Fuel-cell spending for AI data centres seen at $30 billion by 2030

Fuel-cell investment for data centres is set to reach about $30 billion by 2030, up from $2.8 billion in 2025, as US hyperscalers building for the AI boom run into grid constraints, according to Rystad Energy projections. The energy research firm estimates that connecting large electricity loads to the US grid can take three to six years, pushing developers toward on-site power.

Bloom Energy is the clearest beneficiary so far. The company reported third-quarter revenue of $1.24 billion, up 138 percent, and net profit of $250.3 million against a year-earlier loss of $23.1 million, and raised its 2026 revenue forecast to between $4.4 billion and $4.6 billion. Chief executive KR Sridhar said on a post-earnings call that Bloom delivered power to Oracle's Utah site in less than two months and won planning board approvals for fuel cells in New Jersey within three months of signing with Nebius.

Oracle intends to procure up to 2.8 gigawatts of Bloom fuel-cell systems, of which 1.2 gigawatts has been contracted. Rystad puts the industry's order book at roughly 9 gigawatts, including framework agreements involving Oracle, AEP, Equinix and Brookfield, though such agreements do not necessarily represent firm orders for the full stated capacity.

FuelCell Energy is also targeting the sector. Chief executive Jason Few told Reuters that time to power has really become as important as cost of power, and the company expects data centres and related business to account for 75 percent to 85 percent of its business within two to three years, up from 25 percent to 30 percent currently. Bloom's solid-oxide technology is ready for 100 percent pure hydrogen, while FuelCell's molten carbonate systems are capped at 40 percent hydrogen blends, though both are fuel-flexible.

Rystad expects about 40 percent of projected US data-centre capacity in 2030 to pursue dedicated on-site power rather than rely entirely on the grid, and sees annual fuel-cell manufacturing capacity rising to 4 gigawatts by 2030 from about 1.8 gigawatts. Bloom chief commercial officer Aman Joshi told Reuters that for projects above 100 megawatts the biggest determinants of timeline are typically site readiness, permitting and supporting infrastructure rather than the fuel-cell technology itself. Gas connections, permits, transformers and switchgear can still delay deployment, and growth will depend on suppliers delivering at competitive costs and developers securing fuel.