A stock increasing nearly 300% in a single year is remarkable. Bloom Energy's (BE 1.28%) stock has exploded and the company's market cap is approaching $40 billion. All told, Bloom has risen 465% since last Valentine's Day. What's caused this spectacular rise and can it continue?
NYSE: BE
Key Data Points
Power generation is surging
Bloom Energy specializes in solid oxide fuel cell technology for on-site power generation. It's well documented that energy demands are experiencing unprecedented growth. The U.S. power grid, in its current state of aging, isn't going to be able to keep pace.
The power grid in the U.S. is already struggling, and according to the U.S. Department of Energy, it could see a deficit of more than 100 gigawatts (GW) in the next five years. This shortage is where Bloom Energy has a serious competitive advantage.
Bloom is able to install its systems quickly, whereas it'll take years for grid updates to be complete. It also has a ready-to-deploy product, unlike some competitors, such as Oklo, that are still a bit away from commercialization.
Data center developers are realizing that total reliance on the grid isn't feasible, nor is it particularly popular with the American public. Again, Bloom Energy is positioned to help these developers and hyperscalers with off-grid electricity needs.
Bloom has momentum
In October 2025, Bloom announced a partnership with Brookfield Asset Management to power AI infrastructure. Bloom is also working with Oracle, and in 2024 signed a deal with American Electric Power. The energy company expects to increase capacity from 1 GW to 2 GW by the end of 2026. Bloom's momentum is undeniable.
Image source: Getty Images.
Record revenue continues
Bloom now has four consecutive quarters of record revenue. Bloom is also finally profitable as of its latest earnings report released on Feb. 5. This coming year looks to be more good news for Bloom as its 2026 guidance has revenue exceeding $3 billion. Bloom's backlog is also now $20 billion, increasing by $6 billion in just the fourth quarter of 2025 alone.
Is it too late to buy Bloom Energy?
It's been an exciting time for Bloom Energy investors, but now the stock is extraordinarily expensive. It's tough to justify buying an energy stock trading with a forward P/E ratio of over 100. The stock is also quite volatile and currently has an extremely high beta of 3.12 as of Feb. 13.
Yet, for bullish investors, there's still plenty of room for growth in Bloom Energy. The power needs associated with AI don't look like they'll slow down for quite some time. Power grid updates will be slow in execution, but AI companies are ready to deploy serious capital for the energy they need now. This means Bloom Energy's market share should continue to expand.
