---
title: "Bloom Energy's order book went gigawatt-scale the week its stock fell 16%"
description: "Google put $17 billion and Bloom Energy's fuel cells behind its first Wyoming campus on November 5, hours after NTT DATA signed for 900 megawatts more. Bloom's shares closed the day down 16.41%."
publisher: "The Inference"
section: "Power"
published: 2026-11-08T14:04:27.990Z
modified: 2026-11-08T14:04:27.990Z
canonical: https://theinference.org/article/bloom-energy-s-order-book-went-gigawatt-scale-the-week-its-stock-fell-16
language: en
keywords: "Bloom Energy, Fuel Cells, Data Centers, Google, American Electric Power"
---

# Bloom Energy's order book went gigawatt-scale the week its stock fell 16%

> Google put $17 billion and Bloom Energy's fuel cells behind its first Wyoming campus on November 5, hours after NTT DATA signed for 900 megawatts more. Bloom's shares closed the day down 16.41%.

On November 5 Google confirmed a $17 billion data center campus near Cheyenne, its first in Wyoming, and named the hardware at its core: 702 megawatts of natural-gas fuel cells from [Bloom Energy](https://theinference.org/markets/companies/bloom-energy) [1][6]. The same morning NTT DATA, the technology-services arm of Japan's NTT Group, [announced 900 megawatts of Bloom power for its global data centers](https://finance.yahoo.com/energy/articles/ntt-data-announces-agreement-bloom-140000854.html), Bloom's largest international project to date, with shipments starting in 2027 [2]. Bloom closed down 16.41%, at $167.52 [3].

## The contracts were signed before the politics turned

The money chain predates the rout. [Bloom](https://theinference.org/markets/companies/bloom-energy) and the utility American Electric Power agreed in November 2024 on up to 1 GW of fuel cells; [a January 2026 filing then showed](https://www.datacenterfrontier.com/energy/article/55413102/aep-google-advance-4-billion-fuel-cell-project-to-power-cheyenne-data-centers) [an AEP subsidiary](https://theinference.org/markets/companies/american-electric-power) committing about $2.65 billion to the equipment and, separately, a 20-year sale of the plant's entire output to an unnamed investment-grade customer [4].

AEP named [Google](https://theinference.org/markets/companies/alphabet) as that buyer on October 14, when it [announced the roughly $4 billion plant](https://www.datacenterdynamics.com/en/news/google-signs-20-year-ppa-with-aep-for-702mw-wyoming-fuel-cell-project/) [5]; Cowboy State Daily had identified Google as the site's owner in July [1]. What November 5 added was the $17 billion figure, the pledge to pay for all power used, and the carbon plan [1].

## AEP owns the plant, and Google pays either way

AEP holds about 92% of the plant through Cheyenne Fuel Cell LLC, Basalt Infrastructure Partners funds the rest, and the sale is take-or-pay, so Google pays whether or not the servers run; The Inference [covered that ownership structure on November 7](https://theinference.org/article/aep-s-4-billion-bloom-energy-plant-has-google-buying-20-years-of-power-and-a-december-deadline), and [AEP's $100 billion capital plan on October 29](https://theinference.org/article/american-electric-power-added-22-billion-of-spending-and-5-2-billion-of-stock-cfo-won-t-promise-24-again) [5][3]. Carbon from the fuel cells is [slated for Tallgrass Energy's Eastern Wyoming Sequestration Hub](https://thenextweb.com/news/google-wyoming-data-centre-17b-fuel-cells-carbon-capture), which Google says will remove "a large majority" of emissions and lift its contracted capture to nearly 1 GW [7].

## Why the shares fell while the order book grew

Two days before the announcement, [40 of 41 local ballot measures went against data centers, by the count of Ballotpedia](https://finance.yahoo.com/markets/stocks/articles/bloom-energy-sinks-16-despite-000230240.html), a tracker of US ballot questions; Texas elected a governor who campaigned on a data-center moratorium, and opponents won in Georgia too [6][8]. On the morning of November 5, before Google's post, Reuters cited Bloomberg News reporting that [Microsoft](https://theinference.org/markets/companies/microsoft) had [declined to expand a Texas agreement with Nscale](https://www.msn.com/en-us/news/other/google-plans-17-billion-wyoming-data-center-amid-rising-threats-of-curbs/ar-AA2gQAQu), one of the "neocloud" firms renting out AI computing [6].

Reuters tied Bloom's slide to worry that new restrictions could hit the industry [6], a live risk given that 97% of Bloom's third-quarter revenue came from the United States [8]. The orders are slow to land: NTT ships from 2027 [2], and AEP starts construction before the end of 2026 with full output only in late 2028, which on that schedule puts first Wyoming power in 2027 at the earliest [5].

*Chart: **Bloom's disclosed data-center fuel-cell orders run past 4.5 gigawatts** Bar chart ranking Bloom Energy's disclosed data-center fuel-cell orders: Oracle up to 2,800 MW, NTT DATA 900 MW, AEP for Google 702 MW, Equinix more than 100 MW.*

*Disclosed Bloom Energy fuel-cell agreements for data centers, in megawatts; Oracle and Equinix shown at disclosed ceilings rather than firm deployments. [2][4][5]*

## The revenue is already compounding

Bloom's [quarterly revenue rose from $330 million in the third quarter of 2024 to $1.24 billion in the third quarter of 2026](https://theinference.org/article/bloom-energy-sold-a-record-1-24-billion-of-fuel-cells-and-still-used-cash-doing-it), up 138% on the year [9], against [2026 guidance of $4.4 billion to $4.6 billion](https://finance.yahoo.com/energy/articles/google-spending-17-billion-wyoming-192629782.html) [3]. Its disclosed data-center agreements now run past 4.5 GW [5][2]. [Eaton](https://theinference.org/markets/companies/eaton)'s chief executive counts 366 GW of announced data-center projects worldwide against 50 GW actually built [10].

*Chart: **Bloom's quarterly revenue has nearly quadrupled in two years** Line chart of Bloom Energy's quarterly revenue from Q4 2023 to Q3 2026, rising from $0.36 billion to $1.24 billion.*

*Bloom Energy quarterly revenue, US$ billions, per its SEC filings through the quarter ended September 30, 2026. [9]*

## What nobody has disclosed

Nothing public sets the plant's capture rate, capture-equipment supplier or storage contract [4]; Google gave no computing capacity or construction schedule [1]; and 20 years of take-or-pay revenue rests on one counterparty's credit [3]. [Barclays](https://theinference.org/markets/companies/barclays) analyst Dominique Toublan [reads the backlash as raising the buildout's cost without stalling it](https://www.forbes.com/sites/jonmarkman/2026/11/07/google-plans-a-17-billion-wyoming-data-center-run-on-fuel-cell-power/), with scarce power favoring the biggest balance sheets [10].

Watch whether AEP's 702 MW sits inside the roughly 2.1 GW of third-party generation the local utility Black Hills manages for the same campus, a question neither utility has answered [4], and Bloom's fourth-quarter report early in 2027, its first backlog count since these orders landed [8]. AEP has promised construction starts before the end of 2026 [5].

## Takeaway

Bloom's data-center order book passed 4.5 GW in a week, with Google's $17 billion Wyoming campus and NTT DATA's 900 MW, yet the stock fell 16.41% as ballot losses and Microsoft's Texas pullback stoked policy risk.

## Sources

1. [MLQ.ai, Google commits $17 billion to Cheyenne data center campus powered by 702 MW of fuel cells with carbon capture, 6 November 2026](https://mlq.ai/news/google-commits-17-billion-to-cheyenne-data-center-campus-powered-by-702-mw-of-fuel-cells-with-carbon-capture/)
2. [Business Wire via Yahoo Finance, NTT DATA Announces Agreement with Bloom Energy for 900 MW of Onsite Power Generation Across Multiple Data Center Projects, 5 November 2026](https://finance.yahoo.com/energy/articles/ntt-data-announces-agreement-bloom-140000854.html)
3. [24/7 Wall St. via Yahoo Finance, Google Is Spending $17 Billion on a Wyoming Data Center and Says It Will Pay for 100% of Its Power, 6 November 2026](https://finance.yahoo.com/energy/articles/google-spending-17-billion-wyoming-192629782.html)
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. [DatacenterDynamics, Google signs 20-year PPA with AEP for 702MW Wyoming fuel cell project, 14 October 2026](https://www.datacenterdynamics.com/en/news/google-signs-20-year-ppa-with-aep-for-702mw-wyoming-fuel-cell-project/)
6. [Reuters via MSN, Google plans $17 billion Wyoming data center amid rising threats of curbs, 5 November 2026](https://www.msn.com/en-us/news/other/google-plans-17-billion-wyoming-data-center-amid-rising-threats-of-curbs/ar-AA2gQAQu)
7. [The Next Web, Google's first Wyoming data centre will run on gas with carbon capture, 5 November 2026](https://thenextweb.com/news/google-wyoming-data-centre-17b-fuel-cells-carbon-capture)
8. [TIKR via Yahoo Finance, Bloom Energy Sinks 16% Despite 900 MW NTT DATA Deal as Midterm Fears Hit AI Power Stocks, 5 November 2026](https://finance.yahoo.com/markets/stocks/articles/bloom-energy-sinks-16-despite-000230240.html)
9. [Bloom Energy, quarterly figures from its SEC filings, retrieved 8 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001664703)
10. [Forbes, Jon Markman, Google Plans A $17 Billion Wyoming Data Center Run On Fuel-Cell Power, 7 November 2026](https://www.forbes.com/sites/jonmarkman/2026/11/07/google-plans-a-17-billion-wyoming-data-center-run-on-fuel-cell-power/)


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Bloom Energy's order book went gigawatt-scale the week its stock fell 16% — The Inference. Canonical: https://theinference.org/article/bloom-energy-s-order-book-went-gigawatt-scale-the-week-its-stock-fell-16