Bloom Energy Stock (BE) Surges Again as AI Power Boom Drives a High‑Risk 2025 Rally

November 29, 2025

Bloom Energy Corporation (NYSE: BE) is back in the spotlight this weekend after another sharp move higher in Friday’s session and a fresh batch of analyst notes, trading commentary and valuation debates hitting the wires today. The fuel‑cell specialist has become one of 2025’s most dramatic AI‑infrastructure plays, and the latest coverage shows both excitement and growing unease around how far the stock has already run. TechStock²+1

Key points

Another big daily jump: Bloom Energy shares traded between roughly $102 and $111 on Friday, finishing regular trading near $111 and later quoted around $109, a gain of about 8–10% on the day and extending a months‑long surge. ^[1]
New coverage today focuses on AI power deals and analysts: Fresh articles on November 29 highlight Bloom’s $5 billion AI‑infrastructure partnership with Brookfield, blockbuster Q3 results, and a wave of bullish price‑target hikes — even as Bank of America reiterates an Underperform rating and warns on valuation. ^[2]
Rally comes with big risks: Multiple outlets flag stretched multiples, heavy volatility, high short interest, insider selling and sizeable convertible‑note issuance, underscoring that BE has become a high‑beta, high‑expectation AI power trade rather than a sleepy utility stock. GuruFocus+4TechStock²+424/7 Wall St.+4

Where Bloom Energy stock stands after Friday’s surge

Data from several trading platforms show that on Friday, November 28, Bloom Energy shares swung between about $102 and $111, with regular‑session trades reported around $111 and late quotes near $109.24. That represents an 8–10% daily gain, depending on the feed, on volume above 8 million shares — firmly in “trader magnet” territory. ^[3]

TS2 Tech’s recap of the session pegs the intraday range at roughly $102.6 to $109.3 and notes that BE’s 52‑week range now spans from around $15 to as high as $148. TechStock² TipRanks’ six‑month top‑gainers screen lists Bloom up more than 400% over that period, with the stock recently quoted around $111 and a market capitalization near $24 billion. ^[4] Simply Wall St, looking over a longer horizon, calculates total shareholder returns of about 272% for the past 12 months and roughly 375% over three years. ^[5]

Options and sentiment data underline how speculative things have become. A recent TheFly/TipRanks options note shows 30‑day implied volatility around 122%, an expected daily move of more than $7 and a put/call ratio of just 0.37, with call trading dominating. ^[6] Separately, 24/7 Wall St. highlights Bloom as one of three “explosive” stocks with short interest near 18% of the float, a setup that can amplify both rallies and sell‑offs. ^[7]

In other words, BE is trading less like a traditional industrial name and more like an AI‑themed momentum stock with real business behind it — and a lot of expectations baked into the price.

Today’s news: how November 29 coverage frames Bloom Energy

1. TS2 Tech: AI power, Q3 strength and institutional demand

TechStock² (TS2 Tech) published a detailed wrap‑up titled “Bloom Energy (BE) Stock Soars on AI Power Deals and Analyst Upgrades – November 28, 2025 Update”, dated today. The piece characterises Friday as “another big move” in a “meteoric 2025 run,” noting an ~8% jump to around $109 and calling Bloom “one of the market’s most volatile large‑cap clean‑energy names.” TechStock²+1

TS2 links the latest spike to three main drivers:

Blockbuster Q3 2025 earnings: Bloom reported revenue of $519.0 million in Q3, up 57% year‑over‑year, with product and service revenue of $442.9 million. GAAP gross margin improved to 29.2%, or 30.4% on a non‑GAAP basis, and operating income turned positive at $7.8 million (non‑GAAP operating income $46.2 million, an 8.9% margin). ^[8]
AI data‑center partnerships: The article highlights October’s $5 billion strategic AI‑infrastructure deal with Brookfield Asset Management, which makes Bloom the preferred onsite power provider for Brookfield’s planned “AI factories” and builds on earlier data‑center deals with Oracle, Equinix and American Electric Power. ^[9]
Surge in institutional ownership and analyst attention: TS2 cites Intellectia AI data showing a roughly 34% jump in institutional ownership over the last quarter, an average Wall Street target around the low‑$120s and a rating mix dominated by Buy and Hold recommendations, with only one Sell. TechStock²+1

TS2 also relays more cautious notes from other services, including AInvest, which points to a price‑to‑sales ratio above 13x versus less than 2x for many industrial and clean‑energy peers, and flags recent insider sales as a potential source of volatility. TechStock²

2. Trader coverage: “Growth or bubble?” after a 9.75% jump

Trader‑focused platforms are leaning into the story as well. TimothySykes.com’s piece “Growth or Bubble? Assessing Bloom Energy’s Surprise Surge”, updated late Friday and circulating widely today, notes that BE closed at $111.00 on November 28 — up 9.75% on the day — after trading between roughly $102.20 and $111.00 on volume of about 10 million shares. ^[10]

The article underscores several bullish data points:

Analyst upgrades: HSBC, Morgan Stanley, Susquehanna and others have raised targets or reiterated positive views in recent weeks, with some now seeing fair value as high as $157 per share. ^[11]
Improving profitability: The piece highlights Q3 revenue of $519 million, a gross margin above 30% on a non‑GAAP basis and an EBITDA margin just over 7%, evidencing improving operating leverage. ^[12]

But it also calls out the other side of the ledger: Bloom still posted a GAAP net loss to common shareholders of about $23.1 million in Q3 and carried substantial liabilities on its balance sheet, even before issuing a new wave of convertible notes. ^[13]

A separate StocksToTrade update — “Is Bloom Energy Set To Skyrocket Soon?”, also referenced in today’s TS2 coverage — describes BE as a classic high‑volatility AI infrastructure play. It notes that the stock was trending up nearly 9% in late trading on Friday and draws special attention to Bloom’s $2.2 billion 0% convertible senior notes due 2030, upsized from an originally planned $1.75 billion offering. ^[14]

3. Bank of America: higher target, still Underperform

On the more skeptical end of the spectrum, a newly surfaced Insider Monkey piece today summarises Bank of America Securities’ latest call on Bloom Energy. The firm recently lifted its price target from $26 to $39 but kept an Underperform rating, effectively a bearish stance given the current triple‑digit share price. ^[15]

BofA’s move is notable mainly for how out‑of‑step it looks with other investment banks. Data compiled by StockAnalysis shows: ^[16]

Morgan Stanley maintaining an Overweight/Buy rating and raising its target from $85 to $155.
HSBC upgrading Bloom from Hold to Strong Buy with a $150 target.
Susquehanna reiterating a Buy rating while lifting its target from $105 to $157.
JPMorgan keeping a Buy rating and moving its target from $90 to $129.

Across the analyst universe, Simply Wall St and Intellectia AI both estimate an average target in the ~$120 range, with ratings skewed toward Buy and Hold. ^[17] BofA’s $39 target, by contrast, implies more than 60% downside from Friday’s levels.

4. Valuation debates on Yahoo Finance and elsewhere

Yahoo Finance added to today’s conversation with a valuation‑focused piece asking whether Bloom Energy’s recent gains are justified. The article notes that BE has climbed about 12% over the last week despite a roughly 24% drawdown earlier in the month, and that the stock remains up several hundred percent year‑to‑date, well ahead of both the broader market and most clean‑energy peers. ^[18]

Simply Wall St’s own November 26 valuation review similarly concludes that while Bloom’s long‑term shareholder returns are exceptional, the current market price embeds aggressive expectations for sustained revenue and earnings growth. ^[19]

Other recent articles — from outlets such as Fortune, Reuters, Investors Business Daily and Investopedia — have described Bloom as a poster child for the AI‑infrastructure trade, with some pointing to share‑price moves of several hundred percent in 2025 alone following data‑center deals and earnings surprises. ^[20]

5. Short interest, options, insiders and pensions: the rest of the backdrop

While not all of these stories were published today, they inform how investors are reading the November 29 headlines:

High short interest: 24/7 Wall St. recently pegged Bloom’s short interest at around 18% of the float and described the stock as “explosive” after a run from about $90 to $142, noting better‑than‑expected earnings and rising AI‑driven demand. ^[21]
Options activity: TipRanks’ options report for this week shows BE shares recently around $93 in one of the pullbacks, implied volatility near 122% and a put/call ratio of 0.37 — all consistent with heavy speculative trading and hedging. ^[22]
Insider selling: GuruFocus reports that director Mary Bush sold 36,000 shares on November 5, part of a cluster of insider sales earlier in the month worth several million dollars in total, which some trader‑oriented outlets argue could add to volatility. ^[23]
Institutional buying: Restricted Barron’s coverage indicates that California’s giant public pension fund, CalPERS, boosted its Bloom position in the third quarter while trimming holdings in mature tech leaders like Microsoft, a sign that big money is participating in the AI power theme as well as retail traders. ^[24]

The fundamental story: Q3 earnings, AI data centers and new capital

Behind the daily price fireworks, Bloom Energy has made three big strategic moves in 2025 that show up throughout today’s commentary.

Q3 2025: record revenue and improving margins

In its October 28 Q3 earnings release, Bloom reported: ^[25]

Revenue: $519.0 million, up 57.1% year‑over‑year.
Product & service revenue: $442.9 million, up 55.7% versus Q3 2024.
GAAP gross margin: 29.2%, up from 23.8% a year earlier.
Non‑GAAP gross margin: 30.4%.
GAAP operating income: $7.8 million, versus a $9.7 million loss in Q3 2024.
Non‑GAAP operating income: $46.2 million (8.9% margin).
GAAP net loss to common shareholders: $23.1 million, or ‑$0.10 per share.

Management framed this as the fourth consecutive quarter of record revenue and highlighted positive operating cash flow alongside improving margins — but also acknowledged that the company is still loss‑making on a GAAP basis and continues to invest heavily in manufacturing capacity and new products. ^[26]

Brookfield AI partnership: $5 billion for “AI factories”

On October 13, Bloom and Brookfield Asset Management announced a $5 billion strategic AI infrastructure partnership. Under the agreement: ^[27]

Brookfield plans to invest up to $5 billion to deploy Bloom’s fuel‑cell systems as onsite power for a new generation of AI data centers, described as “AI factories.”
Bloom becomes the preferred onsite power provider for Brookfield’s AI factory strategy.
The partners are already working on global sites, including a European facility expected to be announced by year‑end.
The strategy focuses on behind‑the‑meter power — generating electricity on site rather than relying solely on increasingly congested grids.

Bloom’s own materials and outside research from groups such as Deloitte and Utility Dive suggest that AI data‑center power demand in the U.S. could exceed 100 GW by 2035, creating a massive opportunity for modular, fuel‑flexible onsite power solutions like Bloom’s solid‑oxide fuel cells. ^[28]

$2.2 billion in 0% convertible notes due 2030

To fund growth and refinance earlier debt, Bloom announced on October 30 that it had priced $2.2 billion of 0% convertible senior notes due 2030, upsized from an initially proposed $1.75 billion. Key terms: ^[29]

The notes carry no regular interest and mature on November 15, 2030.
The initial conversion price is about $194.97 per share, a 52.5% premium to Bloom’s $127.85 share price on October 30.
Net proceeds are expected to be roughly $2.16 billion (or up to $2.45 billion if an overallotment is exercised).
About $988 million of the proceeds will be used to exchange existing 3.00% green convertible notes due 2028 and 2029; the rest is earmarked for R&D, manufacturing expansion, sales and marketing, and general corporate purposes.

The structure gives Bloom a large pool of low‑cost capital to chase AI‑related demand and expand capacity toward 2 GW annually by 2026. But it also introduces potential future dilution if shares remain well above the conversion price and underscores that a significant portion of the company’s capital structure now sits in convertibles. ^[30]

Risks emphasised in today’s coverage

The November 29 wave of articles is notable less for bringing new facts and more for how forcefully it highlights key risk factors.

Stretch valuation and dependence on AI sentiment

Across TS2 Tech, Yahoo Finance, Simply Wall St and analyst‑rating aggregators, three valuation issues recur: TipRanks+4TechStock²+4Yahoo Finance+4

Sales multiples: Several analyses suggest Bloom is trading at well over 10x trailing revenue — TS2 relays an AInvest estimate above 13x — versus low‑single‑digit multiples for many established industrial and energy peers.
Rapid rerating: The share price has moved from the low‑$20s late last year to above $100 today on the back of AI‑related deals and earnings surprises, compressing years of expected growth into months of price action.
Scenario sensitivity: Many bullish targets assume that AI data‑center demand for onsite power ramps rapidly, that fuel‑cell economics remain attractive relative to alternatives, and that Bloom continues to scale profitably — assumptions that could be vulnerable if AI investment slows or cheaper competing technologies emerge.

Bank of America’s maintained Underperform rating and $39 target is the clearest expression of these concerns, effectively arguing that even after raising its fair‑value view, the stock may have overshot reality. ^[31]

Volatility, short interest and options leverage

The combination of high short interest, high implied volatility and heavy call trading can support dramatic upside squeezes — but it also means that downside moves can be equally abrupt when momentum fades. ^[32]

For long‑term investors, this raises practical questions:

Can you tolerate 10–20% single‑day swings?
Are you prepared for a scenario where a change in AI sentiment or a single disappointing quarter causes multiples to compress sharply, even if the business is still growing?

Balance sheet complexity and insider behavior

While Bloom ended Q3 with about $595 million of cash and cash equivalents and positive operating cash flow, it also reported more than $2.6 billion in total assets and a complex capital structure that includes existing green convertible notes now being exchanged into 0% 2030 notes. ^[33]

At the same time, November saw a string of insider sales — including director Mary Bush’s 36,000‑share sale on November 5 — which trader‑oriented outlets today frame as a yellow flag, even though insider selling can happen for many reasons unrelated to fundamentals. ^[34]

What today’s Bloom Energy headlines mean for investors

Taken together, the November 29 coverage paints a nuanced picture:

The bull case: Bloom Energy is positioning itself as a core infrastructure provider for AI data centers at a time when power constraints are emerging as a serious bottleneck. Q3 results show rapid revenue growth, expanding margins and positive operating income. The Brookfield partnership and data‑center deals with firms like Oracle suggest real demand, not just hype, and a large addressable market if AI power forecasts prove correct. ^[35]
The bear case: The share price has run far ahead of current profits, leaving the stock trading on aggressive growth assumptions and rich multiples. A single skeptical heavyweight — Bank of America — is willing to publish a target implying deep downside, and others warn that valuation already bakes in years of flawless execution. Short interest, options leverage, insider selling and large convertibles all add to the stock’s risk profile. ^[36]

For traders, BE remains a high‑volatility AI momentum name that reacts quickly to headlines about data‑center deals, analyst upgrades and macro AI sentiment. For longer‑term investors, the key questions are more fundamental:

Do you believe Bloom’s fuel‑cell technology and partnerships will maintain a durable edge as AI power demand explodes?
Are you comfortable with the balance of upside potential versus valuation risk at today’s prices?

Either way, today’s November 29 news cycle serves mainly to sharpen those trade‑offs: it reinforces how strong Bloom’s recent execution and AI positioning have been, while also highlighting just how much optimism is now embedded in BE’s share price.

Is Bloom Energy a Top AI Stock Today?