Bloom Energy a Buy, Hold, or Sell After Its 1,920% Run?

Bloom Energy’s shares surged roughly 1,920% over the past two years, after a long period of limited investor enthusiasm following its 2018 IPO. The article attributes the recent rally to accelerating demand for rapid, cleaner power at data centers—powered by Bloom’s solid oxide fuel cells (SOFCs) that convert natural gas, biogas, propane, or pure hydrogen into electricity and heat without combustion. It cites revenue growth of 11% in 2024 and 37% to $2.0 billion in 2025, alongside adjusted EBITDA increases of 96% and 69%. Valuation is highlighted as expensive, at 17 times this year’s sales and 77 times adjusted EBITDA.