I Love Bloom Energy for 1 Reason, and It's Not the Backlog

Bloom Energy (NYSE: BE) has experienced an extraordinary surge in value over the past two years, propelled by the growing demand for its solid oxide fuel cells (SOFCs) from data center operators. The company's revenue reached $1.5 billion in 2024 and $2.0 billion in 2025, with a backlog expanding to $20 billion by year-end. Analysts anticipate a more than doubling of revenue to $4.1 billion in 2026.

Despite a high valuation of 39 times next year's adjusted EBITDA, Bloom's strong moat positions it well for continued growth. As the leader in stationary, multi-megawatt, utility-scale SOFC deployments, data center giants like Oracle, CoreWeave, Nebius, and Equinix utilize its technology. Brookfield Asset Management's $25 billion partnership supports Bloom's development and deployment of SOFCs, solidifying its competitive edge.

While it was not included in this year's top 10 list by Stock Advisor, Bloom Energy's potential for long-term growth and monster returns makes it a compelling investment.