Bloom Energy Is Riding the Data Center Boom to a $25 Billion Backlog. Plug Power Is Passing on It. Here's Why.
Bloom Energy is securing $25 billion in financing for data center projects, while Plug Power is focusing on forklifts and hydrogen production.
Intelligence analysis by Qwen 2.5 (3B)
Bloom Energy and Plug Power are taking different approaches to the data center boom. Bloom is investing heavily, while Plug is sticking with its existing hydrogen businesses.
Bloom Energy is getting ready to build lots of power plants for big computer buildings. Plug Power is still making hydrogen cars and trucks. They're both trying to make energy, but they're doing it in different ways.
Analysis
Bloom Energy's Financing and Market Position
Bloom Energy has lined up $25 billion in financing to pursue the data center boom. CEO KR Sridhar stated that every major U.S. hyperscaler and more than a dozen U.S. neoclouds, AI labs, and colocation data center operators have validated and approved Bloom's power solutions for their AI factories. This gives Bloom a significant advantage in securing project financing. The company's second-quarter 2026 earnings release also noted that Wall Street has taken notice, with a consensus among 26 analysts rating the stock a 'Moderate Buy' with up to 35% potential upside based on a $354 high target price.
Plug Power's Focus on Hydrogen Production
In contrast, Plug Power is focusing on its existing hydrogen businesses and aiming for profitability first. CEO Jose Luis Crespo stated that Plug remains focused on material handling, electrolyzers, and hydrogen production, and hasn't made any decisions on data centers. Plug Power's growth story will be very different from Bloom Energy's, as Plug prioritizes its existing hydrogen businesses over the data center boom.
Key points
- Bloom Energy is securing $25 billion in financing for data center projects
- Plug Power is focusing on its existing hydrogen businesses and forklifts
- Both companies are taking different approaches to the data center boom
If Bloom Energy's strategy of investing heavily in data center power plants pays off, it could lead to significant growth and higher stock prices.
If Plug Power's focus on hydrogen production continues to be successful, it could prevent Bloom Energy from capturing a large share of the data center power market.
