What Is Behind Thursday’s Drop In Bloom Energy Stock?
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Bloom Energy (BE) shares dropped 16.4% on Thursday, November 5, 2026, during a session where the S&P 500 lost 4.4%. Technology stocks sold off sharply that day on worries that the buildout of data centers could stall after the U.S. midterm elections. Bloom was swept up in that selloff. Why would worries about data centers hit a fuel cell maker this hard?
Bloom Energy’s Fuel Cells Power Data Centers
Bloom’s fuel cells produce power on site. The electricity needs of AI data centers are driving demand for these systems. During its October 22 earnings call, management said the power grid is overwhelmed by the huge, concentrated power needs of data centers. That demand shows in Bloom’s sales: revenue reached $1.24 billion in the third quarter of 2026, up 138.1% from a year earlier.
Much of Bloom’s recent growth comes from data-center spending, which came into doubt on Thursday. News of a customer deal with NTT Data also arrived that day, but it did not keep the shares from falling.
Did Bloom Energy Fall With Other Fuel Cell Stocks?
Yes. FuelCell Energy fell 15.3% the same session, nearly as much as Bloom. Plug Power lost 7.5%, and all five companies on Bloom’s Trefis peer list closed lower. Fuel cell stocks were extending a slide that began after the midterm elections.
The selloff also went well beyond fuel cells. The Nasdaq Composite lost 5.5%, and XLI, the fund that tracks Bloom’s industrials sector, fell 4.1%. Bloom moved the same way as all of them, only further.
A week after such days since 2002, the S&P 500 was up only 10 of 21 times. A year later, 20.
How Often Does Bloom Stock Fall This Much?
Bloom stock fell at least this much on just two days in the prior year. The most recent was on June 26, 2026, when it dropped 18.5%. Thursday’s drop also capped a hard month: the shares lost 42.5% over the month to November 5, while the S&P 500 fell 5.7%. On October 30, Hunterbrook Media published a report on Bloom and said Hunterbrook Capital is short the stock.
Bloom closed at $167.52, about half its 52-week closing high of $345.85 from June 22, 2026. Its lowest close of the past year was $76.97 on December 17, 2025. Over twelve months the stock is still up 29.8%, against 9.9% for the S&P 500. The shares trade at 12.9 times Bloom’s sales over the past twelve months, against 3.2 times for the S&P 500.
On October 22, management raised its full-year revenue outlook to $4.4 billion to $4.6 billion. They said where Bloom lands in that range will depend on the timing of a small number of deliveries around year end. Bloom is expected to report its fourth-quarter results in February 2027. Product revenue is the figure to watch. It reached $1.07 billion in the third quarter, and management calls it the direct measure of systems delivered.
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