The fuel-cell maker’s blistering rally shows no signs of cooling. Shares of Bloom Energy climbed another 7.35% on Monday to €263.00, extending a year-long run that has seen the stock appreciate by 1,077.88%. The catalyst is unmistakable: hyperscale AI data centers are hungry for round-the-clock power, and Bloom’s solid-oxide fuel cells are emerging as a preferred off-grid solution.
First-quarter results delivered the proof investors wanted. Revenue exploded 130.4% year over year to $751 million, crushing the consensus estimate of $539 million. Adjusted earnings per share came in at $0.44, more than triple the $0.12 analysts had penciled in. Management responded by lifting its full‑year 2026 revenue guidance to a range of $3.4 billion to $3.8 billion, up from a prior ceiling of $3.3 billion.
Wall Street quickly revised its models. Jefferies initiated coverage on July 6 with a Buy rating and a $246 price target, calling Bloom “ideally positioned” for decentralized grids. RBC Capital more than doubled its target to $335, while UBS and Evercore ISI both set targets as high as $350. Yet not all analysts are convinced; the low side of the Street’s price target stands at just $55, reflecting the extreme valuation gap. At current levels, Bloom trades at roughly 147 times forward earnings.
The stock’s dizzying ascent has turned heads among institutional investors. Goldman Sachs boosted its position by roughly 50% over the past quarter, now holding about 2.5 million shares. Norway’s sovereign wealth fund owns a stake worth nearly $240 million. The company’s market capitalization has ballooned to more than $75 billion, fueled in part by a recently expanded $25 billion financing partnership with Brookfield Asset Management that allows customers to purchase Bloom Energy Servers on site.
Should investors sell immediately? Or is it worth buying Bloom Energy?
Insiders, however, have been taking chips off the table. Over the past 90 days, company executives and directors sold a total of 228,617 shares. Director John T. Chambers alone unloaded a package worth more than $16 million in late May. The juxtaposition of heavy institutional buying and insider selling captures the tension at the heart of Bloom’s narrative: a company sitting on an enormous opportunity, but already priced for perfection.
That tension is reflected in the stock’s volatility. Annualized price swings stand at 113.68%, making the shares one of the most turbulent in the clean-energy space. Since the start of the year, the stock has gained roughly 212%, but it remains about 20% below its June record high of $308.50. The current price of €245.00 hovers just above the 50‑day moving average, a technical level that bulls will want to defend.
All eyes are now on the end of July, when Bloom Energy reports second‑quarter earnings. After the massive Q1 beat, investors want to see whether margins can keep pace with revenue growth and whether the fat order book translates into sustainable cash flow. The next chapter of the story — and whether the 1,077% rally has further to run — will depend on numbers, not narrative.
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