Bloom Energy NYSE:BE shares climbed about 15% on Tuesday after investors reacted to a $1.7 billion AI data center power project and a series of supportive analyst views that highlighted growing demand for on-site electricity solutions tied to artificial intelligence infrastructure.
The latest project will see Bloom Energy NYSE:BE supply fuel cell systems for a Nebius AI cloud data center development backed by Industrial Development Funding and Oaktree. The behind-the-meter power systems are designed to provide dedicated electricity directly at the data center rather than relying solely on the utility grid.
Separately, several Wall Street firms reaffirmed constructive views on Bloom Energy NYSE:BE. Susquehanna raised its price target, citing AI data center and electrification demand, while Morgan Stanley and UBS maintained bullish ratings following a recent short report focused on scandium supply. Bloom Energy said the report contained misleading claims and added it has sufficient material to support up to 25 gigawatts of annual fuel cell production.
Some analysts also noted valuation and execution risks, including permitting challenges, but said expanding AI infrastructure spending could continue supporting demand for the company's power generation technology.