Bloom Energy makes solid oxide fuel cell (SOFC) systems that generate electricity on-site for commercial, industrial, and utility customers. The core product, the Bloom Energy Server, converts natural gas, biogas, or hydrogen into electricity through an electrochemical process — no combustion, no moving parts. Customers use it as a primary power source, often operating independently from the grid, to get reliable baseload power without waiting years for utility interconnection. The primary buyers are power-intensive enterprises: AI data center operators, semiconductor manufacturers, telecoms, and healthcare systems. Bloom's core value proposition is speed — it claims to deliver working power to a customer site in as little as 90 days, versus grid interconnection queues that can stretch 5–7 years and traditional power equipment OEMs that are sold out years in advance. Bloom generates revenue from two streams: product revenue from Energy Server sales (the large majority), and recurring service revenue from long-term O&M agreements typically running 5–20 years, with a service backlog of roughly $14B. End customers acquire Energy Servers via direct purchase, power purchase agreement (PPA), or lease — most prefer PPAs, meaning Bloom often sells to third-party financiers rather than directly to end users. Bloom's margins improve through annual product cost reductions, manufacturing efficiency, and a growing installed base that scales the service business. Bloom is expanding manufacturing capacity from roughly 1 GW/year to 2 GW/year by end of 2026, and is developing combined heat and power and carbon capture capabilities as part of its technology roadmap.