Bloom Energy Gains Another ‘Meaningful’ Proof Point With Project Phoenix, Says RBC — 2 GW Build Reinforces Data Center Opportunity

Bloom Energy is gaining another meaningful proof point as its fuel cells are being deployed for Aligned Data Centers' 2 GW Project Phoenix in Pennsylvania, said RBC Capital.

• Project Phoenix reinforces Bloom’s expanding role in powering large data centers, said RBC Capital
• The 2 GW Pennsylvania campus has now broken ground and will use dedicated onsite power.
• RBC maintained an ‘Outperform’ rating on BE stock with a target price of $335.

Bloom Energy Corp. (BE) drew bullish commentary from RBC Capital after its fuel cells were tapped for Aligned Data Centers’ 2 GW Project Phoenix in Pennsylvania, with the firm calling the deployment another “meaningful” proof point for Bloom’s data center strategy, according to The Fly.

RBC said the project reinforces Bloom’s expanding role in powering large data centers and kept an ‘Outperform’ rating with a $335 price target on the stock, per TheFly.

What is Project Phoenix?

Project Phoenix is Aligned Data Centers’ three-facility, 2 GW campus in Shippingport, Pennsylvania, designed to use dedicated onsite power rather than rely solely on the local grid. Bloom Energy will provide natural gas-fed fuel cell technology to generate power for the campus.

A day earlier, Mizuho raised its Bloom Energy price target to $351 from $242 and maintained an ‘Outperform’ rating on the stock. According to TheFly, the firm said stronger pricing and demand trends support higher long-term selling prices and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) margins, while improving visibility into deliveries for the second half of 2026 and 2027 despite continued permitting uncertainty.

Bloom Is Building A Growing Portfolio Of AI Power Projects

Project Phoenix adds to Bloom Energy's growing list of large data center deployments. In April, Bloom expanded its partnership with Oracle under a master services agreement covering up to 2.8 GW of fuel cell capacity, with an initial 1.2 GW already contracted and being deployed across U.S. projects.

Bloom also expanded its financing partnership with Brookfield in June, increasing the AI infrastructure power-project framework from $5 billion to $25 billion. The companies said the larger commitment was intended to support faster deployment of Bloom’s onsite power systems for AI infrastructure globally.

The bullish commentary comes just days before Bloom Energy is set to join the S&P 500 on Sept. 21, a move that could bring additional demand from index-tracking funds required to hold the stock. Index inclusion can also broaden investor visibility and support trading liquidity.

What Retail Investors Think About BE Stock

On Stocktwits, retail sentiment around BE stock turned 'bearish'.

So far this year, Bloom Energy stock has more than doubled, rising over 165%. In comparison, iShares Global Clean Energy ETF (ICLN), which holds BE stock, has risen just 2.13% year-to-date.

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