Nancy Pelosi Makes Massive Bet On AI’s Energy Boom

Former House Speaker Nancy Pelosi’s family invested millions of dollars in an energy company positioned to profit from the artificial intelligence industry’s surging demand for electricity, according to a congressional financial disclosure.

Pelosi’s husband, Paul Pelosi, purchased 15,000 shares of Bloom Energy and 200 call options through accounts he owns, according to a transaction report Nancy Pelosi signed Aug. 21, Barron’s reported. The San Jose, California-based company manufactures fuel-cell systems capable of supplying on-site electricity to data centers and other power-hungry facilities.

The disclosure lists a July 24 purchase of 10,000 Bloom shares valued between $1 million and $5 million, along with 100 call options valued within the same range. Paul Pelosi purchased another 5,000 shares valued between $500,000 and $1 million on July 28, as well as another 100 call options valued between $1 million and $5 million, according to Barron’s.

“Speaker Pelosi does not own any stocks and has no knowledge or subsequent involvement in any transactions,” Pelosi’s office told Barron’s in response to the latest disclosure.

Pelosi has denied allegations that she used information obtained through public office to benefit from stock transactions. Her office previously told the Daily Caller News Foundation that Pelosi “does not own any stocks” and “has no prior knowledge or subsequent involvement in any transactions” conducted by her husband.

Nancy Pelosi and Bloom Energy each did not immediately respond to the DCNF’s requests for comment.

Pelosi, who is not seeking reelection in November after 39 years in Congress, opposed banning members of Congress from trading stocks in 2021 but later endorsed restrictions on trades by elected officials and their families. She voiced support in 2025 for legislation prohibiting members of Congress, presidents and vice presidents from trading individual stocks.

Bloom has emerged as a major player in the race to provide electricity for AI infrastructure as data-center developers struggle with lengthy waits for new grid connections, according to Reuters.

The company announced in April that Oracle intended to acquire up to 2.8 gigawatts of its fuel-cell systems to support the technology giant’s AI and cloud-computing expansion. Bloom said an initial 1.2 gigawatts of capacity was already being deployed across Oracle projects in the United States.

Bloom and investment firm Brookfield subsequently expanded their AI infrastructure partnership from $5 billion to $25 billion in June, according to Bloom’s press release at the time. The companies said the agreement would finance rapidly deployable power projects for AI facilities around the world.

The partnerships allow Bloom to capitalize on a central obstacle facing the AI industry: obtaining enormous amounts of reliable electricity quickly enough to keep pace with planned data center construction. Bloom markets its onsite fuel cells as an alternative for developers facing years-long waits for grid connections and upgrades.

Bloom shares have more than doubled since the beginning of 2026, according to Barron’s. The stock rose following the release of Pelosi’s disclosure.

The STOCK Act, which then-President Barack Obama signed in 2012, requires members of Congress to disclose qualifying securities transactions made by themselves, their spouses or dependent children. The law generally requires transactions exceeding $1,000 to be reported within 45 days.

“We must have strong transparency, robust accountability and tough enforcement for financial conduct in office because the American people deserve confidence that their elected leaders are serving the public interest — not their personal portfolios,” Pelosi said in July 2025.

Two Missouri Republicans in 2025 introduced a bill named after Pelosi that seeks to stop members of Congress as well as their spouses from making stock trades. The bill’s full name is the Preventing Elected Leaders from Owning Securities and Investments (PELOSI) Act.