Bloom Energy has crossed from distributed-generation niche into AI power infrastructure relevance. Q1 FY2026 revenue of $751M (+38.6% YoY), 30.0% GAAP gross margin, $72M operating income, and raised FY2026 revenue guidance of $3.4-3.8B show that the operating model is scaling. Oracle's up-to-2.8 GW partnership, the AEP up-to-1 GW procurement agreement, and Brookfield's up-to-$5B AI data center power partnership validate behind-the-meter solid oxide fuel cells as a credible answer to the power-interconnect bottleneck. The issue is valuation: at $236 and roughly $75B market cap, the market is already underwriting multi-year AI power execution. Our base target is $260, close to sell-side mean target data, with a Hold view unless the stock pulls back or new contracted capacity expands beyond Oracle/AEP.