Bloom Energy gains 3% on S&P 500 entry and Army leases

Shares of Bloom Energy Corp. rose more than 3% in premarket trading on Monday ahead of its first day in the S&P 500 index. The stock has gained more than 169% in 2026, and the company is scheduled to report third-quarter earnings after the market closes on October 27.

On Friday, the US Army announced that a coalition between management consulting firm Indelible and Bloom Energy was one of three groups awarded conditional long-term leases. The coalition will design, finance, build, and operate commercial power generation systems at Fort Detrick, Letterkenny Army Depot, and West Point. The projects will use military land to deploy battery storage along with advanced gas and nuclear power. Development is slated to start in 2027, with initial operating capability targeted for 2030 or earlier.

On Friday, BMO Capital highlighted two additional positive catalysts for Bloom Energy. First, the New Mexico Supreme Court lifted an August 23 stay on air-permit proceedings for a 2.45-gigawatt Oracle data center. Second, Brookfield Asset Management and Bloom Energy are progressing with a 6.4 billion dollar project financing package under their partnership for data centers developed by Meta, American Tower, Equinix, and CoreWeave.

BMO maintains a Market Perform rating on Bloom Energy with a price target of $227 per share. That target implies roughly 14.5% downside from the stock's prior closing price.