Bloom Energy has surged about 2,030% over the past two years, far outpacing Oklo's 510% rally, as investors weigh two different plays on AI-driven energy demand. Bloom generates billions in annual revenue and serves cloud and data center giants like Oracle, CoreWeave, Nebius, and Equinix, while Oklo has yet to deploy any of its Aurora microreactors or generate meaningful revenue. Analysts expect Bloom's revenue to grow at a 70% compound annual growth rate to $9.9 billion by 2028, with adjusted EBITDA rising at a 120% CAGR to $2.9 billion, giving it a market cap of $69.6 billion and a valuation of 17 times this year's sales. Oklo, with a market cap of $8.6 billion, trades at 156 times its projected 2028 sales of $55 million and is expected to remain EBITDA-negative. The article concludes Bloom remains the better AI-power play because it dominates the solid oxide fuel cell market, has major customers, and is funded by Brookfield Asset Management, while Oklo is still speculative until it deploys its first commercial reactors.
