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Oracle was handed a warrant in October to buy 3.53 million shares of Bloom Energy at $113.28 a share. Bloom closed Monday at nearly $203 and then went on a 22% rocket ride in Tuesday morning trading. If you do the math, that's a $316 million paper gain sitting on top of a $400 million bet, and Oracle hasn't touched it yet. The warrant doesn't expire until October 9. Oracle will exercise it… what are we even doing here?

The warrant was part of a partnership the two companies announced last fall and expanded Monday, with Oracle contracting 1.2 gigawatts of Bloom capacity as part of a broader plan to procure 2.8 gigawatts total. Bloom jumped 15% on the news, which is the market correctly identifying what 2.8 gigawatts of locked-in demand means for a company whose entire pitch is that AI data centers need power yesterday and cannot wait three years for the grid to get its act together.

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Here's the mechanism, because it's actually interesting: Bloom's fuel cells generate electricity on-site using natural gas or hydrogen, which means data center developers can install them fast without getting in line behind every utility project in the country. American Electric Power, Equinix, Brookfield Asset Management, and now Oracle, in a serious way, have all figured this out. Bloom's shares nearly quadrupled in 2025 and are up more than 100% this year. Market cap has crossed $50 billion. Oracle, which has raised over $100 billion in debt to fund its AI buildout, is not exactly a passive investor here.

We called this one. Moby made Bloom a stock pick back in October with a $155 price target, and the stock blew past it well ahead of schedule. (We'll take it.) Once the dust settles on this Oracle expansion, we'll update our thesis and share a new target.

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