Bernstein analyst Sunaina Ocalan has initiated coverage on Bloom Energy with a Market Perform rating and a price target of $276. The rating provides a benchmark for the stock's performance relative to the broader market expectations.

Coverage Details

The initiation by Bernstein marks the entry of a new analyst perspective on Bloom Energy. The Market Perform rating suggests that the stock is expected to perform in line with the market average.

Bloom Energy released a mid-year update to its annual Data Center Power Report, identifying power availability as the primary constraint on data center expansion through 2030. The report, based on surveys of 156 decision-makers, highlights that while AI adoption accelerates, developers face significant hurdles including grid limitations and rising community scrutiny. Access to power remains the dominant issue, with 61% of developers planning to bring their own power if the grid cannot meet their needs.

Growth and Barriers

Developers expect continued data center expansion through the end of the decade as AI adoption accelerates. Inference now accounts for more than 50% of AI compute, reflecting a transition from model building to real-world applications. However, new barriers are affecting the buildout of large-scale projects. Community scrutiny has intensified over the past six months, driven by concerns over electricity prices, water consumption, and grid reliability. As of May 2026, at least 18 state bills and 86 local moratoriums have been proposed across the U.S.

Power and Carbon Capture Strategies

The report indicates that nearly one-third of onsite-powered sites are expected to incorporate carbon capture by 2030. This reflects growing pressure to address emissions concerns while expanding power capacity. Additionally, a readiness gap risks slowing AI innovation; chip developers expect high-density architectures and rack-level DC designs to be adopted in 2028, a full year ahead of data center developers' plans.

Survey Methodology

The 2026 Bloom Energy Data Center Power Report Mid-Year Pulse is based on surveys commissioned via a double-blind process. Surveys were conducted in April 2026 among 156 decision-makers across the data center ecosystem, including hyperscalers, colocation providers, neoclouds, data center developers, and chip developers, with 79% of respondents based in the U.S.