We consider stabilization of bilinear control systems by means of linear output dynamical controllers. Using the linear matrix inequality technique, quadratic Lyapunov functions, and a special iterative method, we propose a regular approach to the construction of the stabilizability ellipsoid having the property that the trajectories of the system emanating from the points of this ellipsoid asymptotically tend to zero. The developed approach enables for an efficient construction of nonconvex inner approximations of domains of stabilizability of bilinear control systems.