As Bloom Energy shares go parabolic on rising data center demand for artificial intelligence, Wall Street believes it could be the next big meme stock for retail investors. Shares of Bloom Energy soared 22% on Wednesday after the fuel cell power company posted a first-quarter beat. Earnings, revenue and adjusted EBITDA for Q1 all topped analyst estimates. On top of that, Bloom energy hiked its full-year earnings guidance along with its operating income forecast for the current quarter. Wednesday's rally puts the stock more than 100% higher for April. Shares jumped earlier this month after Oracle inked a deal with Bloom Energy for more AI data center capacity, days after the tech old guard received a warrant to purchase $400 million worth of Bloom Energy stock. Oracle now expects to procure up to 2.8 gigawatts of Bloom Energy's systems to help sustain its surging data center energy demand. BE 1M mountain BE 1M chart Year to date, the stock has surged more than 200% — and it skyrocketed more than 291% in 2025 as it reversed a long-term downtrend. Between the end of 2020 and the beginning of 2024, the stock had lost nearly half of its value. The latest results left the Street broadly bullish about the company's prospects going forward. For Mizuho traders, Bloom Energy could be the new hot meme stock. "Bloom Energy is not semis, but it is a KEY Ai WINNER NAME and part of the power/ energy / electrification thematic that is well-liked and owned. BE is on the cusp of being a 'meme' stock. A lot of retail in this one for sure. Good news is that this is 100% a real company. Been around for a long time," the traders wrote in an email. "This is by no means quantum or small scale nuclear technology that is 5-10 years away from being commercialized and generating revs at scale (if ever)." Others, such as Barclays analyst Christine Cho, agreed. "Make more room for Bloom," she wrote in a note. "Bloom has moved from early green shoots to a more durable growth cycle, supported by hyperscaler demand and faster deployment economics, resulting in a re-rate of volume assumptions while BE's pricing power also seems to be strengthening in the current market backdrop." "A monster beat and raise as BE sees accelerating demand for its fuel cells. We raise our estimates as BE keeps surprising to the upside and introduced a path to 5GW of capacity," she added. That said, Cho kept her equal weight rating on the stock, citing valuation concerns. Indeed, the stock trades at 102 times forward earnings, according to FactSet. BTIG Research analyst Gregory Lewis sees shares rising to 30% to his $295 price target, however. "Bottom line: With the data center buildout in high gear, BE has emerged as a leading source of power for hyperscalers and one of few with manufacturing capacity to spare," the analyst wrote in a Tuesday note to clients. "We reiterate our Buy rating."
