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Bloom Energy (BE) surged 8% after Oracle reaffirmed its record 2.4 GW fuel cell commitment for Project Jupiter, dispelling a force majeure-driven selloff.
- BE climbed ~8.7% to $288.77 on September 25 after Oracle confirmed its 2.4 GW fuel cell deal for Project Jupiter, reversing a 5.4% premarket loss.
- Oracle's force majeure notice to developer STACK Infrastructure was a defensive financial measure tied to a natural gas pipeline slipping to February 2027.
- Project Jupiter, a 1,400-acre AI campus in New Mexico targeting a 2028 opening, carries up to $165 billion in planned investment and is anchored by $18 billion in bank debt.
Oracle Reaffirms, Shares Recover
Bloom Energy shares staged a sharp reversal on September 25, 2026, after Oracle (ORCL) publicly confirmed that its force majeure notice to Project Jupiter's developer in no way alters its contract to purchase 2.4 gigawatts of fuel cell capacity. BE stock, which had slid 5.4% before the open on the force majeure news, turned to trade at $288.77 - up 8.7% in afternoon trading. The fuel cell contract, the largest of its kind ever placed, had briefly appeared in jeopardy after Oracle's filing surfaced the previous day, dragging BE sharply lower.What Triggered Oracle's Force Majeure Notice?
Oracle sent the notice to STACK Infrastructure, a unit of Blue Owl Capital (OWL), which is financing and constructing the 1,400-acre Project Jupiter campus in Dona Ana County, New Mexico. New Mexico regulators rejected an extension of the natural gas pipeline feeding the site in July 2026, pushing the pipeline's expected in-service date from August 2026 to February 2027. The legal filing preserves Oracle's right to defer certain payments to STACK if the campus misses its 2028 operational target - a contractual safeguard triggered by third-party permitting delays, not a withdrawal from the project. Both Oracle and Blue Owl Capital have publicly stated their financial commitments to Project Jupiter are unchanged.
Why Did BE Stock React So Sharply?
Project Jupiter is Bloom Energy's single largest contract. The deal covers up to 2.45 GW of fuel cell capacity and represents a defining portion of the company's multi-year revenue backlog, placing BE among the AI stocks most directly exposed to the hyperscale data center infrastructure buildout. When Oracle's clarification reached markets, shares erased their premarket losses within hours and extended gains, underscoring how completely the stock's near-term valuation is anchored to Project Jupiter's survival.
Project Jupiter's Scale and Financing
The campus is designed to span four data center buildings drawing a combined 2.45 GW of power - sufficient to supply roughly 1.8 million homes simultaneously. It forms a centerpiece of the Stargate AI initiative, which the White House unveiled in early 2025 alongside Oracle, OpenAI, and SoftBank Group. Approximately 20 banks have extended $18 billion in construction loans to STACK Infrastructure and co-developer BorderPlex Digital Assets; that debt is currently trading below 90 cents on the dollar, reflecting residual schedule risk. Blue Owl has approximately $3 billion of equity in the project.
What Comes Next for Bloom Energy and Project Jupiter?
Outstanding permitting at the New Mexico site remains incomplete, and the pipeline delay extends critical infrastructure risk into early 2027. For Bloom Energy, realizing revenue from the Project Jupiter contract depends on those regulatory approvals clearing and construction progressing on schedule toward 2028.
Outlook
Oracle's reaffirmation removes the most acute near-term threat to Bloom Energy's revenue outlook, leaving execution risk as the primary concern. The pipeline delay and unresolved permits keep the timeline uncertain, but the contract - the largest fuel cell deployment in history - remains intact. As hyperscalers accelerate AI data center spending, distributed power suppliers like Bloom Energy remain central to closing the infrastructure gap.
