Key Points
Bloom Energy (NYSE: BE), a developer of solid oxide fuel cells (SOFCs), has rallied more than 2,000% over the past two years. That rally was driven by the surging demand for its SOFCs — which can convert natural gas, biogas, propane, and pure hydrogen into electricity without any combustion — among AI‑oriented data center operators.
Bloom’s revenue rose 11% to $1.5 billion in 2024 and 37% to $2.0 billion in 2025, and its backlog swelled to $20 billion at the end of 2025. Analysts expect its revenue to more than double to $4.1 billion this year as it recognizes more revenue from those contracts.
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Bloom Energy’s Market Leadership in SOFC Deployments
Bloom’s massive backlog suggests its stock could head even higher, even though it isn’t cheap at 39 times next year’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). But another major reason to love Bloom’s stock is its moat.
Bloom isn’t the only producer of SOFCs, which can be deployed in less than two months and bypass traditional electric grids. Still, it’s the leader in stationary, multi‑megawatt, utility‑scale deployments. That’s why data center giants such as Oracle, CoreWeave, Nebius, and Equinix all use its SOFCs. Brookfield Asset Management (NYSE: BAM), one of the world’s top asset managers, also funds the development and deployment of those SOFCs through a $25 billion partnership.
That moat will support Bloom’s early mover’s advantage in the SOFC space and give it plenty of room to grow as the data center market expands. That’s why it’s still a great stock to buy today.
