The global power demand from AI data centers in 2026 is reshaping the energy industry landscape at an unprecedented pace. According to the latest data from Gartner, global data center electricity consumption is projected to reach 565 terawatt-hours (TWh) in 2026, a year-on-year increase of 26%. Notably, electricity usage by AI-optimized servers will surge from 95 TWh in 2025 to 175 TWh in 2026, an 84% jump. This growth rate far outpaces the expansion capacity of traditional power grid infrastructure, making power "availability" the primary bottleneck restricting the deployment of computing power.
On the energy supply side, two technological pathways are drawing significant market attention: nuclear solutions represented by small modular reactors (SMRs), and distributed power solutions led by solid oxide fuel cells (SOFCs). As the global leader in commercial SOFCs, Bloom Energy (NYSE: BE) reported Q1 2026 revenue up 130.4% year-over-year to $751 million, achieving net profit of $70.6 million for the first time. This has sparked widespread discussion around the "AI power" investment theme.
Meanwhile, tech giants are accelerating their nuclear energy initiatives, signaling the onset of a second global nuclear construction cycle.
Data Center Power Consumption—From Computing Bottleneck to Power Bottleneck
Over the past two years, global capital markets have focused intensely on Nvidia’s GPU inventory and advanced packaging capacity as the core of AI infrastructure. But by 2026, a deeper supply-side constraint is emerging: the key bottleneck in AI infrastructure is shifting from chip supply to power availability. Goldman Sachs now ranks energy availability as the top constraint for AI infrastructure, even ahead of chip supply chain pressures.
The data backs this up. Gartner forecasts that global data center power demand will rise 26% in 2026 and reach 290 gigawatts (GW) by 2030. Even more noteworthy is the changing demand structure—AI-optimized servers will surpass traditional servers in power consumption for the first time in 2027, meaning incremental AI-driven power demand is already outpacing conventional digitalization needs.
On the supply side, the pace of traditional grid expansion lags far behind the speed of data center development. Data centers can go from groundbreaking to operation in as little as eight months, while building substations and transmission lines typically takes five to thirteen years. According to a Guojin Securities report citing PJM region data, projects on average take over seven years to connect to the grid. This time gap is creating an unprecedented "power bottleneck" globally—not in terms of electricity cost, but in terms of availability.
Analysis from the US Department of Energy further highlights the severity of the issue. By 2030, the US will need an additional 100 GW of peak power supply, with 50 GW directly for data centers. Of the 104 GW of power plants scheduled for retirement, 210 GW of new generation will replace them, but only 22 GW will be dispatchable, stable, around-the-clock power. The resulting gap for stable baseload power is expected to reach 78 GW.
The core issue is this: while wind and solar offer zero carbon emissions, their intermittent nature means they cannot provide the 24/7 baseload power required by AI data centers. The zero-tolerance for downtime in data center operations makes stable, dispatchable clean energy a non-negotiable requirement.
Nuclear Power—Long-Term Solution and Short-Term Challenges
With a capacity factor above 90% and the ability to deliver stable, around-the-clock output, nuclear power is gaining a unique position among AI data center power options. Between 2024 and 2026, leading US tech companies made a significant shift in their power procurement strategies, moving from wind and solar green power agreements to direct nuclear power purchase agreements emphasizing baseload stability.
In Q1 2026, Meta signed three nuclear power agreements in a single month: a partnership with Oklo to develop a 1,200 MW advanced nuclear technology park, a 2,609 MW power purchase agreement with Vistra, and an investment in TerraPower to support its 690 MW sodium-cooled fast reactor project. Microsoft inked a 20-year agreement with Constellation Energy for exclusive offtake of all 835 MW output from the Crane Clean Energy Center (formerly Three Mile Island), a $3 billion project with $1 billion in US Department of Energy loans, expected online in 2028. Amazon not only signed a 1.92 GW agreement with Talen Energy but also invested in advanced reactor developer X-energy, aiming to deploy up to 5 GW of SMRs in the US by 2039. As of March 2026, US tech giants have signed roughly $74.5 billion in nuclear power orders.
China is also making notable moves. By the end of 2025, China’s operational nuclear capacity will reach 61 GW. In April 2025, the State Council approved 10 new nuclear units in a single batch, the highest first-half approval count in 15 years. The China Nuclear Energy Association projects that during the 15th Five-Year Plan, 8 to 10 new 1 GW-class nuclear units will be approved annually, targeting 110 GW operational capacity by 2030 and 200 GW by 2040.
The latest updates as of June 2026 show Alibaba has discussed building a small nuclear reactor with a state-owned nuclear enterprise to power its Hangzhou Renhe data center. This mirrors trends among US tech giants, but domestic deployment of SMRs still faces practical challenges around electricity pricing and supply models.
However, scaling nuclear solutions comes with significant time lags. Single SMR units typically offer under 300 MW, use factory prefabrication and modular deployment, and can be installed in 12–24 months, but overall construction still takes 3–5 years. Globally, large-scale grid-connected nuclear power remains unrealized. After more than 30 years of stagnation, the global nuclear industry faces severe aging and a shortage of skilled workers; from 1990 to 2025, overseas nuclear capacity increased by only 108.1 GW, a compound annual growth rate of just 0.7%.
This time lag means that until SMRs achieve large-scale grid connection, data center operators will need to rely on other distributed power solutions to bridge short-term power gaps.
Fuel Cells—The Critical Path to Bridging Short-Term Power Gaps
With long grid expansion cycles and nuclear grid connection delays, solid oxide fuel cells (SOFCs) are gaining a competitive edge due to their modular design and rapid deployment. SOFC systems can deliver a 50 MW system in 90 days and a 100 MW system in 120 days—Oracle’s deployment was completed in just 55 days.
Technically, SOFCs offer pure power generation efficiency up to 65%, and combined heat and power efficiency of 85–95%, surpassing traditional gas turbines. They natively output 800V DC, eliminating multiple AC/DC conversion stages at the physical layer, saving $1.35–1.5 billion in capital expenditure on distribution and power conversion equipment for a single GW-scale AI data center. Additionally, SOFCs consume zero water, emit virtually no NOx, and operate at just 65 decibels, making them ideal for community-based deployment.
Industry developments in 2026 further validate this commercialization pathway. On June 11, Samsung Heavy Industries announced a plan to commercialize a 50 MW floating data center powered by SOFCs running on LNG and cooled by seawater, designed for offshore AI data center operations. The project has received principle approval from both the American Bureau of Shipping and Lloyd’s Register. When docked, the platform can connect to the grid; otherwise, the SOFC system provides independent power.
China’s fuel cell sector is also making tangible progress. Qingneng recently launched a fuel cell power unit designed for both primary and backup data center power, boasting power density 100% higher than other proton exchange membrane fuel cells. Hyfun’s fuel cell products have been deployed as hydrogen emergency backup power for Egypt’s first data center, providing two hours of uninterrupted supply. Guojin Securities’ research is bullish on the SOFC industry chain, seeing the sector entering a "1 to 10" scale-up phase.
On the policy front, under the IRA framework, SOFCs are eligible for a 30% ITC base credit, rising to 50% with domestic manufacturing and energy community provisions. Current SOFC system costs are about $2,075/kW, with the US Department of Energy targeting sub-$900/kW by 2030. As gas turbine prices rise due to supply shortages, post-subsidy SOFC power generation costs are approaching grid parity.
Bloom Energy—The Core Stock for the AI Power Investment Theme
Bloom Energy (NYSE: BE) stands out as the most representative listed company in this trend. The company’s main business is solid oxide fuel cell systems, targeting scenarios requiring highly reliable power such as data centers, hospitals, and manufacturing plants.
Bloom Energy’s Q1 2026 financials exceeded market expectations across the board. Revenue reached $751.1 million, up 130.4% year-over-year. Product revenue was $653.3 million, up 208.4%. Gross margin rose from 27.2% to 30.0%, with non-GAAP gross margin at 31.5%. Net profit attributable to shareholders was $70.6 million, compared to a $23.8 million loss a year earlier. Operating cash flow was $73.6 million, up $184.3 million year-over-year.
The company also raised its full-year guidance, with the midpoint for 2026 revenue growth now at 80%, up from about 60% previously. Backlog for products stood at about $6 billion (up 140% year-over-year), with service backlog at $14 billion, and 5 GW of manufacturing capacity prepared.
On the stock side, Bloom Energy’s share price has surged as much as 198% since the start of 2026. On June 9, trading volume reached $4.223 billion, up 92.20% from the previous day. However, the market has seen short-term volatility: on June 10, BE shares fell about 10%, mainly due to news that the Crusoe Wyoming data center project was paused. The project had planned to deploy 900 MW of Bloom Energy fuel cells, but Crusoe suspended development at its client’s request. Morgan Stanley promptly issued a research note maintaining its "Overweight" rating and $310 price target, emphasizing that the project pause does not alter the long-term story for AI power demand. RBC Capital also reiterated its "Outperform" rating and $335 target.
Consensus on Wall Street currently rates Bloom Energy as a "Moderate Buy," based on 9 buys and 9 holds. The average target price is $266.56, about 12.47% above the current level. Analysts’ consensus 2026 EPS forecast is $1.31, while the company’s guidance is $1.85–2.25, reflecting differing views on the pace of AI power demand realization.
Gate Stock Trading—USDT Direct Access to the AI Power Sector
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From an asset allocation perspective, Gate’s stock trading enables crypto investors to seamlessly diversify across digital assets and traditional stocks on a single platform. For the AI power theme discussed in this article, investors can search for BE (Bloom Energy), CCJ (Cameco, uranium leader), CEG (Constellation Energy, nuclear operator), SMR (NuScale Power, SMR developer), and other related stocks in the Gate stock section and trade directly with USDT.
The process involves four main steps: hold or acquire USDT in your Gate account, go to the "TradFi" section and select "Stocks," transfer USDT to your stock account, enter the target stock code in the search bar, and place a buy order during trading hours.
Conclusion
The power demand of AI data centers is shifting from a peripheral issue of computing competition to a structural investment theme on the energy supply side. Data center electricity usage is expected to grow by 26% in 2026, while traditional grid expansion takes over a decade—this supply-demand mismatch opens clear market opportunities for nuclear and fuel cell solutions. Bloom Energy’s 130% revenue growth and $6 billion backlog in Q1 2026 mark the transition of this business logic from concept to performance.
However, multiple uncertainties remain in this sector. Commercialization of SMRs must overcome hurdles in technological maturity, regulatory approval, and economics; scaling up fuel cell production carries its own execution risks; and the alignment between AI data center build-out and power demand growth will directly affect the pace at which these investment themes play out.
For crypto investors, Gate’s stock trading lowers the barrier to global equity markets. By allocating directly to AI power-related stocks with USDT, investors can seize potential opportunities in this structural trend without leaving the crypto ecosystem.
