Is Bloom Energy Stock a Buy Right Now?

• Bloom Energy makes solid state power cells.

• The company’s products offer a clean energy solution that can be quickly deployed.

• Its data center and artificial intelligence opportunity is potentially quite large, but investors may be overly optimistic right now.

• 10 stocks we like better than Bloom Energy ›

Shares of Bloom Energy (NYSE: BE) have risen more than 700% over the past year. That’s a very large change in a very short period of time. But it makes sense, given Bloom Energy’s business, which makes solid oxide fuel cells. Over the past year, this clean energy company has become a story stock. It isn’t the first time that this has happened.

Bloom Energy makes solid state power cells in a factory setting. Power cells can provide always-on energy that is used to supply customers that need uninterrupted power or a reliable backup for grid-supplied power from a utility. The range of applications spans from utilities to hospitals, and includes data centers. Notably, the company’s power cells can be linked together to create larger energy sources.

There are two big benefits to Bloom Energy’s fuel cells. First, they don’t emit carbon dioxide and are, thus, considered a clean energy power source. That was the big story for a long time. But, more recently, the ability to put the fuel cells into place quickly and relatively easily has become more notable. The speed with which Bloom Energy’s products can be deployed means that its products can be used to speed up the rollout of things like artificial intelligence (AI), a buzzword on Wall Street today.

There is no question that Bloom Energy has interesting technology. It has also drawn the attention of customers, noting the company’s huge $2.5 billion product backlog at the start of 2025. Each new system put in place also creates a service contract, which supported a $9 billion service backlog at the start of 2025. Demand has been so strong, in fact, that the company is working on doubling its capacity.

The truth is that Bloom Energy’s business seems highly likely to grow in the years ahead. In fact, it recently inked a deal with Oracle (NYSE: ORCL) to “deliver onsite power to Oracle AI data centers within 90 days.” That’s a speed to market that, basically, no regulated utility could match, and it speaks to why Bloom Energy is seeing such strong demand right now.

Investors have reacted to the AI link here with what can only be described as extreme enthusiasm. The stock’s more than 700% rise over the past year is proof of that. But investors need to consider what that means on the valuation front. There’s just one problem: The company has a long history of being unprofitable. So price-to-earnings isn’t a very useful guide.