$ERock, Inc.(EROC)$ $Meta Platforms, Inc.(META)$ $Bloom Energy Corp(BE)$ $Microsoft(MSFT)$ Something worth keeping in mind here is that this is fully diluted, which won't actually happen until mid December when the lockup period ends. Right now there are 48 million shares outstanding, with 28 million shares in the float, and 20% of that float is shorted.

Even if you handicap EROC pretty hard, giving it half of Bloom Energy's valuation multiple and using the strictest fully diluted share count, one that accounts for every single insider Class B unit, the math still works out this way. Validating the 2026 revenue target of $450M at an 11x multiple puts fair value right around $22.50, which clears their original $21.50 IPO benchmark. And if they successfully convert that backlog into $1 billion in revenue for 2027 at that same half-Bloom multiple, the fully diluted structural price target pushes past $50.00 per share.