What smart money is saying about Bloom Energy
BE · Industrials · Electrical Equipment & Parts · Market cap $81.65B
2 funds in our archive have pitched Bloom Energy — most recently Tran Capital Management Midcap Equity Strategy in June 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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10
Reported positions
3
Bought
3
Sold
13
Letters
Position history
Between Q1 2026 and Q3 2026, 10 fund letters reported a position in Bloom Energy — 3 opened or added to the position, 3 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 1 | 0 | 0 | 0 |
| Q2 2026 | 9 | 3 | 3 | 1 |
| Q1 2026 | 0 | 0 | 0 | 1 |
Fund activity · 10 positions · 6 moves
- 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 - AddedJAG Capital Management Small Mid Cap Growth StrategyJune 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 - HoldsTran Capital Management Midcap Equity StrategyJune 2026
“Bloom Energy (BE) also contributed meaningfully to our performance.”
Bloom Energy
Also mentioned · 2
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 - 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
Fund coverage · 2 theses
- Tran Capital Management Midcap Equity StrategyJune 2026
Bloom 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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