许可听证 — 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/zh-CN