$INIO and $BE will book almost the same revenue this year. INNIO guides $3.8 to $3.9 billion, Bloom guides $3.9 to $4.2 billion. Bloom is worth roughly $85 billion. INNIO is worth about $14 billion. Same revenue, six times the price. It is not the hardware. INNIO shipped 3.4 gigawatts of engines last year, more than triple Bloom’s entire annual capacity, and is building toward 10 gigawatts a year by 2030. It is not demand either. The backlog went from $1 billion to $6.6 billion in eighteen months, committed business sits above 15 gigawatts with reservations into 2031, and customers have prepaid $1.4 billion, funding the factory expansion themselves. Amazon, VoltaGrid, and the campus being built for Oracle and OpenAI are already on the order book. The honest answer is the float. The IPO was 100% secondary, sponsors still own 86%, and only about 14% of the company trades. One tariff-hit quarter and some AI nerves took it 55% below its June high. Same customers, same buildout, same revenue. One trades like the future, the other trades like nobody has looked yet. Full breakdown in our INNIO deep dive on the Substack.