Bloom Energy Has Made Early Investors Rich. Can It Do It Again?
Bloom Energy's stock has delivered a 9.5x gain since its 2018 IPO and is up more than 13x over the last 12 months, driven by the growth of AI data centers. The company's future success depends on the longevity of the AI supercycle.
Bloom Energy's stock has surged since its 2018 IPO, initially dropping but then rising 13x in the last 12 months. The company's solid oxide fuel cells for on-site power generation have attracted major customers, including Alphabet, Oracle, and Amazon. AI data centers require enormous power, and Bloom's technology provides a solution, with installations taking as little as 90 days. Oracle's deployment of Bloom's technology at several U.S. data centers was a significant catalyst. Bloom Energy's valuation is now high, with shares trading at 167 times forward earnings. The company's future success depends on the AI supercycle's longevity. Bloom seems likely to continue delivering strong revenue growth, but repeating past success may be challenging.
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