Bloom Energy priced a $2.2 billion aggregate principal amount of 0% convertible senior notes due 2030 on October 31, 2025, up from the originally planned $1.75 billion. The notes are senior, unsecured, and convertible into common stock with no interest.
The pricing followed the company’s Q3 2025 earnings report, which showed revenue of $519.0 million, a 57.1% increase from $330.4 million in Q3 2024, and operating income of $7.8 million versus a loss of $9.7 million in the prior year. Gross margin improved to 29.2% from 23.8%.
Management cited strong demand from AI data centers and strategic partnerships, including a $5 billion collaboration with Brookfield Asset Management, as key drivers of the robust financial performance and the investor appetite for the upsized offering.
Proceeds from the notes will fund general corporate purposes, including research and development, expansion of manufacturing capacity, and refinancing of existing higher‑interest debt. The company plans to double its annual production capacity to 2 GW by the end of 2026.
Settlement of the issuance and sale of the notes is scheduled for November 4, 2025.
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