House Speaker Emerita Nancy Pelosi (D-Calif.) disclosed four purchases of Bloom Energy (BE) stock between July 24 and July 28, with a combined estimated value of $7.5 million. The trades, reported in a periodic filing, mark one of the largest single-company positions in her portfolio this year.
Pelosi bought BE shares in two transactions on July 24, each valued between $1 million and $5 million, and two more on July 28, each between $500,000 and $1 million. The exact price points were not disclosed, but the stock closed at $204.02 on the day of the first trade, up from a 52-week low of $47.83. The shares have since traded as high as $351.28.
Bloom Energy makes solid oxide fuel cells that generate electricity on-site from natural gas or biogas. The company has positioned itself as a key player in the distributed energy market, selling to data centers, utilities, and industrial customers. Its stock has surged more than 300% over the past year, driven by demand for reliable power for artificial intelligence infrastructure.
Pelosi's filing comes as Congress debates energy policy, including tax credits for clean hydrogen and fuel cell technology. She does not sit on the House Energy and Commerce Committee, but her husband, Paul Pelosi, is a venture investor who has previously held stakes in tech and energy firms.
The latest congressional trades show Pelosi is not alone in betting on BE. Two other lawmakers have reported positions in Bloom Energy this year, though their transactions were smaller. The company's market cap now stands at $36.5 billion.
Under the STOCK Act, members of Congress must disclose securities trades within 45 days. Pelosi's filing was submitted on time, covering the late-July transactions. The law aims to prevent insider trading by lawmakers, but critics have long argued that the reporting window is too wide and that members can still act on non-public information.
Pelosi's office has not commented on the trades. The filing lists the owner as "SP" — a common designation for a spouse — meaning the transactions were made by Paul Pelosi. The couple's combined net worth is estimated in the hundreds of millions, and their trading activity has drawn scrutiny for years.
Bloom Energy's recent run has been fueled by partnerships with major tech companies, including a deal with a top cloud provider announced in June. The company also reported record quarterly revenue in July, beating analyst estimates. Its fuel cells are used in backup power systems and microgrids, a niche that has gained traction as grid reliability concerns grow.
The Pelosi trades were executed through an investment account managed by Paul Pelosi, who has a history of large bets on clean energy and semiconductor stocks. In 2022, the couple faced criticism after Paul Pelosi bought options in Nvidia weeks before the House passed a bill subsidizing domestic chip production. No wrongdoing was alleged, but the episode fueled calls to ban lawmakers from trading individual stocks.
Bloom Energy's stock has been volatile, with a beta above 2. The company is not profitable on a GAAP basis, though it has generated positive free cash flow in recent quarters. Its valuation has stretched to 12 times forward sales, a premium to peers like Plug Power and FuelCell Energy.
Pelosi's latest purchases add to a portfolio that includes stakes in Apple, Disney, and Microsoft, along with a mix of ETFs and bonds. The BE position now represents a significant chunk of her disclosed assets, though the exact percentage is unclear because the filing reports ranges rather than exact values.
The timing of the trades is notable: they came days after Bloom Energy announced a $1 billion equity raise and a new supply agreement with a Gulf state utility. The company also unveiled a partnership with a Japanese trading house to deploy fuel cells in Asia.
Pelosi's office has previously said that all trades are executed by her husband independently and that she does not review them before they are made. The couple has used a blind trust structure in the past, but the BE purchases were made directly through a brokerage account, according to the filing.
As of the filing date, Pelosi has reported 322 career trades, according to the database maintained by the House Clerk. The BE transactions are her largest single-stock purchases this year, surpassing her earlier buys of Nvidia and Palo Alto Networks.
The disclosure does not indicate whether Pelosi plans to hold the shares long-term or trade them in the coming months. Under the STOCK Act, any sale would need to be reported within 45 days.