Can I upgrade two cabin classes, e.g., from Economy to Business Class via Upgrade Bid?

Upgrade Bid upgrades can only be applied once to the next higher class. Upgrades to Business Class are only available for Premium Economy Class passengers. However, for aircraft or routes without Premium Economy Class, you would be invited to upgrade from Economy Class to Business Class. No further upgrade by cash or miles will be honoured after an Upgrade Bid upgrade has been offered.