Bloom Energy Has Made Early Investors Rich. Can It Do It Again?
Key Points
Bloom Energy has delivered a 9.5x gain since its 2018 IPO and is up more than 13x over the last 12 months.
The company has been at the right place at the right time with the explosive growth of AI data centers.
Whether Bloom can repeat the past's success depends largely on how long the AI supercycle lasts.
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Some stocks are late bloomers. Bloom Energy (NYSE: BE) is one of them.
After Bloom Energy went public in 2018, it initially looked like a hot IPO stock. Shares skyrocketed 40% higher within two months of the company's IPO. By the end of the year, though, the stock was down 60%. Six years later, Bloom Energy's share price remained below its first-day price.
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But the story wasn't over. In the second half of 2025, Bloom Energy again took off. The industrial stock has delivered a staggering 13x gain in just 12 months. An initial $10,000 investment in Bloom Energy is now worth roughly $95,000.
Bloom Energy has made early investors who loaded up on the stock rich. Can it do it again?
In the right place at the right time
The solid oxide fuel cells that Bloom Energy makes for on-site power generation attracted attention from the beginning. Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL), then known as Google, was the company's first customer in 2008. Other early customers included Bank of America (NYSE: BAC), The Coca-Cola Company (NYSE: KO), FedEx (NYSE: FDX), and Walmart (NASDAQ: WMT).
However, Bloom Energy's recent fortunes stem from being in the right place at the right time with the explosive growth of AI data centers. AI models require enormous amounts of electric power, to the point that power availability has become a major constraint for companies operating data centers.
Bloom's onsite power generation provides a solution to the problem. Instead of waiting for connections to power grids, data centers can get Bloom's Energy Servers installed and operational in as little as 90 days.
Oracle (NYSE: ORCL) provided a huge catalyst for Bloom Energy. In July 2025, the tech giant announced that it would deploy Bloom's technology at several of its U.S. data centers. Oracle selected Bloom because its technology provides "reliable, clean power that can be quickly deployed and easily scaled."
Other data center operators have also recognized Bloom's value. In addition to Oracle, the company's major data center customers include Amazon (NASDAQ: AMZN), CoreWeave (NASDAQ: CRWV), Equinix (NASDAQ: EQIX), AT&T (NYSE: T), Intel (NASDAQ: INTC), and Verizon (NYSE: VZ).
Image source: Getty Images.
Ready for a repeat performance?
Can Bloom Energy make investors who buy the stock today rich? Maybe, but the task could be more difficult.
For one thing, Bloom's valuation is now off the charts. Shares trade at roughly 167 times forward earnings. The stock's price-to-earnings-to-growth (PEG) ratio, which includes five-year earnings growth projections, is a lofty 6.7.
Bloom seems likely to continue to deliver strong revenue growth. However, whether it can repeat the past's success will depend largely on how long the AI supercycle lasts.
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Bank of America is an advertising partner of Motley Fool Money. Keith Speights has positions in Alphabet, Amazon, and Verizon Communications. The Motley Fool has positions in and recommends Alphabet, Amazon, Bloom Energy, Equinix, Intel, Oracle, and Walmart. The Motley Fool recommends FedEx and Verizon Communications. The Motley Fool has a disclosure policy.
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