Why Bloom Energy Stock Soared 248% in the First Half of 2026

Bloom Energy (NYSE: BE) stock soared 248.4% in the first half of 2026, according to data provided by S&P Global Market Intelligence.

From opening the first trading day of 2026 at a sleepy $90.57 to an absolute star topping out above $300 by the end of June, the stock wasn't just riding the artificial intelligence (AI) hype. Bloom Energy's surge was fueled by a rapid-fire sequence of huge contracts, earnings beat, and a full-year outlook that left Wall Street gasping for breath.

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Bloom Energy is solving the AI power crunch

Things really ignited in mid-April for Bloom Energy when tech giant Oracle expanded its partnership, signing a master services agreement to procure up to 2.8 gigawatts (GW) of Bloom Energy's fuel cell systems for its aggressive AI infrastructure buildout.

Guess how it all started? Bloom Energy had deployed a fuel-cell system for Oracle in 2025, but it did that in just 55 days, more than a month ahead of schedule.

That 55-day proof-of-concept was a game-changer. It proved that hyperscalers are increasingly recognizing the viability of fuel cells as a gigawatt-scale solution for powering next-generation AI infrastructure.

Traditional utility grids simply weren't built for AI loads. Expanding and building high-voltage transmission lines can take years, and hyperscalers can't wait that long to turn on their software and chips. Bloom Energy's solid-oxide fuel cell systems, which can convert hydrogen, natural gas, and biogas into electricity without combustion, can be deployed "behind-the-meter" directly on data center sites within months.

All of that massive demand is already showing up in Bloom Energy's numbers.

Blowout numbers, massive contract wins

The company delivered a blowout first quarter in April, with revenue surging 130% year over year and operating profit swinging from a $19 million loss to a $72 million profit. Bloom posted a solid 30% gross margin in Q1.

Product revenue alone soared 208% to a record $653 million during the quarter as Bloom rapidly converted its backlog into cash flows. Management raised full-year revenue growth guidance from around 60% to around 80% at the midpoint, dismissing AI slowdown fears.

On June 30, Bloom Energy dropped another bomb that stunned the markets. It expanded its $5 billion partnership with Brookfield Asset Management to a whopping $25 billion.

For Bloom Energy, this is about as good as it gets. It gives them a huge runway of demand that stretches out for years. And, it proves that the players in finance believe off-grid, on-site power is the real answer to the grid crisis and are betting big on that.

Should you buy Bloom Energy stock before July 2028?

Bloom Energy is sitting right at the intersection of a severe AI power shortage and a utility grid that doesn't have the capacity or the ability to upgrade fast enough to fix it.

Earlier in the year, Bloom Energy reported a $20 billion backlog as of the end of 2025. Between its high margins, massive backlog, and contract flows, the long-term story looks stronger than ever.

What could be the next big trigger for the stock? July 28, when Bloom Energy will report its second-quarter numbers. Last quarter, management projected full-year revenue growth of 80% at the midpoint. Another backlog and profit surge in Q2, and Bloom Energy stock could fly even higher.

Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy, Brookfield Asset Management, and Oracle. The Motley Fool has a disclosure policy.