The company’s fuel cell backlog surged 140% year over year, driven by off-grid power needs for AI infrastructure.
Bloom Energy’s backlog reached $20 billion at the start of 2026, fueled by demand for hydrogen fuel cells amid AI-driven electricity constraints. The figure includes $6 billion in product sales and $14 billion in service contracts, reflecting long-term revenue streams.
The product backlog alone grew 140% year over year, underscoring rapid adoption of off-grid power solutions. However, the majority of the backlog stems from service agreements tied to fuel cell installations, offering recurring revenue rather than one-time sales.
AI data centers are straining grid capacity, prompting companies to seek alternatives like Bloom’s fuel cells. The backlog growth outpaces revenue, signaling strong future demand but also highlighting reliance on service contracts for sustained growth.