How can I make a glow bike?
Paint it with fluorescent paint and then illuminate with ultraviolet lights (and white LEDs serve this purpose fairly well).

There are also glow strips/panels sold mostly to (oddly) computer hackers who like to light up the inside of their computers.  And probably a few other specialty markets.

Of course, you'd have to rig up some sort of power supply.  Batteries can be concealed under the seat or in the seat tube, or on the person of the cyclist.

[Odds are, to achieve this special effect for the commercial, the bike was painted with fluorescent paint and then illuminated for several minutes with separate UV lights.  The paint will continue to glow brightly for several minutes after being so "charged", long enough to shoot the commercial, I'd guess.]