Accounts owned by Nancy Pelosi's husband bought 15,000 Bloom Energy shares and 200 call options in late July. The second purchase came shortly before Bloom reported record quarterly results, with the stock jumping more than 26% by the July 30 close. The trades became public weeks later under the STOCK Act, adding to scrutiny of congressional stock trading.

Bloom Energy shares jumped more than 6% in premarket trading Tuesday after a financial disclosure from Representative Nancy Pelosi revealed a multimillion-dollar household investment in the fuel-cell company.

While the disclosure appears to have driven Bloom Energy's price this week, Pelosi's trades were made a month earlier. Her position in Bloom has netted a 26% gain since the purchases were made.

It's a familiar story when it comes to Pelosi and stock trades, one that has drawn the former House speaker intense criticism over the years—and her very own stock tracker on Unusual Whales, where other investors can copy her trades.

Pelosi disclosed millions of dollars in Bloom Energy investments late last week, weeks after shares and options were purchased through her husband's accounts, including a purchase shortly before the fuel-cell company reported record quarterly results.

The House disclosure shows Bloom shares and call options were purchased on July 24 and July 28. The accounts belong to Pelosi's husband, Paul Pelosi, according to a report by Barron's. The trades weren't disclosed until August 21 and later appeared on congressional trading tracker Unusual Whales.

The disclosure shows 15,000 Bloom shares and 200 call options were purchased across the two dates. The options carry a $100 strike price and expire in June 2027. The transactions were reported in ranges totaling $3 million to $12 million, though congressional disclosures don't reveal exact amounts.

Based in San Jose, California, Bloom Energy makes fuel-cell systems that power data centers and other large facilities. Electricity demand from data centers has climbed as companies expand artificial-intelligence infrastructure, lifting interest in on-site power technologies such as fuel cells. The company reported record second-quarter revenue above $1 billion after the market closed on July 28—the same day as Pelosi's second purchase—with shares rising 26.5% by July 30.

Bloom traded at $184.89 when 10,000 shares were purchased on July 24 and $166.84 when another 5,000 shares were purchased on July 28.

According to investment research platform Quiver Quantitative, Bloom spent $60,000 on federal lobbying in the second quarter on tax issues involving fuel cells, electrolyzers, hydrogen, and carbon capture. The platform characterized the purchase as Pelosi's first-ever Bloom Energy trade, noting it added to an existing bet on Intel amid the AI power boom.

The Bloom trades add to years of scrutiny over Pelosi's financial disclosures. Her family's investments have drawn accusations that they benefit from information available through her position in Congress. Pelosi has denied insider-trading allegations, and fact-checkers have found no evidence supporting several widely circulated claims about her family's trades.

"Speaker Pelosi does not own any stocks and has no knowledge or subsequent involvement in any transactions," a Pelosi office spokesperson told Barron's.

In 2021, Pelosi defended lawmakers' ability to trade stocks, saying the U.S. is a "free-market economy", though she later backed restrictions. Proposals to restrict or ban congressional stock trading have been introduced in previous Congresses with support from both parties, though none has become law.

The 2012 STOCK Act subjects lawmakers to insider-trading laws and generally requires trades over $1,000 to be disclosed within 45 days, but it does not prohibit lawmakers or their spouses from trading individual stocks. The August 21 disclosure of trades made July 24 and July 28 fell well within that 45-day window.

On July 22, Pelosi voted against House bill H.R.700, which would impose tighter restrictions on lawmakers and their families. Two days later, the first Bloom transactions were made.