Company Profile
Founders
Oklo was founded in 2013 by MIT graduates Jacob DeWitte and Caroline Cochran.
Business
The company designs small modular reactors (SMRs) to provide clean, safe, and affordable energy.
For more information about SMRs, see my post “Current developments in Nuclear Energy and related companies“. And another notable SMR company going public: “SMR company NuScale stock price nearly doubled in the past year“
Business Model
The company’s core product is the Aurora nuclear power plant, which utilizes a unique Build, Own, Operate (BOO) business model, selling electricity directly to customers rather than the reactor itself.
Luxury Investors
Oklo has a long list of prominent investors, including OpenAI founder Sam Altman, Peter Thiel, Facebook co-founder Dustin Moskovitz, SV Angel’s Ron Conway, Accel Partners’ Kevin Ephrussi, and Draper Associates’ Tim Draper.
Altman previously served as CEO and Chairman
According to regulatory filings in June 2024, Altman held a 2.6% stake in the company. He became Chairman in 2024 after serving as CEO for three years.
Merger
In May 2024, Oklo went public through a merger with AltC Acquisition Corp., a special purpose acquisition company co-founded by Sam Altman.
IPO
The business combination of the two companies was completed on May 9, 2024, and Oklo began trading on the New York Stock Exchange on May 10, 2024, under the ticker symbol OKLO.
Products
Oklo’s Products
Oklo’s business model focuses on selling electricity to customers, with its primary power generation product line being the Aurora nuclear reactor power plant. This product line is centered around the Aurora series of small modular reactors (SMRs), which utilize sodium-cooled fast reactor (SFR) technology. These technologies offer high thermal conductivity and eliminate the need for high-voltage systems, resulting in improved efficiency and lower costs.
The Aurora is suitable for off-grid applications, including data centers, artificial intelligence, remote communities, industrial sites, and military bases. It can operate for up to 10 years without refueling.
Three level of product
This product series offers three power sizes to meet different customer needs:
15MW Reactor: The first demonstration project is being deployed at Idaho National Laboratory (INL) and is scheduled to be operational in 2027-2028. The initial construction cost is estimated at US$60 million (approximately US$4,000/kW).
50MW Reactor: A solution for mid-sized customers. The initial construction cost is estimated at US$150 million (approximately US$3,000/kW).
75MW Reactor: The flagship model, suitable for large data centers and industrial customers. The initial construction cost is estimated at US$250 million (approximately US$3,000/kW), which can be reduced to US$100 million (approximately US$1,333/kW) through future scale-up.
Advantages
Nuclear Fuel Recycling
In addition to power generation, Oklo is also expanding into nuclear fuel recycling. According to Oklo estimates, the company expects to convert spent nuclear fuel into new reactor fuel, potentially saving up to 80% in fuel costs. To support this initiative, Oklo recently announced plans to build the United States’ first privately funded nuclear fuel recycling facility in Oak Ridge, Tennessee. The project, estimated to cost $1.68 billion, is expected to enhance Oklo’s fuel security upon completion in the early 2030s.
Much Lower Costs
Oklo has an advantage in a booming market, noting its ability to use “much cheaper” renewable fuels. While traditional nuclear power plants can cost billions of dollars to build, Oklo says it can commission one of its SMRs for only a few hundred million dollars.
Special design
Oklo also intends to produce radioisotopes through its nuclear fuel recycling process and fast neutron reactor technology. These radioisotopes have a wide range of applications, including medical diagnostic imaging and cancer treatment; industrial uses such as non-destructive testing and process control; and energy applications, including radioisotope thermoelectric generators, nuclear batteries, and fusion research.
As a liquid metal-cooled reactor, the Aurora plant will offer numerous operational and safety advantages. The Aurora plant has strong negative reactivity feedback coefficients due to its system physics. These inherent feedback mechanisms reduce reactor power during temperature excursions without requiring any operator intervention or active safety systems.
Significantly Reduced Costs and Operations
The nuclear reactors it is building are designed to use highly enriched low-enriched uranium (HALEU), a fuel with a longer service life than the LEU currently used in conventional light-water reactors. Oklo Nuclear Power Plant expects its Aurora plant to operate for a decade or more without requiring refueling. Many nuclear power plants today refuel every 18 to 24 months. At that rate, a light-water reactor would require five refuelings, while the Aurora plant would only require one.
Core Technology Advantages
OKLO’s core technology is a sodium-cooled fast reactor (SFR) design, based on the proven technology of the US government’s 30-year-old Experimental Breeder-II (EBR-II) reactor, offering significant technical advantages.
Fuel Flexibility
The design can use highly enriched low-enriched uranium (HALEU), weapons-grade plutonium (through downgrading), and recycled fuel, reducing long-term fuel costs by 70-80%.
Safety
Based on over 400 reactor-years of operating experience worldwide, the liquid metal fast reactor design offers built-in safety advantages, enabling direct commercialization without the need for a demonstration plant.
Small Formation and Scalability
The small footprint (3-5 acres) makes it suitable for deployment at a variety of sites. The modular design allows for incremental adaptation to customer needs, while factory-based manufacturing reduces on-site complexity and costs.
Non-nuclear Supply Chain Procurement
70% of components are sourced from non-nuclear energy supply chains (such as industrial and oil and gas sectors), reducing the “nuclear grade” cost premium and lowering regulatory complexity.
Oklo’s Current Operational Status
What is its progress?
On January 6, 2022, the U.S. Nuclear Regulatory Commission (NRC) rejected Oklo’s application for a license to build and operate the Aurora nuclear power plant.
In July 2025, Oklo completed the pre-application readiness assessment for the first phase of the Aurora Power Plant, a key step toward the licensing process. Oklo plans to submit a new licensing application with the goal of obtaining approval in 2027.
Challenges
Fuel is also a concern: Many small reactors, such as those operated by Oklo, NuScale, and TerraPower, require a special type of highly enriched low-enriched uranium (HALEU), imported from Russia. Because Western countries generally avoid developing a supply chain for highly enriched uranium (HALEU), there is virtually no domestic supply in the United States. According to Canaccord Genuity, this is because HALEU is used in nuclear weapons.
Customers
In terms of customer base, OKLO has been deeply engaged in three major markets: data centers, government/military facilities and industrial users.
Oklo plans to build its first Aurora nuclear power plant at the Idaho National Laboratory in 2027. Oklo has also signed letters of intent with Diamondback Energy and Wyoming Hyperscale.
The company has publicly stated that it is working with hyperscale data centers Equinix and Prometheus Hyperscale. Partnering with Liberty Energy to provide gas “Prompt Power” to alleviate customers’ short-term electricity needs.
In addition, Oklo has been selected to supply nuclear energy to Eielson Air Force Base in Alaska, and is partnering with the U.S. Air Force/Department of Defense (DoD) to provide nuclear power to military bases
Acquisitions
In February 2025, the company acquired Atomic Alchemy in an all-stock transaction for US$25 million, expanding its radioisotope production business.
Top Competitors
The three leading small nuclear reactor companies are TerraPower, X-Energy (ticker: XE), and Kairos Power. Other companies include Westinghouse (ticker: BAM), NuScale (ticker: SMR), NANO Nuclear Energy (ticker: NNE) and Aalo Atomics.
The following is an introduction to Oklo and its major competitors:
Oklo
Adopting a vertically integrated “build-own-operate” (BOO) model, Oklo develops, constructs, and operates nuclear power plants, selling electricity through long-term power purchase agreements (PPAs).
NuScale
Adopting a traditional OEM model, Oklo designs and sells reactors, with customers covering construction costs and handling siting, licensing, and fuel procurement. NuScale employs a three-pillar business model: engineering services, module delivery, and maintenance services. Oklo’s main competitor, NuScale, has received Standard Design Approval (SDA) for two small modular reactor (SMR) designs.
For NuScale, please see my post of “SMR company NuScale stock price nearly doubled in the past year“
TerraPower
Focusing on global market expansion, Oklo is accelerating regulatory approvals through collaboration between US and UK regulators, while also expanding its nuclear isotope products into medical applications.
Kairos Power
Using Master Project Development Agreements (MPDAs) to drive commercialization, including partnerships with and with the goal of building a 500MW nuclear power fleet by 2035.
Good relationship with government
Trump’s new policy has given OKL a leg up
Notably, the U.S. Department of Energy (DoE) launched the Trump administration’s “Nuclear Reactor Pilot Program” in August 2025, with the goal of building, operating, and achieving criticality of at least three test reactors through DoE authorization by July 4, 2026.
OKLO and its recently acquired company, Atomic Alchemy, were both included in the program, with OKLO receiving two project spots and Atomic Alchemy receiving one.
Because of this, since September 2025, OKLO’s stock price has almost doubled in just 20 days.
Political Connections Raise Questions
Oklo’s soaring stock price has also drawn considerable criticism, with some arguing that the company’s close relationship with President Trump and its government support, including involvement in numerous federal projects, are significant factors. Trump’s Energy Secretary, Chris Wright, was a former board member of Oklo.
In May 2025, Trump invited Oklo founder and CEO DeWitt to an event at the White House and pledged to triple the U.S. nuclear power capacity by 2050.
With the Trump administration’s support, Oklo plans not only to develop SMRs but also to build nuclear fuel plants, with the Department of Energy committing to providing the company with a dedicated and rare reactor fuel. Sources say the Department of Energy is considering providing Oklo with weapons-grade plutonium for fuel production.
Bank of America stated that this relationship gives Oklo a competitive edge and is one reason why its valuation is higher than other SMR developers such as NuScale Power and Nano Nuclear Energy.
Capital Market Performance
Q3 2025 Financial Report
Oklo’s latest quarterly results are for the third quarter of 2025. A summary is as follows:
- Earnings per share (EPS): -$0.20, exceeding analysts’ expectations of -$0.13.
- Revenue: Zero
- Net loss: $36.3 million
- Oklo noted that its 2025 cash utilization plan ($65 million to $80 million) is still on track.
Profitability Not Until 2027
Even though the market expects Oklo to be profitable only in the fourth quarter of 2027, and UBS analysts even believe it won’t reach 800 megawatts of annual deployment capacity until 2034, investors aren’t concerned.
Another current player in the SMR space is NuScale Power, which went public in 2022 and recently reported $8.1 million in revenue in its second-quarter earnings report. However, NuScale’s revenue comes from pre-commercial activities such as engineering and licensing services, and its core nuclear power business has yet to generate profits.
Stock Performance
As of November 11, 2025, Oklo has increased by a total of 937% in just one and a half years since its listing on May 10, 2024, and by 376% this year alone!
| Ticker | 11/13/2025 stock price | Stock price performance so far this year | Share price performance over the past five years | Market Cap (US$1 billion) | Capital ratio |
| OKLO | 111.17 | 408.79% | 1006.17% | 16.41 | 0 |
| SMR | 25.96 | 46.58% | 156.27% | 7.75 | 0 |
| NNE | 36.57 | 52.82% | 710.86% | 1.83 | 0 |
| BWXT | 196.77 | 76.51% | 249.07% | 17.99 | 58.85 |
| BAM | 54.68 | 0.63% | 65.65% | 89.56 | 33.94 |
| GEV | 575.4 | 69.76% | 320.77% | 156.12 | 93.73 |
| RYCEY | 15.44 | 112.67% | 391.72% | 127.48 | 17.48 |
| S&P 500 | 6850.92 | 16.74% | 91.09% | 57800 | 30.9 |
Table 1: Stock price performance of Oklo’s main competitors and related companies (figures from Google Finance and Yahoo Finance)
Opportunities
Market Size
According to ICF data, U.S. electricity demand is projected to grow by 3.2% annually through 2030 and by 2.2% through 2050 (based on 2023 levels). At this rate, U.S. power generation capacity will need to increase by 3.3% annually between 2025 and 2050. Considering that U.S. power generation capacity has only increased by 1.8% over the past 25 years, it’s clear that more than just traditional hybrid power generation will be needed to keep pace with this growth.
As the AI arms race intensifies, global AI power demand is projected to reach 500 TWh/year by 2027, 2.6 times the current level, putting 40% of data centers at risk of power shortages.
Potential Business Opportunities
Small modular reactors aim to produce energy more cheaply, quickly, and environmentally friendly than traditional nuclear facilities. Amazon and Google have both announced significant investments in SMR projects, hoping to balance their respective climate goals with the growing energy demands of data centers that power artificial intelligence. Oracle also announced in September 2024 that it intends to build an SMR-powered data center.
AI Power Demands
The future will likely require a variety of energy sources (solar, wind, geothermal, and hydroelectric). However, advanced nuclear power may be the best choice for most future needs, especially the 24/7 demands of AI and data centers.
This is where Oklo is poised to shine. AI data centers require 24/7 clean energy, and Oklo’s Aurora power plant is compact and modular enough to be installed nearby to provide clean energy for data centers. Partnerships with Switch and Equinix, two major players in AI data infrastructure, underscore Oklo’s appeal to some of the industry’s heaviest users.
Investment risks
Commercial product is not available
Oklo’s nuclear power plants likely won’t generate any meaningful revenue for at least another two years, as its first operational reactor isn’t expected to be online until the end of 2027. A key reason for this is that it needs approval from the U.S. Nuclear Regulatory Commission (NRC) to begin deploying its design in the United States.
Oklo’s main competitor, NuScale, has already received Standard Design Approval (SDA) for two of its Small Modular Reactor (SMR) designs, putting even more pressure on Oklo to obtain a license for its Aurora design.
Let’s reiterate: Oklo’s advanced nuclear technology has yet to be tested at scale. Oklo and Nano Nuclear haven’t generated any revenue yet. In contrast, Nuscale’s revenue reached $8 million in the second quarter of 2025.
HALEU Fuel Supply
HALEU fuel supply is the core risk limiting OKLO’s development.
Even if all enrichers expand production as planned and the DOE provides incremental support, global HALEU reactor capacity will only reach 1-2 GW by 2040. OKLO’s current valuation implies an operational capacity of 10-20 GW by 2040, a significant gap.
Current HALEU production capacity plans fall far short of demand. Centrus plans to reach 6-12 MTU/year after 2035, and Urenco may reach 10 MTU/year by 2035. To achieve 10 GW, OKLO needs to secure a cumulative HALEU supply of 1,200 MTU by 2040.
This means a supply of 400 MTU/year will be required by the late 2030s, a gap of approximately 50 times the current planned capacity.
Regulatory Approval
Another risk facing OKLO is regulatory approval during its commercialization process.
NRC licensing schedules are uncertain. The licensing cycle for OKLO’s project at Idaho National Laboratory (INL) is estimated to be 24-36 months. Further delays could push the time to commercial operation (COD) into the 2030s.
Although sodium-cooled fast reactor technology is based on mature theory, it lacks large-scale commercial verification. The safety, reliability, and economic performance of the first project will significantly impact subsequent development.
Running out the cash
Cash burn is projected to be between $65 million and $80 million in 2025. Because Oklo doesn’t yet generate revenue, it will rely on cash and cash equivalents, which will be valued at just under $227 million at the end of June 2025.
Irrational Exuberance
Oklo is the highest-weighted component of the Russell 2000 Value Index. The absurdity of a company that, after three years of zero revenue and a market capitalization of $3 billion at the beginning of the year, now stands at $25 billion is undeniable. Many savvy investors have drawn comparisons to the current AI investment frenzy, drawing comparisons to the dot-com bubble of the late 1990s—and Oklo is a prime example.
Closing words
Oklo’s current high valuation, massive capital requirements, supply bottlenecks for key fuels, and pending operating license approval represent four significant challenges. Specifically:
- The high volume of orders has yet to translate into real money: Despite an impressive customer backlog, these are all non-binding letters of intent, and the company has yet to sign a single legally binding power purchase agreement (PPA).
- The enormous financial black hole of its “self-financed” model: While the company’s asset-heavy “hold and operate” model provides strong control, it will require a substantial capital raise of $14 billion by the mid-2040s, posing significant financial risks.
- The critical fuel bottleneck: Its advanced reactor relies on highly enriched low-enriched uranium (HALEU) as fuel, and the current global HALEU supply chain is extremely tight. This presents an Achilles’ heel not only for Oklo but also for the entire advanced nuclear energy industry.
- Uncertainty regarding license approvals: Although the company plans to submit a joint license application in the fourth quarter of 2025 and expects the approval process to be shortened, it remains a critical hurdle that will take two to three years and the outcome is unknown.
In short, Oklo has no revenue to date, no operating reactor license, and no power supply contract. Investors must be especially careful!
I am the author of the original text, the essence of this story was originally featured on Smart Magazine, Issue of December 2025
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