Bloom Energy Stock Is Still Up Big for 2026 Despite a Short-Seller Lawsuit and a Sharp August Slide

Bloom Energy has been a highly volatile stock in the 2026 AI power-demand story, and even after a rough August, shares in the fuel-cell maker remain up more than 100% since the start of the year. As of Aug. 25, shares were changing hands around $206 — well below the stock’s 52-week high of $351.28, set on June 25, but still far above where they began the year.

Key facts

Current price: around $206 as of Aug. 25 — more than 100% up for the year but well below the 52-week high.
52-week high: $351.28, set June 25, 2026.
July decline: shares fell about 32% after short-seller reports from Hunterbrook Media and Crossroads Capital alleging undisclosed Chinese-linked scandium sourcing, which Bloom Energy denies.
Q2 2026 revenue: $1.065 billion, up about 166% year-over-year — the first quarter above $1 billion.
Q2 earnings: net income of $196.3 million ($0.62 per share, GAAP (Generally Accepted Accounting Principles)); adjusted earnings of $0.78 per share versus roughly $0.40 expected.
Full-year 2026 guidance raised: revenue to $3.9 billion-$4.2 billion; adjusted operating income to $800 million-$900 million.
Mizuho: upgraded the stock to “Outperform” from “Neutral” but cut its price target to $242 from $285.
Lawsuit: securities class-action filed July 30 in the U.S. District Court for the Northern District of California; investors have until Sept. 28, 2026 to seek lead-plaintiff status.
Pelosi trades: household bought Bloom Energy shares and call options on two days in late July, disclosed Aug. 21; no allegation of wrongdoing has surfaced.

The August slide and a split among analysts

The pullback has been steep. Bloom Energy shares fell about 32% in July, a decline that followed short-seller reports from Hunterbrook Media and, shortly after, Crossroads Capital, both alleging that the company understated its reliance on Chinese-linked sourcing for scandium, a rare element used in its fuel cells — allegations Bloom Energy has denied. By mid-August the stock was trading more than 40% below its June peak, and the slide continued into the week of Aug. 17-21, when shares fell roughly another 13.5%. Analysts are divided on why: valuation models such as GuruFocus’s GF Value system describe Bloom Energy as significantly overvalued, given a share price still trading at more than 80 times forward earnings estimates, while other analysts — including Mizuho, which upgraded the stock after earnings — still rate it a buy, pointing to the company’s growth, its order backlog, and demand from AI data-center customers.

Record second-quarter earnings

The slide came despite one of the strongest quarters in the company’s history. In late July, Bloom Energy reported second-quarter 2026 revenue of $1.065 billion, up about 166% from a year earlier and the first time its quarterly revenue topped $1 billion. Net income attributable to shareholders was $196.3 million, or $0.62 per share under standard accounting rules — a reversal from a loss a year earlier. Adjusted earnings, a figure companies use to strip out one-time items, came to $0.78 per share, well above the roughly $0.40 that Wall Street had expected. Gross margins also expanded, with the adjusted figure reaching 34.3%, up from 28.2% in the same quarter a year earlier. On the strength of those results, Bloom Energy raised its full-year 2026 guidance, now projecting revenue of $3.9 billion to $4.2 billion and adjusted operating income of $800 million to $900 million.

AI data-center deals driving growth

Bloom Energy’s recent expansion includes a wave of AI data-center power deals. Bloom Energy’s project-financing partnership with Brookfield Asset Management for on-site power systems at AI data centers has grown from $5 billion to $25 billion. Separately, Nebius Group signed a roughly $2.6 billion, 10-year agreement for Bloom fuel cells to power its data centers. On Aug. 13, during Nebius Group’s Q2 2026 earnings call, the company disclosed it would use Bloom’s fuel cells for a 300-megawatt data center in Vineland, New Jersey — news that sent Bloom shares up about 12% that day. On Aug. 19, the company also launched “Power Connect,” a factory-assembled, pre-wired fuel-cell deployment system that Bloom says can cut the time needed to install power at a data center by more than 40%, aimed largely at AI and large-scale data-center customers.

Mizuho’s upgrade comes with a lower price target

Following the earnings report, Mizuho raised its rating on Bloom Energy to “Outperform” from “Neutral” — citing stronger execution and margin expansion — while separately cutting its price target to $242 from $285, citing a reduced estimate for the company’s service revenue and lower valuations across peer companies. The rating and the price target moved in opposite directions because they answer different questions: the upgrade reflects Mizuho’s confidence in the underlying business, while the lower target reflects a narrower forecast for one revenue segment and reduced prices across the sector as a whole.

The scandium dispute and short-seller reports

Bloom Energy’s summer has also included a supply-chain fight that is now the subject of federal litigation. On July 8, short-seller research firm Hunterbrook Media published a report alleging that Bloom Energy’s fuel cells depend on scandium — a rare element used in the company’s ceramic fuel-cell technology — sourced through Chinese intermediaries, despite the company’s public statements that it does not depend on China for the material. A second short seller, Crossroads Capital, made similar claims shortly after. Bloom Energy shares fell 5.7% the day the Hunterbrook report came out. The company has flatly denied the allegations: in a filing with the Securities and Exchange Commission, Bloom Energy called the claims “false and misleading” and said its scandium-oxide supply is not dependent on China and is sufficient to support production of 25 gigawatts of fuel cells a year. Neither side’s account has been independently verified, and the underlying question of how dependent Bloom Energy’s supply chain is on China remains disputed and unresolved.

Securities lawsuit moves into federal court

That dispute has since moved into court, though not at the hands of the short sellers who raised it. On July 30, a shareholder, not Hunterbrook Media or Crossroads Capital, filed a securities class-action lawsuit — a case brought on behalf of a group of investors rather than a single plaintiff — against Bloom Energy and unnamed company directors and officers in the U.S. District Court for the Northern District of California. The suit covers investors who bought Bloom Energy stock between Feb. 27, 2025, and July 8, 2026, and centers on the same dispute described above: it alleges that Bloom Energy’s public statements that it did not depend on China for scandium were materially misleading. It is a civil complaint, not a finding of wrongdoing, and no court has ruled on its merits or reached any outcome. The lawsuit itself already exists regardless of what happens next; Sept. 28, 2026 is only the deadline for other investors who want to ask a judge to lead the case, not a deadline for the case itself.

Pelosi household’s Bloom Energy trades

Separately — with no connection alleged to the scandium dispute or the lawsuit — a congressional financial-disclosure report made public on Aug. 21 showed that Rep. Nancy Pelosi’s household bought Bloom Energy shares and call options over two days in late July: 10,000 shares and 100 call options on July 24, plus another 5,000 shares on July 28, with each transaction reported in the standard congressional disclosure brackets of $500,001 to $5 million. Call options are contracts that let the holder buy a stock at a fixed price by a set date, and they rise in value if the stock’s price climbs above that level — a common way to bet on a stock going up without buying shares outright. It was the household’s first disclosed trade in Bloom Energy stock. No allegation that the purchase involved nonpublic information or broke any law has surfaced — the filing discloses the trades themselves, nothing more.

Timeline

Feb. 27, 2025: Start of the class period covered by the securities class-action lawsuit.
June 25, 2026: Bloom Energy stock hits its 52-week high of $351.28.
July 2026: Shares fall about 32% during the month, following short-seller reports.
July 8, 2026: Hunterbrook Media publishes its short-seller report on scandium sourcing; shares fall 5.7% that day.
July 24, 2026: Pelosi household buys 10,000 Bloom Energy shares and 100 call options.
July 28, 2026: Pelosi household buys another 5,000 shares.
July 30, 2026: A shareholder files a securities class-action lawsuit against Bloom Energy.
Late July 2026: Bloom Energy reports record second-quarter 2026 results and raises full-year guidance.
Aug. 13, 2026: During Nebius Group’s Q2 2026 earnings call, the company discloses it selected Bloom Energy’s fuel cells for a planned 300-megawatt AI data center in Vineland, New Jersey; Bloom shares rise roughly 12%.
Aug. 17-21, 2026: Shares fall roughly another 13.5% during the week.
Aug. 19, 2026: Bloom Energy launches its “Power Connect” fuel-cell deployment system.
Aug. 21, 2026: The Pelosi household’s July trades are disclosed publicly.
Aug. 25, 2026: Shares trading around $206.
Sept. 28, 2026: Deadline for investors to seek lead-plaintiff status in the securities lawsuit.

What happens next

The next confirmed procedural milestone is the Sept. 28 deadline for investors to step forward in the securities lawsuit; beyond that, the record earnings and AI data-center deals remain part of the story alongside unresolved questions about the supply chain.