Bloom Energy, a fuel-cell power company, has surged 14× in the past year by positioning itself as a key supplier of on-site electricity to AI data centers, though its valuation now reflects extremely high growth expectations.

What happened

Bloom Energy, which specializes in solid oxide fuel cells, has shifted its business focus to serve the booming demand for reliable power at AI data centers. The company's revenue grew from $1.3 billion（約2100億円） in 2023 to over $2 billion（約3200億円） in 2025, with gross profits nearly tripling. Analysts project sales growth of 84.3% in 2026 and 72.6% in 2027.

Why it matters

After years of struggling to meet Wall Street expectations in the green energy sector, Bloom found a proven market in AI infrastructure. The data center industry's explosive growth in power consumption has turned the company's fortunes around, and it is expanding partnerships with major cloud providers like Oracle. This shows how AI's energy demands are reshaping traditional energy businesses.

What to watch

Bloom's stock currently trades at nearly 170 times forward earnings, suggesting investors are pricing in substantial future growth. Analysts expect earnings to more than double in 2026 (to $2.14 per share) and more than double again in 2027 (to $4.36 per share). Whether the company can deliver on these forecasts—and whether the AI data center boom sustains—will determine if the current valuation is justified.