Oklo Inc.

Business Overview and Licensing Progress

Oklo is developing the Aurora powerhouse, a sodium-cooled, metal-fueled fast fission small modular reactor (up to 75 MWe), and listed on the New York Stock Exchange on May 10, 2024 following a SPAC merger with AltC Acquisition Corp in 2023. Its primary target customers are large-scale power demand sources such as AI data centers and cloud operators.

Accelerated Review On May 6, 2026, the NRC approved the Preliminary Design Certification (PDC) topical report for the first Aurora powerhouse planned for construction in Idaho, on a schedule less than half the standard review period. The pre-application readiness assessment for the Combined License Application (COLA) at the Idaho National Laboratory site was also completed, and NRC observations confirmed no significant gaps (Oklo Newsroom, NRC, 2026-05).

Non-Binding The company has signed power supply agreements including a 12 GW deployment target with Switch (through 2044), a 1.2 GW nuclear campus with Meta, and a letter of intent with Equinix (total company-wide pipeline of approximately 14 GW; reference date not available). However, all of these are non-binding letters of intent or framework agreements, and no binding long-term power purchase agreement (PPA) has yet been disclosed (Utility Dive, World Nuclear News, TheStreet).

Between July 22–27, 2026, the board of directors newly designated five existing leaders (Chief Product Officer, Chief of Staff, General Counsel, Senior Vice President of Engineering, and Chief Accounting Officer) as executive officers (8-K). The Groves Isotope Test Reactor in Texas received Startup Authorization from the DOE on July 23, 2026, entering the fuel loading and commissioning phase.

Financial Overview (Q1 2026, 10-Q)

The $1.5 billion at-the-market (ATM) offering program established in December 2025 was closed after raising approximately $1.499 billion, of which approximately $1.18 billion was raised net during Q1 2026. On May 13, 2026, a new ATM program of up to $1.0 billion was established to replace the prior program (managed by Goldman Sachs, Bank of America, Citigroup, and JPMorgan Chase). The company has provided 2026 guidance of $80–100 million in cash used in operating activities and $350–450 million in capital deployment (E, company guidance). Long-term debt is $0.

Valuation (Factual Multiples)

As Oklo is a development-stage company with no commercial revenue, earnings-based multiples such as P/E, P/S, and EV/EBITDA cannot be calculated; book value (P/B) and cash position are the primary observable multiples.

Peer Comparison

TerraPower (recently raised $650 million) and Kairos Power (up to $303 million in DOE milestone-based funding, plus a 500 MW power purchase agreement with Google) are privately held and have no market capitalization. X-Energy listed on Nasdaq in April 2026 (IPO price $23/share, raising approximately $1.02 billion).

Supply and Demand Trends

In early July 2026, short interest was reported at 19.29% of float (27.22M shares), rising slightly to 27.94M shares (19.13%) as of the July 15 settlement date (ChartExchange, ts2.tech). Top institutional holders include BlackRock (9.14%), Mirae Asset Global ETFs (5.09%), and Vanguard (3.59%) (WallStreetZen, reference date not specified, C). On April 1 and June 1, 2026, Jacob DeWitte (CEO) sold 200,000 shares each on the open market, totaling 400,000 shares; the company stated these were non-discretionary transactions under a Rule 10b5-1 pre-arranged trading plan (adopted 2025-03-31) (StockTitan, SEC Form 4).

Governance

The board of directors consists of 11 members in a three-class staggered structure, with Jacob DeWitte serving as chairman. Sam Altman stepped down as board chairman on April 24, 2025, citing conflict-of-interest concerns related to the OpenAI-Oklo supply agreement, and is no longer on the board (CNBC). Oklo listed on the New York Stock Exchange on May 10, 2024 via a reverse merger with AltC Acquisition Corp (a SPAC co-founded by Sam Altman) in 2023, and shares outstanding increased from 173,919,838 as of April 6, 2026 to 184,836,005 as of July 1, 2026 (DEF 14A, Schedule 13D/A).

Macro Environment

As a development-stage company with no commercial revenue, Oklo's exposure to interest rates and Treasury yields operates through the discount-rate channel for future cash flows rather than through earnings. However, quarterly net interest income of $21.3 million from the $2.54 billion cash position at the end of Q1 2026 offset a portion of the $51.25 million operating loss. Beta is reported at 1.16 (stockanalysis.com), but the trailing 90-day decline of -39.48% diverges from the S&P 500's modest gain over the same period, indicating that stock-specific factors such as the NRC licensing timeline are having an outsized influence. Natural gas spot prices act as a substitute cost for nuclear power generation, but since agreements with Switch, Meta, and others are structured around securing 24/7 carbon-free power and capacity rather than price, the pass-through effect is assessed as limited.

Recent News Timeline

• 2026-08-07 (scheduled): Q2 2026 (Apr–Jun) earnings and business update call (before market open)
• 2026-07-30: Nuclear-related stocks (OKLO, SMR, XE) rallied together — triggered by industry-wide events including NRC's acceptance of Holtec's Oyster Creek 4-unit SMR plan and the Crusoe-Aalo Atomics partnership
• 2026-07-27: Designation of five new executive officers took effect (8-K)
• 2026-07-23: DOE issued Startup Authorization for the Groves Isotope Test Reactor in Texas
• 2026-07-21: Closing price $44.13 — sharply down from the 52-week high of $193.84, down -38.5% year-to-date
• 2026-05-12: Q1 2026 earnings released (after market close) — net loss $33.1M, EPS -$0.19, revenue $0, cash and short-term investments $2.5B. Shares fell 10.84% in after-hours trading following the release
• 2026-05-06: NRC approved the Preliminary Design Certification (PDC) topical report for the Aurora powerhouse
• 2026-04-23: Oklo, NVIDIA, and Los Alamos National Laboratory announced a collaboration to develop nuclear-powered AI factories
• 2026-03 (mid-month): NRC issued a materials license for isotope handling to wholly owned subsidiary Atomic Alchemy (Oklo's first NRC license)
• 2026-01-09: Oklo and Meta announced an agreement to support development of a 1.2 GW nuclear campus in Ohio

Risk Factors

• Regulatory & Licensing: The company is pursuing an emerging market with no commercially operating projects, and the NRC Combined License Application (COLA) main review, construction, and operation stages remain ahead. The target of commercial operation by late 2027 is the company's own goal (E), not a confirmed schedule.
• Financing: With no commercial revenue, the company relies on external capital raises such as ongoing ATM offerings, creating potential for further equity dilution.
• Fuel Supply: The 10-Q discloses the possibility that fuel such as HALEU (high-assay low-enriched uranium) and plutonium may not be secured at the desired cost or schedule.
• Competition: Numerous companies including NuScale, TerraPower, Kairos Power, and X-energy are simultaneously pursuing NRC licensing and customer agreements, sharing the regulator's limited review resources. NuScale is currently the only company to have received NRC design certification.
• Customer Concentration: There are reports that the stated 14 GW pipeline is concentrated among a small number of large customers such as Switch, Equinix, and Meta, but this has not been confirmed by a primary source (company disclosure) and requires cross-verification.
• Technology Validation: Fast fission and used-fuel recycling technology have not been demonstrated at commercial scale, creating potential for design changes or commissioning delays.