Bloom Energy (NYSE: BE) is set to officially join the S&P 500 (SNPINDEX: ^GSPC) before markets open on Monday, September 21, 2026.
S&P Dow Jones Indices confirmed the addition earlier this month, capping a remarkable run for the fuel cell maker whose systems generate electricity on-site for data centers and major power users.
Shares have roughly tripled in 2026 as of this writing, even after declining nearly 7% on Monday amid a broad sell-off in stocks linked to the artificial intelligence trade.
The stock currently trades near $263, sitting about 25% below its 52-week high of $351.28, leaving some investors wondering whether the index inclusion creates a buying opportunity.
Approximately $13 trillion in assets were indexed to the S&P 500 at the end of 2024, according to S&P’s own tally, meaning index funds are now required to hold Bloom Energy shares.
Those funds typically execute the swap during the closing auction on the final trading day before a change takes effect, which in Bloom’s case falls on Friday, September 18.
However, research from Harvard Business School found that the average additional return from joining the S&P 500 declined from 7.4% in the 1990s to just 0.3% in the decade through 2020, suggesting the market now absorbs index fund buying with little price impact.
Bloom’s own trading reflects this pattern, with shares jumping nearly 10% immediately after the announcement before giving back most of those gains, now sitting only about 4% above pre-announcement levels.
On the business side, Bloom has delivered strong results, passing $1 billion in quarterly revenue for the first time in the second quarter, with sales up 166% year over year and operating income reaching $182.2 million compared to a small loss a year earlier.
Earnings per share swung to $0.62 from an $0.18 loss in the same period a year prior, marking a significant profitability milestone for the company.
Management has raised its full-year revenue guidance twice, starting the year targeting roughly 60% growth before lifting the midpoint to about 80% in April, then raising again in July to a range of $3.9 billion to $4.2 billion — implying roughly 100% growth at the midpoint versus the $2.02 billion Bloom reported in 2025.
The company also now expects $800 million to $900 million of non-GAAP adjusted operating income for the full year, nearly double what it had projected in February.
CEO KR Sridhar stated in the second-quarter release that Bloom’s power systems have been validated by “all the major US hyperscalers” and called the company “a standard for AI onsite power.”
At roughly $263, the stock trades at a forward price-to-earnings ratio of approximately 53, meaning investors have largely priced in this year’s explosive growth and are counting on sustained strong performance well into the future.
If spending on AI data centers cools, both Bloom’s growth trajectory and its stock price could come under significant pressure, a concern that contributed to Monday’s sell-off.
For investors considering buying specifically because of the S&P 500 inclusion, the historical evidence suggests the index event itself is unlikely to provide a meaningful price boost at this stage.
