Bloom Energy Fuels 1,000% Rally as AI Demand Spikes

Bloom Energy's stock has surged over 1,000% in the past 12 months, driven by the growing demand for power to support artificial intelligence (AI) infrastructure. The fuel cell company has positioned itself at the intersection of two mega-trends: the scaling of AI infrastructure and the inadequacy of existing power grids.

The deals driving Bloom's rally include a $25 billion strategic partnership with Brookfield Asset Management, which will be used to finance AI infrastructure power projects. Oracle also signed agreements with Bloom for up to 2.8 gigawatts of fuel cell systems, equivalent to the output of two or three nuclear power plants.

Bloom's Data Center Power Report projected that US IT load capacity could double from approximately 80 GW in 2025 to around 150 GW by 2028. The report estimated that onsite power solutions, including Bloom's fuel cells, could be adopted by 30% of data center sites within the next seven years.

Some Bitcoin mining facilities have begun repurposing their infrastructure for AI workloads, creating another potential demand channel for Bloom's solutions. However, the company's stock experienced a 39% decline from its June 2026 peak due to execution concerns and regulatory headwinds.