What smart money is saying about Bloom Energy
BE · Industrials · Electrical Equipment & Parts · Market cap $98.37B
4 funds in our archive have pitched Bloom Energy — most recently Polen Capital 5Perspectives Growth Opportunities in September 2026.
Company profile
Bloom Energy Corporation engineers, produces, markets, and installs cutting-edge solid-oxide fuel cell systems designed for on-site electricity generation, serving clients both within the United States and internationally. Their core offering, the Bloom Energy Server, is an advanced power platform capable of converting various fuels, including natural gas, biogas, hydrogen, or a blend of these, directly into electricity using an electrochemical process that eliminates the need for combustion. The company provides its solutions to a wide array of critical infrastructure applications, such as data centers, hospitals, healthcare manufacturing and biotechnology facilities, grocery and hardware stores, banks, and telecommunication centers. Originally founded as Ion America Corp., the company adopted the name Bloom Energy Corporation in September 2006. Established in 2001, Bloom Energy Corporation's headquarters are situated in San Jose, California.
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22
Reported positions
4
Bought
6
Sold
28
Letters
Position history
Between Q3 2025 and Q3 2026, 22 fund letters reported a position in Bloom Energy — 4 opened or added to the position, 6 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 5 | 0 | 3 | 1 |
| Q2 2026 | 12 | 3 | 3 | 2 |
| Q1 2026 | 1 | 0 | 0 | 1 |
| Q4 2025 | 3 | 0 | 0 | 0 |
| Q3 2025 | 1 | 1 | 0 | 0 |
Fund activity · 22 positions · 10 moves
- September 2026
“During the quarter we exited life sciences tools provider Bio-Techne following its announced acquisition by Merck KGaA. Bloom Energy and Credo Technology saw their market caps eclipse what we believed to be an appropriate level for a SMID strategy, and we subsequently exited the positions.”
Bloom Energy - September 2026
“Company Sector Bloom Energy Industrials Intel Information Technology Walmart Consumer Staples XPO Industrials Astera Labs Information Technology Bloom Energy (BE) is an onsite power provider. We exited our position as relative strength continued to deteriorate and as the company could face challenges in scaling production given limitations on the supply of scandium.”
Bloom Energy - September 2026
“Bloom Energy (BE) is an onsite power provider. We exited our position as relative strength continued to deteriorate and as the company could face challenges in scaling production given limitations on the supply of scandium.”
Bloom Energy - September 2026
“Bloom Energy is a manufacturer of solid - oxide fuel cell systems that provide onsite power to data centers and other commercial and industrial customers. Shares were highly volatile during the quarter, falling more than 50% from their late - June record through late July amid valuation concerns and the timing of second - half revenue conversion, as well as a short - seller report that questioned the company’s accounting and supply of a key material, allegations the company disputed.”
Bloom Energy - July 2026
“2 Vision. In a gold rush environment, we look for the companies that sell picks and shovels, i.e. the infrastructure without which the boom in AI would not be possible. One example is Bloom Energy, which was added to the portfolio in 2021: The solid oxide fuel cells made by this company provide the decentralized energy for data centers.”
Bloom Energy - June 2026
“We profitably exited the name during the quarter. Bloom Energy also participated in enthusiasm for alternative power solutions as investors focused on rising electricity requirements for data centers and AI infrastructure.”
Bloom Energy - June 2026
“Bloom Energy, a manufacturer of solid-oxide fuel cell power platforms, surged 133% on accelerating demand for on-site and data center power generation, and we trimmed into that strength.”
Bloom Energy - AddedBaron Technology ETFJune 2026
“To Quanta Services, Inc. , our long-standing holding in electric grid construction and hardening, and Forgent, initiated last quarter, we added new positions in Bloom Energy Corporation and INNIO N.V. in on-site and distributed generation, Fervo Energy Company in next-generation geothermal, and DPC Holdings Limited , which manufactures castings utilized in Industrial Gas Turbines used in power generation.”
Bloom Energy - June 2026
“Nebius Group (NBIS) Eighteen months ago, Nebius was a Russian-adjacent carve-out of Yandex, the Russian Google, with no anchor customer, a cash burn, and an open question as to whether capital markets would touch it. You had to squint at it in order to see a viable business that was arguably trading below liquidation value. On August 12th, the company reported a second quarter with $582.3 million in revenue and a 50% adjusted EBITDA margin in its core AI cloud business. Today Nebius is an AI infrastructure platform with roughly $46B of committed contract value from Microsoft and Meta, priority Nvidia silicon secured through Nvidia’s own $2B equity stake, and a target of almost 5 GW of contracted power by year-end(with over 75% of it owned rather than leased). Moreover, it has a funding structure in which roughly 50-60% of capex is covered by customer prepayments; the balance was raised this spring as $4B of oversubscribed convertibles with coupons of 1.25% and 2.625%. Sub-1.3% paper to 2031 is the bond market’s answer to any question regarding Nebius’ long-term prospects—and a question we couldn’t have fully answered a year ago at any price. The Meta relationship remains the keystone: $27B over five years, split between $12B of dedicated capacity on one of the first large-scale Vera Rubin deployments (starting early 2027) and $15B on which Meta backstops Nebius’s uncommitted third-party capacity as it comes online. That second piece turns Meta into a floor buyer for capacity that Nebius was going to build anyway, and collapses demand risk on the entire program. First-quarter results, reported in May, printed $399M of revenue, up 684% year-over-year and 75% sequentially. The AI cloud business was up 841%, and adjusted EBITDA was positive at a 45% segment margin. Management raised its 2026 capex guidance from $16–20B to $20–25B and was explicit about why: pre-committed customer demand for 2027, not cost inflation, with more capacity coming online in the first half of 2027 than in all of 2026. The power footprint kept pace, as a second owned U.S. site in Pennsylvania, with up to 1.2 GW, joined the 1.2 GW campus in Independence, Missouri that’s energizing early next year. And three software tuck-ins (Tavily, Eigen AI, Clarifai) should push the platform up the stack toward inference and agentic workloads. The company also signed a ten-year, $2.6B fuel-cell power partnership with Bloom Energy”
Bloom Energy - New positionBaron Technology StrategyJune 2026
“To Quanta Services, Inc., our long-standing holding in electric grid construction and hardening, and Forgent, initiated last quarter, we added new positions in Bloom Energy Corporation and INNIO N.V. in on-site and distributed generation, Fervo Energy Company in next-generation geothermal, and DPC Holdings Limited, which manufactures castings utilized in Industrial Gas Turbines used in power generation.”
Bloom Energy - June 2026
“Here too we sold into the rally, reducing Bloom Energy by a third, GE Vernova by more than half and Caterpillar by almost half.”
Bloom Energy - June 2026
“Then there is power, where the scarcest input in the AI economy is no longer the chip but the electron. Bloom Energy (+122%), added this year after a research trip to Silicon Valley, delivered a vindicating print: product revenue up 208% year on year, full year guidance raised from 60% to 80% growth, adjusted operating margin up 1,330 basis points, and its first positive first quarter operating cash flow as a public company. Validation came with Oracle’s Project Jupiter, a campus of up to 2.45GW, roughly the power draw of a small US state, to run entirely on Bloom fuel cells: no grid connection, no turbines, no diesel. More than half of Bloom’s data centre backlog now comes from customers beyond Oracle. The same scarcity runs through the power complex: GE Vernova booked $18.3 billion of first quarter orders, up 71% organically, taking backlog to $163 billion, while Caterpillar, a new holding this year, beat consensus on both revenue ($17.4 billion versus $16.78 billion) and earnings ($5.54 versus $4.65). Here too we sold into the rally, reducing Bloom Energy by a third, GE Vernova by more than half and Caterpillar by almost half.”
Bloom Energy - June 2026
“The strategy’s top contributors included several AI-related holdings, including Bloom Energy (BE), Jabil (JBL), Lattice Semiconductor (LSCC), and Comfort Systems (FIX).”
Bloom Energy - June 2026
“Bloom Energy (BE) also contributed meaningfully to our performance.”
Bloom Energy - June 2026
“Portfolio Performance & Attribution During the second quarter of 2026, the Polen 5Perspectives Growth Opportunities Portfolio (the “Portfolio”) returned 25.16% net of fees compared to the 17.05% return of the Russell 3000 Growth Index (the “Index”). The top contributors to the Portfolio’s relative performance in the quarter were Bloom Energy, Advanced Micro Devices, and Nebius Group.”
Bloom Energy - June 2026
“The top contributors to relative performance in the period were Bloom Energy, Sandisk Corp, and DigitalOcean Holdings.”
Bloom Energy - June 2026
“During the second quarter of 2026, the Polen 5Perspectives Small Growth Composite Portfolio returned 33.22% gross and 32.83% net of fees, respectively, compared to the 25.71% return of the Russell 2000 Growth Index. • The top contributors to relative performance in the period were Bloom Energy, DigitalOcean Holdings, and Vicor. The most significant detractors from the Portfolio’s relative performance in the quarter were Fastly, Credo Technology Group (not owned), and GeneDx. • While concerns surrounding economic growth, trade policy, and the durability of the AI investment cycle weighed on markets early in the quarter, many of those fears quickly subsided as the quarter progressed. Investor sentiment sharply improved and small caps staged one of their best quarterly returns of the past 25 years with the Russell 2000 Growth +25.71%. • Companies with exposure to long-duration secular growth themes—including AI infrastructure, electrification, aerospace, and defense modernization—were among the strongest performers. Qtr YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception (11-1-2000) Polen 5Perspectives Small Growth (Gross) 33.22 37.63 64.95 41.15 13.35 25.69 12.91 Polen 5Perspectives Small Growth (Net) 32.83 36.84 63.18 39.77 12.24 24.50 11.51 Russell 2000 Growth 25.71 22.18 38.74 18.42 5.56 11.96 7.48 0 10 20 30 40 50 60 70 1 Yr 3 Yr 5 Yr 10 Yr Inception PORTFOLIO MANAGER COMMENTARY Polen 5Perspectives Small Growth June 2026 Polen 5Perspectives Small Growth – 2Q 2026 Portfolio Manager Commentary 2 Commentary It was a banner quarter for small cap growth stocks. While concerns surrounding economic growth, trade policy, and the durability of the AI investment cycle weighed on markets early in the quarter, many of those fears quickly receded to the background as the quarter progressed. Investor sentiment sharply improved and small caps staged one of their best quarterly returns of the past 25 years with the Russell 2000 Growth +25.71%. One of the defining features of the quarter was the market's ongoing debate surrounding AI-related capital spending. Following periods of concern earlier this year that investment in AI infrastructure could moderate, a steady stream of announcements from hyperscalers and enterprise customers assuaged those concerns and instilled confidence for the market that spending growth would continue. Rather than slowing, the race to build AI infrastructure appears to be accelerating, benefiting a broad range of companies across power generation, electrical equipment, networking, and data center infrastructure. Related, the market's attention increasingly shifted toward power availability as one of the primary bottlenecks on future AI growth. As electricity demand forecasts continued to move higher, investors focused on companies positioned to benefit from the need to expand generation capacity, strengthen grid infrastructure, and provide alternative power solutions. This dynamic was particularly evident among Industrials and select Technology businesses tied to the broader Electrification theme. While geopolitical developments and trade policy headlines remained sources of volatility throughout the quarter, market leadership generally broadened as investor confidence improved. Companies with exposure to long-duration secular growth themes—including AI infrastructure, electrification, aerospace, and defense modernization—were among the strongest performers, while many areas tied more closely to cyclical economic concerns lagged. Portfolio Performance & Attribution During the second quarter of 2026, the Polen 5Perspectives Small Growth Composite Portfolio (the “Portfolio”) returned 32.83% (net of fees) compared to the 25.71% return of the Russell 2000 Growth Index (the “Index”). The top contributors to the Portfolio’s relative performance in the quarter were Bloom Energy, DigitalOcean Holdings, and Vicor.”
Bloom Energy - March 2026
“Positives Beneficiaries of the huge wave of capital investment in AI data centres performed well and contributed to the fund’s returns over the quarter. For GE Vernova, a manufacturer of power generation equipment, demand (particularly from data centres) continued to outstrip supply. Bloom Energy also provides power solutions for data centres. Its solid oxide fuel cells offer power that is clean, efficient, always on and scalable.”
Bloom Energy - December 2025
“Additionally, longstanding holding Bloom Energy continued to be one of our top performers, as the company’s alternative power solutions are increasingly being called upon to assist electricity-starved data centers.”
Bloom Energy - December 2025
“The top contributors to the Portfolio’s relative performance in the quarter were Bloom Energy, Joby Aviation, and Powell Industries.”
Bloom Energy - December 2025
“During the third quarter of 2025, the U.S. SMID Cap Growth Composite Portfolio returned 14.8% gross and 14.4% net of fees, respectively, compared to the 10.7% return of the Russell 2500 Growth Index. • The top contributors to relative performance in the period were Bloom Energy, SoFi Technologies, and Talen Energy.”
Bloom Energy - September 2025
“o five in industrials: Bloom Energy, Karman Holdings, AAON, AeroVironment, Planet Labs”
Bloom Energy
Also mentioned · 5
These funds discuss Bloom Energy — as a competitor, benchmark or comparable — without disclosing a position in it.
- June 2026
“Relative performance faced a meaningful headwind from several index constituents whose market capitalizations exceeded the portfolio’s small-cap mandate. Credo Technology and Bloom Energy, neither of which we own, together reduced relative performance by approximately 256bps.”
Bloom Energy “This enthusiasm was epitomized by Bloom Energy Corporation (BE), which became the second largest stock ever in the Russell 2000 Index at nearly $100bn of market cap before finally graduating from the Small Cap universe through the (now) semi-annual Russell Reconstitution.”
Bloom Energy- MentionedCopeland Capital Management Dividend Growth StrategyJune 2026
“The three stocks mentioned are SanDisk, Bloom Energy, and Ciena Corp.”
Bloom Energy - MentionedBrookfield CorporationJune 2026
“Energy Development is Accelerating; Fast Global demand for energy is growing rapidly, while constraints across grid infrastructure and supply chains are limiting the pace at which new supply can be brought online. The result is a widening gap between the power the world needs and the power available. For the largest users of power, securing reliable generation has become a strategic priority — one that requires balancing cost, scale, speed to market, reliability and security of supply. We are seeing this play out across our energy and infrastructure businesses, where we have become the world’s largest full-service provider of power solutions to countries and to the largest and fastest-growing companies. We develop approximately 10 gigawatts of new solar and wind generation each year, among the largest in the world, and this amount is growing. Across our hydro fleet, we are signing long-term contracts at very strong pricing, and we are seeing a rapid expansion in the opportunity to deploy batteries at scale. Over the next several years, the ability to bring new generation online quickly will be more crucial than ever. Nowhere is this more evident than in the expansion of our partnership with Bloom Energy, where we increased the size of our framework fivefold to invest up to $25 billion to accelerate the deployment of behind-the-meter fuel cell projects for data centers.”
Bloom Energy - June 2026
“Despite the generally strong trend of ‘bring your own power’ and the spectacular success of its closest competitor, Bloom Energy, Ceres’ price declined as no major announcement on its various partnerships were released over the quarter.”
Bloom Energy
Fund coverage · 4 theses
- Polen Capital 5Perspectives Growth OpportunitiesSeptember 2026
Bloom Energy manufactures solid-oxide fuel cell systems for onsite power, with AI data center power demand and strong results supporting sentiment.
Read the full thesis Bloom Energy provides on-site power solutions and is positioned to benefit from rising electricity demand driven by AI infrastructure and data center buildouts.
Read the full thesisBloom Energy provides on-site solid oxide fuel cells that solve AI power bottlenecks, with improving economics, Oracle validation, and rapid revenue growth.
Read the full thesis- Polen 5Perspectives Small GrowthMarch 2026
Bloom Energy provides onsite fuel-cell power solutions that are well positioned to benefit from AI data center electricity demand.
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