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A few weeks ago, Bloom Energy was a niche fuel cell stock most investors had never traded. On Wednesday it went up 22%, posted a clean quarterly beat, raised guidance, and got tagged as a possible meme stock by Mizuho's trading desk.
This is what AI infrastructure mania looks like when it touches the power grid.
Bloom Energy beat on earnings, revenue, and adjusted EBITDA in the first quarter, and raised its full-year earnings guidance along with its operating income forecast for the current quarter. The company has not historically been a beat-and-raise name, which is part of why the reaction was so big.
Wednesday's rally puts the stock more than 100% higher in April alone. Year to date, it is up more than 200%, after surging 291% in 2025. From the end of 2020 to early 2024, the stock had lost nearly half its value, so the round trip is sharp.
Earlier in April, Oracle agreed to deploy Bloom Energy systems for AI data centers and received a warrant to buy $400 million in stock. Oracle now expects to procure up to 2.8 gigawatts of Bloom systems to power its surging data center demand.
Wall Street took notice. Mizuho's trading desk wrote that Bloom is "a KEY Ai WINNER NAME and part of the power, energy, and electrification thematic that is well-liked and owned. BE is on the cusp of being a 'meme' stock. A lot of retail in this one for sure."
The desk added: "Good news is that this is 100% a real company. Been around for a long time."
Barclays analyst Christine Cho wrote in a note titled "Make more room for Bloom" that the company has moved "from early green shoots to a more durable growth cycle, supported by hyperscaler demand and faster deployment economics." She still kept her equal weight rating, citing valuation. The stock now trades at 102 times forward earnings.
BTIG analyst Gregory Lewis is more bullish, with a $295 price target that implies about 30% upside. "With the data center buildout in high gear, BE has emerged as a leading source of power for hyperscalers and one of few with manufacturing capacity to spare," he wrote.
Cho also flagged a path to 5 gigawatts of capacity at Bloom, well above current run rate. The stock has clearly already priced in a lot. The next thing investors are watching is whether the demand from hyperscalers translates into bigger guidance bumps later this year.
