Bloom Energy Shares Climb Thursday, Boosted by AI Data Center Demand and $50 Billion Backlog Expectations

Bloom Energy Corp. shares moved higher in early trading Thursday. The upward momentum builds on a monthly gain of 16%, driven by surging demand from AI data centers for its solid oxide fuel cell technology, a positive backlog outlook, and continued momentum from recent institutional investment disclosures.

Bloom Energy stock is among the best-performing names today. What is driving BE shares higher?

Data Center AI Boom and $50 Billion Backlog Expectations Fuel Rally

Underpinning the August rally is investor digestion of Bloom's second-quarter financial update released on July 28, when the company posted record quarterly revenue of $1.07 billion, up approximately 166% year-over-year, with adjusted earnings per share of 78 cents, comfortably beating Wall Street expectations.

The rapid revenue growth is attributed to AI infrastructure developers seeking fast, off-grid power solutions to bypass lengthy utility grid interconnection delays.

Market sentiment was further lifted after CEO KR Sridhar confirmed during the second-quarter earnings call that backlog growth continues to outpace revenue growth.

Other catalysts driving the rally include: a public congressional filing on August 21 disclosing that Nancy Pelosi's spouse, Paul Pelosi, purchased up to $12 million worth of BE shares and call options between July 24 and July 28; and Jefferies raising its price target to $229 on August 14.

BE Shares Climb in Early Trading Thursday

BE price action: Pre-market trading data Thursday showed Bloom Energy shares up 5.52% at $230.25.