Bloom Energy vs. Oklo: Which AI-Power Stock Is the Smarter Buy Now?

Bloom Energy (NYSE: BE) and Oklo (NYSE: OKLO) represent two different ways to invest in the soaring energy demands of the booming AI market. Bloom produces solid oxide fuel cells (SOFCs), which can convert natural gas, propane, biogas, and pure hydrogen into electricity via an oxygen-driven electrochemical reaction that doesn't require any combustion. They can also be deployed rapidly, often in less than two months, and bypass conventional power grids. That cleaner, faster approach made Bloom popular with hyperscalers.

Oklo develops microreactors, which are much smaller than traditional nuclear reactors but can be linked together with additional reactors to produce more power. These modular designs are well-suited for deploying smaller nuclear power plants in remote locations, which makes them appealing to hyperscalers that want to build their data centers in off-grid areas.

Image source: Getty Images.

Over the past two years, Bloom's stock has surged about 2,030%, and Oklo's stock has rallied more than 510%. Let's see why Bloom generated much bigger gains than Oklo -- and if it will remain the better play on the AI-driven energy boom for the foreseeable future.

The differences between Bloom and Oklo

Bloom outperformed Oklo for a simple reason: it generates billions of dollars in annual revenue and serves cloud and data center giants like Oracle, CoreWeave, Nebius, and Equinix. Oklo has neither deployed any of its Aurora microreactors nor generated any meaningful revenue yet.

From 2025 to 2028, analysts expect Bloom's revenue to grow at a 70% CAGR to $9.9 billion, while its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increase at a 120% CAGR to $2.9 billion. With a market cap of $69.6 billion, Bloom trades at 17 times this year's sales and 7 times its 2028 sales.

Oklo expects to deploy its first microreactors in 2027 or 2028. If that happens, analysts expect its annual revenue to surge to $55 million in 2028. But with a market cap of $8.6 billion, Oklo already trades at 156 times its 2028 sales. Its adjusted EBITDA is expected to stay negative.

Why will Bloom remain the better AI-power play?

Bloom had a great run over the past two years, but it still isn't overvalued relative to its growth potential. It dominates the SOFC market, serves major customers, and is funded by Brookfield Asset Management (NYSE: BAM), one of the world's largest asset managers.

Oklo will remain a speculative bet until it finally deploys its first commercial reactors. It might have a lot of growth potential, but too much of that optimism is already baked into its stock. Therefore, I'd still prefer to buy Bloom over Oklo in this volatile 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.