Bloom Energy 주가가 AI 데이터센터 운영자들의 연료전지 주문에 힘입어 2026년 150% 급등했다.

Bloom Energy (BE) is staging a comeback. After a brutal July, when a short-seller report combined with artificial intelligence-related market volatility to sink shares by more than 30%, the fuel-cell provider has sharply rebounded in August. Shares had fallen to approximately $163 in late July; as of this writing, they are trading around $244, returning the company’s year-to-date gain to triple digits. More recently, the stock has climbed further, reaching $252.87, up $17.32 (7.35%) today.

The good news is that I believe the best days are still ahead for Bloom investors. Here is why the energy stock remains a compelling buy.

Bloom sells solid oxide fuel-cell systems that allow customers to generate electricity on-site rather than waiting years to connect to the electrical grid. The company can deploy these systems in 90 days or less—a milestone famously achieved when it delivered a fully operational system to Oracle in just 55 days. This rapid deployment aligns far better with data center construction timelines than traditional grid connections do.

Bloom refers to this advantage as “time-to-power,” and it is a key driver behind the company tripling its product revenue last quarter. Connecting new facilities, such as factories or data centers, to local grids often takes years, and those backlogs continue to lengthen. Data center operators investing billions in new construction cannot afford to leave their computing warehouses idle during extended interconnection waits. By compressing time-to-power, Bloom delivers value that often exceeds the cost of the fuel system itself.

Consequently, Bloom’s sales are accelerating rapidly. Second-quarter revenue surpassed the $1 billion mark for the first time, and the company now projects full-year 2026 revenue between $3.9 billion and $4.2 billion—roughly double the previous year’s total. Analysts anticipate Bloom’s revenue will more than double over the next two years, a projection that may even be conservative.

However, this explosive sales growth introduces both opportunity and risk. The primary headwind to a purely bullish outlook is that Bloom’s backlog is expanding faster than its revenue. CEO K.R. Sridhar has cautioned that Bloom cannot scale as rapidly as a software company, noting that supply constraints will similarly cap sales growth. This dynamic warrants caution, particularly given Bloom’s premium valuation. At current levels, the company carries a market capitalization of roughly $70 billion and trades at approximately 81 times forward earnings. Investors are clearly pricing in substantial future growth, and any shortfall in execution could trigger bouts of immense volatility.

Nevertheless, driven by sustained data center construction and the critical demand for on-site power generation, Bloom appears well-positioned for continued expansion. More importantly, the fundamentals underlying its recent rally have matured significantly. While the valuation remains lofty and investors should brace for market turbulence, I maintain that Bloom deserves a place in a long-term portfolio for those willing to hold through the cycles.