I Love Bloom Energy for 1 Reason, and It's Not the Backlog
Key Points
Bloom’s backlog swelled to $20 billion at the end of 2025.
But its moat is even more impressive than its backlog.
- 10 stocks we like better than Bloom Energy ›
Bloom Energy (NYSE: BE), a developer of solid oxide fuel cells (SOFCs), has rallied more than 2,000% over the past two years. That rally was driven by the surging demand for its SOFCs -- which can convert natural gas, biogas, propane, and pure hydrogen into electricity without any combustion -- among AI-oriented data center operators.
Bloom's revenue rose 11% to $1.5 billion in 2024 and 37% to $2.0 billion in 2025, and its backlog swelled to $20 billion at the end of 2025. Analysts expect its revenue to more than double to $4.1 billion this year as it recognizes more revenue from those contracts.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Image source: Getty Images.
But here's another major reason to love Bloom Energy's stock
Bloom's massive backlog suggests its stock could head even higher, even though it isn't cheap at 39 times next year's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). But another major reason to love Bloom's stock is its moat.
Bloom isn't the only producer of SOFCs, which can be deployed in less than two months and bypass traditional electric grids. Still, it's the leader in stationary, multi-megawatt, utility-scale deployments. That's why data center giants such as Oracle, CoreWeave, Nebius, and Equinix all use its SOFCs. Brookfield Asset Management (NYSE: BAM), one of the world's top asset managers, also funds the development and deployment of those SOFCs through a $25 billion partnership.
That moat will support Bloom's early mover's advantage in the SOFC space and give it plenty of room to grow as the data center market expands. That's why it's still a great stock to buy today.
Should you buy stock in Bloom Energy right now?
Before you buy stock in Bloom Energy, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Bloom Energy wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $445,833!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,402,153!*
Now, it’s worth noting Stock Advisor’s total average return is 993% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of September 5, 2026.
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.
Recommended Articles
