Bloom later issued Oracle another $72.3 million in shares, but declined to say how much of the equity arrangement was tied specifically to the Doña Ana County data center

Damien Willis, Organ Mountain News

LAS CRUCES - Oracle received a stock warrant from Bloom Energy valued at $251.6 million as the companies expanded a data-center power partnership that now includes Project Jupiter in Doña Ana County.

Bloom later issued Oracle nearly 250,000 additional shares valued at another $72.3 million as part of the warrant transaction.

What neither company has explained is how much Project Jupiter had to do with the arrangement.

Bloom Energy agreed in October 2025 to give Oracle a warrant allowing the technology giant to acquire as many as 3,531,073 Bloom shares at a fixed price of $113.28 per share.

A warrant functions somewhat like an option: It gives the holder the right to acquire stock at an agreed price during a specified period. If the market value rises above that price, the warrant can become significantly more valuable.

Bloom formally issued the warrant April 9. Less than a month later, on May 1, Oracle exercised it without paying the full purchase price in cash.

Instead, Oracle used what is known as a cashless exercise. Bloom issued Oracle 1,905,433 shares on a net basis.

Bloom then issued Oracle another 248,798 shares as an incentive to use that settlement method rather than taking a larger number of shares through a conventional exercise.

Bloom valued those additional shares at $72.3 million.

The company valued the warrant at $251.6 million when it was issued, putting the combined accounting value of the warrant and the additional inducement shares at about $323.9 million.

That does not mean Oracle earned a $323.9 million profit.

Those figures represent Bloom’s accounting valuations of two components of the transaction, not necessarily the amount Oracle ultimately received in cash or realized as a gain.

Oracle later referenced “selling our ... Bloom Energy warrants” among one-time events affecting its fiscal 2026 results, but neither company has publicly disclosed how much Oracle actually realized from the transaction.

A growing AI power partnership

Bloom and Oracle announced their broader AI data-center partnership in July 2025, saying Bloom would provide onsite fuel-cell power for selected Oracle Cloud Infrastructure facilities.

Project Jupiter later became part of that relationship.

Oracle, BorderPlex Digital Assets and Bloom announced in April that Project Jupiter would be fully powered by Bloom fuel cells, replacing an earlier plan built around gas turbines and diesel generators.

The Doña Ana County development is expected to use as much as 2.45 gigawatts of installed Bloom fuel-cell capacity.

At up to 2.45 gigawatts, Project Jupiter represents a large deployment under the broader Oracle-Bloom relationship.

But Bloom’s regulatory filings describe the warrant as connected to the companies’ broader partnership to provide onsite power for artificial intelligence data centers. They do not specify how much, if any, of the warrant’s value was attributable specifically to Project Jupiter.

Bloom declines to break out Jupiter’s role

Organ Mountain News asked Bloom and Oracle how much economic value Oracle ultimately realized from the warrant, whether Oracle sold the shares it received and what portion of the commercial relationship underlying the warrant was tied specifically to Project Jupiter.

Bloom declined to provide additional details.

“We won’t be able to provide details beyond what we’ve published in media announcements or our 8-k and other public documents,” Katja Gagen, Bloom Energy’s head of corporate communications, wrote Sunday.

Bloom also did not answer whether the warrant was negotiated in connection with Project Jupiter, the companies’ broader AI data-center partnership or both.

Oracle had not responded to the questions as of Sunday evening.

The distinction matters because Project Jupiter has become one of the most visible pieces of Oracle’s growing infrastructure footprint and one of the largest private developments proposed in Doña Ana County.

Bloom’s filings establish that Oracle received substantial equity consideration as part of the companies’ broader power partnership.

What remains unknown is how much of that value, if any, can be traced specifically to the project now rising in southern New Mexico.

Damien Willis is founder and editor of Organ Mountain News. If you have a personal story to share or a lead we should follow up on, reach out at OrganMountainNews@gmail.com or connect with him on X at @damienwillis.