Bloom Energy Stock Experiences Turbulence Amid Project Pause and P/E Ratio Concerns

Bloom Energy stock dropped over 10% after Cruzoe Energy postponed a 1.8 GW data center project in Wyoming, but Black Hills reassured the project remains on track. The sell-off is largely due to investor concerns about AI spending and data center development, though the company has seen strong growth, including a 130% revenue increase in Q1 and a return to profitability, with the stock up 198% in 2026.

Bloom Energy BE shares fell more than 10% on June 10 after AI-infrastructure firm Crusoe paused its 1.8-gigawatt 'Project Jade' data-center campus in Cheyenne, Wyoming, at a client's request . Bloom had been selected to supply roughly 900 MW of behind-the-meter fuel cells for the project, developed with Blackstone-backed Tallgrass, so the pause directly threatened a marquee order.

The selloff reflected broader investor anxiety about the durability of AI data-center buildouts rather than a company-specific stumble . Wall Street largely defended the thesis: Morgan Stanley reiterated an Overweight rating with a $310 target and RBC maintained Outperform at $335, while a separate 1.8-gigawatt Wyoming project led by Black Hills Energy was confirmed to remain on track for an early-2028 start.

The episode underscores how tightly Bloom's growth is now tied to AI power demand. The stock is still up sharply in 2026 after the company posted 130% revenue growth and a return to profitability in Q1, leaving some investors viewing the dip as a buying opportunity . Markets will watch whether Project Jade resumes and whether other data-center commitments hold .