Bloom Energy vs. FuelCell Energy: Which Data Center Fuel Cell Maker Is the Better Buy Right Now?

Bloom Energy and FuelCell Energy are competing to power AI data centers. Bloom Energy has emerged as the market leader with $1.065B in Q2 2026 revenue (up 166% YoY), a $20B backlog, and a 225% year-to-date stock surge, but trades at a premium valuation. FuelCell Energy is a riskier, earlier-stage play with a $3.6B backlog and recent $300M capital raise, but faces execution challenges and currently operates at a loss.