Bloom Energy and Constellation Energy Compete for Data Center Power Contracts

Bloom Energy and Constellation Energy are both seeking to meet rising power needs of data centers and AI‑driven workloads. Bloom Energy supplies on‑site electricity through its solid‑oxide fuel‑cell servers and recently secured a 1 GW supply agreement with American Electric Power. In fiscal 2025 the company posted $2.0 billion in revenue, a net loss of $88.4 million, a debt‑to‑equity ratio of 3.9×, a current ratio of 6.0× and free‑cash‑flow generation of about $57.2 million.

Constellation Energy is the United States’ largest nuclear power producer, operating roughly 55 GW of generation capacity after acquiring Calpine and serving about three‑quarters of the Fortune 100. The firm is divesting roughly $5 billion of assets while maintaining long‑term clean‑power contracts with technology hyperscalers. Its FY 2025 revenue reached a similar scale to Bloom’s, underscoring both companies’ roles in powering the growing data‑center ecosystem.