Bloom Energy has about $20 billion in backlog: about $6 billion in product orders and roughly $14 billion in service contracts paid over 5–20 years. The product book is under two years of work at current rates; Bloom plans to double capacity to 2 gigawatts by end-2026.
Bloom’s product-backlog figure counts contractual future purchases and includes expected tax incentives, not just revenue the company would book. Customers can cancel service contracts annually. Separately, its accounting measure of unsatisfied performance obligations was $442 million for products and installation and $52 million for service as of June 30. Bloom expects the product portion to become revenue within one to two years, following customers’ deployment schedules.
Bloom reported second-quarter revenue of $1.07 billion, up 166% year over year, and raised its full-year revenue outlook in July to $3.9 billion–$4.2 billion. An April expansion of its Oracle partnership covers up to 2.8 gigawatts of fuel-cell systems for AI infrastructure; 1.2 gigawatts were contracted up front, with deployments continuing into 2027. The author argued Bloom’s roughly 56-times forward-earnings valuation at the time arguably assumed years of full-speed conversion.
