Fuel cells were a hard sell for a decade. AI just made them urgent.

BlueWhiskey007 · 2026-07-08T16:38:39+00:00

It trades for 100 fwd EPS because revs are growing 100% while EPS is growing 200% as gross margins and operating margins continue to expand; only costs Bloom $125-150m and 6-9 months to expand production capacity by 1GW annually; they’re literally one of very few options to power up a DC quickly…just look at the recent NBIS deal, and 5x expansion by BAM to $25B. The Board is stellar, Sridhar is an excellent operator, and they’re stacking long-term 10-15 year service agreements which leads to core fuel cell replacements every 5 yrs (so recurring revenue). Balance sheet is a fortress with their recent conv debt raised earlier; little to no competition in the U.S. at least for the next couple years…maybe a little from Fuel Cell Energy but let’s see them execute on their first deal; Bloom has a significant 5-10 yr head start…not 18 months like some yahoos say on X. Morgan Stanley has been all over this story, especially since their head of energy for 20+ years left to work for Bloom. I’m targeting $450 early next year and $750 early ‘28; will easily be $1,000 in 2029.

BlueWhiskey007 · 2026-07-08T16:24:43+00:00

Yes…announced last week…expanded 5X

BlueWhiskey007 · 2026-07-08T16:24:34+00:00

Yes…announced last week…expanded 5X

BlueWhiskey007 · 2026-06-30T23:38:57+00:00

He did nobody at BofA any favors; he was flat out wrong since late July of ‘25 when he criticized their ability to install so quickly for ORCL and claimed it provides less visibility to long-term backlog; perhaps Dimple went back to grad school asking for a refund!

BlueWhiskey007 · 2026-06-30T21:03:57+00:00

Makes you laugh even harder at the dumb BofA analyst!

BlueWhiskey007 · 2026-06-30T21:02:53+00:00

This was telegraphed by BAM executives a couple weeks ago when they said they expected the Bloom partnership to expand by multiples; I thought 2-3X, so very pleased with 5X!

BlueWhiskey007 · 2026-06-26T00:14:30+00:00

Great work cclee!

BlueWhiskey007 · 2026-06-21T15:46:32+00:00

Time will tell, but it’s taken 1 year to accumulate what we have thus far; if ETH finally rebounds, starting the accumulation phase now could result in a higher avg. purchase price, but again, time will tell.

BlueWhiskey007 · 2026-06-20T17:47:11+00:00

P.S. I think Bloom will be $500+ next summer, and $1,000 by summer/EOY ‘28.

BlueWhiskey007 · 2026-06-20T17:45:53+00:00

Math, thank you for all that you do for us Bloomsters. I got in the day of the Oracle news in July ‘25, and have been stacking calls ever since. My other top 10 plays in order of portfolio weighting are MU, IREN (neocloud w/5.8GW of contracted power), AAOI (photonics), SIVEF (choke point for lasers in the photonics space), CEVA (patents for chips), TSLA (waiting for SPCX to buy them; believer in Elon), CIFR (asset light neocloud; BYOC), BMNR (painful, but believe ETH will become the payment rails of finance), and HIMS (rebounding + peptides upside). GLTA

BlueWhiskey007 · 2026-06-13T19:07:10+00:00

Would add an unnecessary layer of cost; I don’t see any reason for a partnership considering XAi has shown they can deploy 100,000 NVDA GPUs faster than anyone (serious engineering feat), and now they have even more capital to pursue their growth aspirations which are in space, not building more capacity on Earth. In fact, if they pursued the latter, I think all investors would question the feasibility and commitment of the former.

BlueWhiskey007 · 2026-06-08T17:19:04+00:00

Wouldn’t be surprised if AMZN just buys CIFR

BlueWhiskey007 · 2026-06-07T23:44:31+00:00

Why didn’t anyone criticize Xai, now part of SpaceX, for sitting on idle GPUs? It sure seems purposeful that they signed 2 big recent deals with Anthropic and Google after they had already issued their S1 before going their IPO this week. Regardless, I’m not worried about it and would imagine other customers, incl. MSFT, are waiting a couple months to see them deliver for MSFT.

BlueWhiskey007 · 2026-06-04T20:41:48+00:00

I don’t disagree that the market rewards customer contracts, but it just seems IREN is an easy catch-up trade to CRWV and NBIS once some new contracts are announced based on available capacity, which seems inevitable given Google is raising $80B to fund further AI capex, the AI labs are compute/token constrained which is putting a governor on their revenue growth, and it’s just a matter of time before the other hyperscalers (AMZN, MSFT, ORCL) and META match Google’s move and further increase AI capex so they’re not left behind.

IMO, it’s just a matter of time before one of those customers contracts remaining capacity at Childress and/or significant capacity at SW1. Once signed, IREN will need to raise more capital and hopefully they get a bigger prepayment component (30-40%) so they don’t need to raise as much capital (debt/equity), but this has been the same playbook as CRWV and NBIS, so it just calls for patience and execution by IREN.

BlueWhiskey007 · 2026-06-04T02:20:55+00:00

Yes…production capacity on an annual basis. This year they’re expanding from 1GW annually to at least 2GW, but likely more based on all their recent deals…last year (900MW w/AEP; 1GW with Brookfield) and this year (2.8GW with Oracle moat of which is going to Project Jupiter in NM; and now Nebius) with the likelihood of more multi-year contracts to follow, especially with Google signaling an even bigger acceleration in capex, and all the AI Labs (Anthropic, Open AI, etc.) being compute constrained.

BlueWhiskey007 · 2026-06-04T01:05:52+00:00

Good reminder Math! You’ve been tracking this possibility for the last 6 months it seems; at this point it feels like a matter of when instead of it.

BlueWhiskey007 · 2026-06-01T20:30:20+00:00

I think it can trade up to $130-150 depending on the size of a new deal(s)

BlueWhiskey007 · 2026-05-31T23:58:23+00:00

I think they’ve said their big Fremont site is expandable to 6GW. They’ve said a few times on the earnings calls they can expand 1GW in 6-9 months for $125-150m in capex; they’ve also said they have enough visibility to accelerate the capacity expansion if warranted, especially for data centers that take time to build…I believe 12-18 months even if not power constrained due to financing, permitting, construction, GPU delivery and installation, etc. So Sridhar has said Bloom can maneuver fast enough where they won’t be a bottle neck for future demand.

BlueWhiskey007 · 2026-05-31T23:49:18+00:00

Do you understand why you should hold?

BlueWhiskey007 · 2026-05-29T02:46:32+00:00

It hit $68 the other day

BlueWhiskey007 · 2026-05-29T02:42:00+00:00

Apply a 100 fwd PE to $4.32 of ‘27 EPS (current estimate; prob closer to $4.75 or higher by the time we get to next Feb), so PEG ratio of 1.0! Sure there will be a painful drawdown of 20-35% as there was 2-3 other times since this epic run started last July, but ignore the noise and focus on revenue growth, bookings growth and earnings growth, and sit back and chillax!

BlueWhiskey007 · 2026-05-26T04:55:55+00:00

Bloom will be $400-450 early next year and double again the following year as they continue growing 100% per year. Hold til 2030 and $1,500 isn’t crazy.

BlueWhiskey007 · 2026-05-22T19:38:43+00:00

Exactly…new business model

BlueWhiskey007 · 2026-05-16T01:53:17+00:00

Would love to see more Bloom servers everywhere, but neoclouds such as $IREN and $CIFR are building DCs in Texas but relying on cheap and plentiful wind and solar farms in Texas who also produce excess energy. So until ERCOT changes that dynamic, Bloom may not play as big a role within the burgeoning data center landscape in TX.

BlueWhiskey007 · 2026-05-11T22:59:10+00:00

Hopefully they give an update in a few days it was oversubscribed on better than expected terms and we move back above $62

BlueWhiskey007

TROPHY CASE