--- title: "Bloom Energy's 900 MW NTT order follows an 8% drop, with $2.6 billion due suppliers in 2027" description: "Bloom's largest international project, 900 megawatts for NTT Global Data Centers, was announced hours after an 8% drop, but the 10-Q shows $2.6 billion of supplier cash due in 2027 against $661.2 million of booked customer obligations." publisher: "The Inference" section: "Power" published: 2026-11-05T16:25:44.588Z modified: 2026-11-05T16:25:44.588Z canonical: https://theinference.org/article/bloom-energy-s-900-mw-ntt-order-follows-an-8-drop-with-2-6-billion-due-suppliers-in-2027 language: en keywords: "Bloom Energy, NTT, Data Centers, Fuel Cells, Power, Supply Chain" --- # Bloom Energy's 900 MW NTT order follows an 8% drop, with $2.6 billion due suppliers in 2027 > Bloom's largest international project, 900 megawatts for NTT Global Data Centers, was announced hours after an 8% drop, but the 10-Q shows $2.6 billion of supplier cash due in 2027 against $661.2 million of booked customer obligations. [Bloom Energy](https://theinference.org/markets/companies/bloom-energy) announced its biggest international order yet on the morning of November 5: NTT Global Data Centers, the data center arm of Japan's NTT Group, will deploy 900 megawatts of Bloom's solid-oxide fuel cells across projects worldwide, with first shipments in 2027 [5]. The news landed the day after the stock fell 8% in a post-election sell-off that hit every AI power name, from [Lumentum](https://theinference.org/markets/companies/lumentum) down 11% to contractor Comfort Systems down 17% [6]. Announcements are arriving faster than the cash behind them. ## The factory's calendar is signed. The customers' is not Bloom's 10-Q for the quarter ended September 30 shows [about $5.8 billion of commitments under supply agreements running beyond twelve months](https://btw.media/en/bloom-58bn-supplier-commitment-customer-clock), some of them take-or-pay, with $2.6 billion payable in 2027 alone [1]. Bloom entered those contracts on a mix of signed customer commitments, expected deployments and anticipated demand, three grades of evidence the filing does not split. The customer side is thinner: $661.2 million of unsatisfied performance obligations, the contracted work not yet converted to revenue [1]. *Chart: **Bloom owes suppliers $2.6 billion in 2027 on the road to $5.8 billion** Bars showing Bloom Energy's expected payments under long-term supply agreements: $0.10 billion in the remainder of 2026, $2.6 billion in 2027, $1.3 billion in 2028 and $1.8 billion in 2029.* *Expected payments under manufacturing and long-term supply agreements running beyond twelve months, per Bloom Energy's 10-Q for the quarter ended September 30, 2026. Some orders are take-or-pay. Source: btw.media. [1]* ## The deposits are real, and so is the concentration Customers have put money down. Customer deposits rose from $78.2 million at the end of 2025 to $661.4 million at September's close, and [quarterly revenue hit a record $1.236 billion](https://theinference.org/article/bloom-energy-sold-a-record-1-24-billion-of-fuel-cells-and-still-used-cash-doing-it), up 138.1% year over year [1]. But two customers supplied 43% and 26% of third-quarter revenue, the second a related party [1]. Meanwhile free cash flow ran negative $180.6 million in the quarter as capital spending jumped to $153.5 million, against $2.487 billion of cash on hand [1][6]. *Chart: **Bloom's revenue more than doubled year over year to a record quarter** Line chart of Bloom Energy quarterly revenue from Q4 2024 ($572 million) through Q3 2026 ($1.236 billion).* *Quarterly revenue in US dollars, from Bloom Energy's SEC filings as compiled November 5, 2026. Source: company_series. [8]* ## The gigawatts announced around the bill carry no price The headlines keep stacking: a [non-binding MOU with California Resources to evaluate 1 gigawatt or more](https://baxtel.com/news/california-resources-and-bloom-energy-sign-mou-for-1gw-of-california-fuel-cells), dependent on permits and a final investment decision [3][7]; [AEP's $4 billion, 702-megawatt project near Cheyenne under a 20-year Google power purchase agreement](https://theinference.org/article/aep-s-4-billion-bloom-energy-plant-has-google-buying-20-years-of-power-and-a-december-deadline), targeting full operations in late 2028 [4]; [full-year guidance of $4.4 billion to $4.6 billion](https://energypresswire.com/2026/11/04/bloom-energys-new-guidance-implies-up-to-1-55-billion-in-q4-revenue-can-it-deliver/) that implies up to $1.55 billion of fourth-quarter revenue [2]. None of these disclosures prices the fuel cells or says which supplier orders they cover. That bridge is the number to watch before the February 2027 report [1][7]. ## Takeaway Bloom's 900 MW NTT order is its largest international deal, but the 10-Q shows $2.6 billion of supplier cash due in 2027 against just $661.2 million of contracted customer work. ## Sources 1. [btw.media, Bloom's $5.8bn supplier commitment meets the customer clock, 5 November 2026](https://btw.media/en/bloom-58bn-supplier-commitment-customer-clock) 2. [EnergyPressWire, Bloom Energy's New Guidance Implies Up to $1.55 Billion in Q4 Revenue. Can It Deliver?, 4 November 2026](https://energypresswire.com/2026/11/04/bloom-energys-new-guidance-implies-up-to-1-55-billion-in-q4-revenue-can-it-deliver/) 3. [Baxtel, California Resources and Bloom Energy Sign MOU For 1GW of California Fuel Cells, November 2026](https://baxtel.com/news/california-resources-and-bloom-energy-sign-mou-for-1gw-of-california-fuel-cells) 4. [Data Center Frontier, AEP, Google Advance $4 Billion Fuel-Cell Project to Power Cheyenne Data Centers, 4 November 2026](https://www.datacenterfrontier.com/energy/article/55413102/aep-google-advance-4-billion-fuel-cell-project-to-power-cheyenne-data-centers) 5. [Business Wire via Yahoo Finance, NTT DATA Announces Agreement with Bloom Energy for 900 MW of Onsite Power Generation, 5 November 2026](https://finance.yahoo.com/energy/articles/ntt-data-announces-agreement-bloom-140000854.html) 6. [Yahoo Finance, Bloom Energy Sinks 8%, Lumentum Down 11% as AI Power Stocks Fade After Democrat Sweep, 4 November 2026](https://finance.yahoo.com/markets/stocks/articles/bloom-energy-sinks-8-lumentum-165129821.html) 7. [Trefis, What Sent Bloom Energy Stock Higher?, 4 November 2026](https://www.trefis.com/stock/be/articles/622644/what-sent-bloom-energy-stock-higher/2026-11-04) 8. [Bloom Energy, quarterly figures from its SEC filings, retrieved 5 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001664703) --- Bloom Energy's 900 MW NTT order follows an 8% drop, with $2.6 billion due suppliers in 2027 — The Inference. Canonical: https://theinference.org/article/bloom-energy-s-900-mw-ntt-order-follows-an-8-drop-with-2-6-billion-due-suppliers-in-2027