Key Highlights

● Bloom Energy closed at $292.34 on Tuesday, September 29, 2026, one of the day's biggest moves among large companies.

● Jefferies raised its target to $264 from $229 while keeping a Hold rating, saying the on-site power case remains intact.

● Bloom said Oracle reaffirmed its commitment to deliver 2.4 gigawatts of fuel-cell capacity under Project Jupiter.

● The rally followed a sharp drop the day before, making Tuesday a dramatic rebound for the fuel-cell maker.

Bloom Energy Corporation (NYSE:BE) soared on Tuesday, September 29, 2026, closing at $292.34 after Jefferies raised its price target and backed the company's on-site power thesis, while Oracle reaffirmed a major fuel-cell commitment. Sources differed on the exact size of the jump, but all showed one of the day's biggest moves among large companies. The rally came a day after Bloom shares fell sharply, making Tuesday's move a dramatic rebound.

The Behind-the-Meter Thesis

The key phrase for investors was behind-the-meter. Jefferies said in a note that Bloom's behind-the-meter thesis remains intact even as certain projects face timing friction. Behind-the-meter power refers to electricity generated on site, at the customer's location, rather than drawn from the Utility grid. For data centers, that can mean faster access to power without waiting years for new grid connections. Bloom's fuel cells, which generate electricity from Natural Gas or hydrogen through an electrochemical process rather than combustion, are designed for exactly that use. Jefferies analyst Julien Dumoulin-Smith raised his price target to $264 from $229 while keeping a Hold rating.

Oracle Stands by Project Jupiter

Bloom said Oracle reaffirmed its commitment to deliver 2.4 gigawatts of fuel-cell capacity under Project Jupiter. That reassurance mattered because a gas pipeline for the project has been delayed to early 2027, and Oracle had recently issued a Force Majeure notice related to its New Mexico Project Jupiter data center. RBC Capital Markets also reiterated its Outperform rating with a $335 target and noted a 158,000-square-foot Lease expansion in Fremont, California. Oracle's own shares climbed after it launched a new AI agent platform, adding to the upbeat mood.

AI Power Demand in Focus

Investors have tied Bloom to the power needs of artificial intelligence. Technology companies are racing to secure electricity for data centers, and on-site generation offers a way around grid bottlenecks. Utilities were the best-performing sector in the S&P 500, and the Nuclear Regulatory Commission issued the first U.S. construction permit for a commercial small modular reactor.

A Soft Broader Market

The S&P 500 slipped 12.85 points, or 0.17%, to 7,670.84, while the Dow Jones Industrial Average fell 131.59 points to 51,349.92 and the Nasdaq Composite finished nearly flat at 26,797.54. Long-term Treasury yields pressured stocks through the session, with the 30-year yield at its highest since 2002. It was the fifth loss in six sessions for the three major indexes.