Bloom Energy (NYSE: BE) shares climbed more than 15% during Wednesday morning trading, reaching approximately $237 at the time of publication, after JPMorgan analyst Mark Strouse raised his price target on the stock to $346 from $267 while maintaining an Overweight rating.

Strouse projected that Bloom Energy could deliver 4.1 gigawatts of fuel capacity by fiscal year 2030, citing strong demand from AI data center operators seeking rapid, off-grid power solutions. That demand is driven by a structural bottleneck: grid interconnection queues across the United States routinely span multiple years, leaving hyperscalers and colocation operators scrambling for on-site generation that can be deployed in months rather than waiting on transmission and substation upgrades.

The upgrade followed Bloom Energy's robust second-quarter earnings report. The company posted record Q2 2026 revenue of approximately $1.065 billion, representing a 166% year-over-year increase and exceeding analyst consensus estimates by nearly 29%. Non-GAAP earnings per share came in at $0.78, nearly double what analysts had anticipated.

In response to the quarterly performance, Bloom Energy raised its full-year 2026 revenue guidance to a range of $3.9 billion to $4.2 billion.

JPMorgan also noted that Bloom Energy has addressed investor concerns regarding scandium supply. According to the firm, available scandium supply is sufficient to support up to 25 gigawatts of annual manufacturing capacity. Scandium is a critical input for the solid oxide fuel cell stacks that power Bloom's energy servers, and supply scarcity had previously been flagged as a potential constraint on the company's ability to scale production to meet surging data center demand.

CoreWeave Results Provide Additional Momentum

CoreWeave's second-quarter results contributed further upward pressure on BE shares. CoreWeave reported $2.58 billion in revenue along with a $104 billion revenue backlog driven by AI infrastructure demand.

The connection between the two companies is direct: CoreWeave deploys Bloom's solid oxide fuel cell technology to rapidly power its high-density data centers. As CoreWeave expands its active power capacity beyond 1.85 gigawatts, its need for on-site energy generation continues to grow, translating into additional orders for Bloom's energy servers.

CoreWeave CEO Michael Intrator stated that the company "reached an important inflection point this quarter as our scale began to translate into expanding operating leverage."

AI Data Center Demand Underpins Growth Thesis

The broader clean energy sector has benefited from surging AI-related power demand, with Bloom Energy positioned at the center of this trend. The company has established major customer agreements, including a large-scale Oracle deployment and a Brookfield partnership, reinforcing its role as a power supplier for AI infrastructure expansion. Bloom's fuel cells operate on natural gas and can also run on hydrogen, biogas, or blended fuels, giving operators flexibility as energy transition priorities and regulatory requirements evolve.

The wider market posted modest gains on Wednesday, with the S&P 500 adding approximately 0.3% and the Nasdaq gaining roughly 0.6%. Neither movement alone accounts for Bloom's sharp rally. The JPMorgan price target increase served as the catalyst that converted weeks of post-earnings consolidation into a decisive breakout.

At the time of publication Wednesday morning, BE was up approximately 12.32% at $237.24.