FuelCell Energy shares jumped sharply again Tuesday, climbing 18.21% to $35.22 and extending one of the most explosive runs of any stock on Wall Street this year, as the clean-power company continued to reap the benefits of a landmark data center power deal and a series of bullish analyst calls tied to surging electricity demand from artificial intelligence infrastructure.

The latest move builds directly on a 24.3% surge Monday that pushed shares to a fresh 52-week high of $30.41, itself following a 17% jump the previous Friday. Combined, FuelCell Energy stock has now climbed roughly 320% so far in 2026, vastly outpacing peers across the broader hydrogen and fuel cell sector, including Bloom Energy and Plug Power, neither of which has matched FuelCell’s pace of company-specific catalysts in recent weeks.

Tuesday’s gains continue to be driven by a cluster of developments that have rapidly reshaped Wall Street’s view of the Danbury, Connecticut-based company. The most concrete of those came June 23, when the Export-Import Bank of the United States approved a $49 million financing package to support delivery of FuelCell Energy’s fuel cell units to Gyeonggi Green Energy in South Korea. The financing covers five 2.8-megawatt FuelCell Energy Blocks and is structured in two tranches, with roughly $22 million in net proceeds expected to be disbursed around June 30 and a second tranche following in October. FuelCell Energy Chief Financial Officer Michael Bishop emphasized the significance of the funding structure.

“It adds non-dilutive capital to support growth,” Bishop said.

The non-dilutive nature of the financing has been a key driver of investor enthusiasm, since it allows the company to fund growth without issuing additional shares, a meaningful distinction for a stock that has historically faced dilution concerns tied to its persistent unprofitability.

Layered on top of the EXIM financing news, Wall Street has grown increasingly bullish on FuelCell Energy’s positioning within the booming market for AI-driven electricity demand. B. Riley Securities upgraded the stock to Buy from Neutral on Monday and more than doubled its price target to $32 from $13, the highest target currently on Wall Street, citing the company’s agreement to supply up to 380 megawatts of continuous clean baseload power to Fit Energy USA for AI and advanced computing data centers as evidence that FuelCell’s commercial strategy is translating into real, signed business rather than speculative potential.

That assessment echoed an earlier upgrade from Jefferies analyst Julien Dumoulin Smith, who raised the firm’s rating to Buy from Hold and lifted his price target to $24 from $16 after the Fit Energy agreement was first announced. Dumoulin Smith characterized the deal, structured as a Capital Equipment Purchase Agreement and representing FuelCell Energy’s first contracted U.S. data center order, as the catalyst that shifted the investment thesis from speculative to executable. The agreement includes an initial 30-megawatt firm deployment backed by an immediate, non-refundable deposit, which at roughly $3,000 per kilowatt before tax credits implies approximately $90 million in near-term revenue. Dumoulin Smith also pointed to FuelCell’s valuation relative to peers, noting the stock traded at roughly 8 times projected 2030 enterprise value to EBITDA compared with Bloom Energy’s 19 times multiple, a gap he described as an asymmetric entry point for investors.

The Fit Energy deal arrived against a backdrop of otherwise disappointing fundamentals. FuelCell Energy’s second-quarter fiscal 2026 results, reported June 8, missed Wall Street estimates on nearly every financial metric, with revenue of $35.6 million falling 5% year-over-year and missing consensus expectations of $40.5 million by roughly $5 million. The company’s net loss widened to $78.7 million, more than double the loss recorded in the same period a year earlier, while its backlog declined 9.9% to $1.14 billion as of April 30 compared with the same point last year. Despite those weak headline numbers, management highlighted a 267% quarter-over-quarter surge in its sales pipeline to four gigawatts, with nearly 90% of that growth tied to AI-related data center projects, a figure that has become central to the bullish narrative now driving the stock’s valuation even as the company continues to post steep losses.

FuelCell Energy has also benefited from structural, passive buying pressure tied to its inclusion in the Russell 3000 index, which forces index-tracking funds to hold shares in proportion to the company’s market weighting regardless of near-term profitability concerns. That technical tailwind has compounded the stock’s rally alongside the steady drumbeat of company-specific news.

Despite the dramatic run, the gap between Wall Street’s longer-standing consensus view and the market’s current enthusiasm remains notable. According to data compiled before the recent string of upgrades, the average rating across eight analysts tracking the stock stood at “Hold,” with a 12-month price target of $22, implying a meaningful downside from current trading levels even before accounting for this week’s additional gains. That consensus has clearly begun shifting in a more bullish direction following the B. Riley and Jefferies upgrades, though FuelCell Energy’s broader financial profile, marked by consistent unprofitability and negative operating cash flow, continues to leave the stock firmly in speculative territory by most analysts’ assessments.

FuelCell Energy designs, develops and manufactures high-temperature carbonate fuel cells used for on-site power generation, grid support, microgrids and carbon capture applications, alongside solid oxide electrolysis technology for distributed hydrogen production. The company serves utilities, independent power producers, data centers, wastewater treatment facilities and a range of industrial, commercial and government customers across the United States, South Korea, Europe and Canada.

Investors are now watching closely for confirmation that the first EXIM financing tranche disburses as scheduled around June 30, a milestone that would validate the non-dilutive funding narrative currently being priced into the stock. Additional follow-through on the Fit Energy 380-megawatt commitment, along with any new data center customer announcements, is likely to shape sentiment heading into the company’s next earnings release. Even so, market commentators have continued to caution that FuelCell Energy remains an extremely volatile and speculative stock, one that has logged dozens of single-day moves greater than 5% over the past year, and that a sharp short-term rally driven by deal announcements does not by itself resolve the deeper questions surrounding the company’s path to sustained profitability.