Will Bloom Energy Be the Next SpaceX? What the Numbers Actually Say.
Key Points
Bloom Energy’s stock skyrocketed over the past two years.
Its growing backlog indicates it has plenty of room to grow as the AI market expands.
Bloom Energy (NYSE: BE), a developer of solid oxide fuel cells (SOFCs), didn't generate much buzz when it went public eight years ago. Many investors dismissed it as a niche green energy play with lumpy revenue growth and steep losses.
But over the past two years, Bloom's stock has skyrocketed 1,780%, boosting its enterprise value to $64 billion. Let's see why it soared, and if it might attract as much attention as SpaceX (NASDAQ: SPCX) -- which is still languishing near its IPO price -- in the near future.
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Why is Bloom's stock blooming?
Bloom's SOFCs can convert natural gas, biogas, propane, and pure hydrogen into electricity without any combustion. They can also be deployed rapidly, often in less than two months, and bypass traditional power grids. Those advantages made Bloom's SOFCs an appealing way for cloud and AI companies to expand their power-hungry infrastructure.
Bloom's backlog grew to $20 billion at the end of 2025. That's nearly ten times the $2 billion in revenue it generated for the full year. Its major data center customers already include Oracle, CoreWeave, Nebius, and Equinix, and that list will continue to grow as the AI market expands.
Bloom isn't the only producer of SOFCs, but it's the leader in stationary, multi-megawatt, utility-scale deployments. Brookfield Asset Management (NYSE: BAM), one of the world's top asset managers, is also funding its expansion through a strategic partnership.
From 2025 to 2028, analysts expect Bloom's revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to grow at CAGRs of 70% and 120%, respectively. Its stock isn't cheap at 71 times this year's adjusted EBITDA, but it could still have plenty of room to run as more tech giants embrace SOFCs.
But will Bloom be the next SpaceX?
Bloom's business is firing on all cylinders. Still, it probably won't generate as much buzz as SpaceX, which made history with the largest IPO ever and is still worth $1.8 trillion.
Bloom will remain a niche, high-growth energy stock, while SpaceX aims to dominate the satellite internet, rocket launch, and AI infrastructure markets. SpaceX's founder and CEO, Elon Musk, claims his company can become the first to generate more than $1 trillion in annual revenue by 2030 -- but that would require all of its core businesses to grow exponentially. It would also require a massive increase in its capex for the foreseeable future.
That said, Bloom might still be a better investment than SpaceX, which trades at 84 times this year's adjusted EBITDA, for the foreseeable future. Its business model is simpler, its backlog is growing, and it faces less competition in its booming niche market.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy, Brookfield Asset Management, Equinix, and Oracle. The Motley Fool has a disclosure policy.