CANADA – 2025/08/19: In this photo illustration, the Bloom Energy (Be) logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)
SOPA Images/LightRocket via Getty Images
Bloom Energy’s (NYSE:BE) share price has accomplished something that many considered unlikely — it has increased more than 5x in the last six months, evolving from a specialized fuel-cell company into one of Wall Street’s most celebrated clean-energy narratives. What was once seen as a speculative technology venture is now in the spotlight, as investors regard it as a crucial element of the forthcoming electric grid and AI infrastructure.
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Why the Move Happened
Numerous significant events sparked the rally. During the third quarter of 2025, Bloom announced revenue of US$519.0 million, which represents a 57.1% increase from US$330.4 million in the same quarter the previous year. The gross margin improved to 29.2% from 23.8% a year prior, while the non-GAAP operating income soared to US$46.2 million from US$8.1 million. On the narrative side, the company secured a prominent partnership with Brookfield Asset Management — a commitment of US$5 billion to implement Bloom’s fuel-cell technology in AI data centers. This agreement, along with increasing demand for reliable and clean energy (especially as data centers face grid limitations), altered investor perspectives. Bloom was suddenly viewed not merely as a “fuel-cell hopeful” but as a potentially vital supplier of next-generation power systems. The growing optimism surrounding hydrogen, onsite energy production, and distributed energy also provided tailwinds.
What’s Next: Can the Run Continue?
The pressing question is: can Bloom Energy prolong this growth? The calculations and reasoning indicate yes — but with significant caveats.
At approximately $103 per share, Bloom Energy currently has a market cap near $24–25 billion — a lofty valuation by conventional standards, yet one that investors assert is warranted by future economics rather than historical performance. The “success case” that fuels enthusiasm relies on rapid scaling: Bloom is already aiming for the $1.5–$1.8 billion revenue threshold, and with increasing global electrolyzer demand, analysts believe the company could exceed $3 billion in annual revenue in the next few years.
At that level, Bloom’s long-term margin strategy becomes relevant. Management aims for gross margins of 25–30% once manufacturing reaches full maturity, and even in a more conservative scenario — about 15% operating margins on $3 billion in revenue — this would result in roughly $450 million in operating profit. Clean-energy growth companies with strong clarity have historically traded at 20–30× earnings during expansion periods, and applying the lower end of that multiple supports a $9 billion earnings-based valuation solely from core operations. Incorporating the potential from hydrogen projects, backup-power megadeals, grid independence demand, and IRA-enhanced project returns, a total valuation in the $30–35 billion range becomes attainable in an optimistic scenario. In terms of stock price, this suggests a further upside of 25–45% from this point — with even more potential if electrolyzer orders experience a significant increase.
The path ahead is narrow, reliant on execution, and far from guaranteed, but mathematically, the next phase of Bloom’s rally is not unattainable.
Final Thought
Bloom Energy’s remarkable surge signifies a change in how the market perceives it: transitioning from a speculative green tech firm to a potential cornerstone of dependable, clean, distributed power (especially relevant for data centers and hydrogen infrastructure). While it is uncertain whether the stock will climb again, the conditions for additional gains exist — assuming the company performs. At the same time, the margin for error is tighter than it was prior to the rally: high growth expectations are already factored in, so any deviation from execution may lead to sharper disappointments.
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