Surging power demand from AI data centers is outpacing grid expansion, positioning Bloom Energy as a bridge power provider for hyperscalers, and its stock (BE) has risen 2,085% since November 2024. The company has signed major deals with American Electric Power for up to 1 GW, Oracle for 2.8 GW and Brookfield Asset Management, which expanded to $25 billion. Bloom aims to double its near-term annual capacity to 2 GW and eventually reach 5 GW, backed by nearly $2.7 billion in cash and $175 million in free cash flow at the end of the second quarter. It estimates its 800V DC-native energy server platform could cut non-computer capital expenditures for a 1 GW data center by $3.6 billion, or 27%. However, its backlog stands at $442 million and the stock trades at roughly 40 times forward earnings, leaving it vulnerable to price volatility.
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