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olivLaw · US equity research

Oklo Inc. OKLO

Electric Services · SIC 4911 · Vertical: Electric Services (SIC 4911)

22.12USD−5.83% · 1 dayClose 04 Nov 2026

Oklo designs small fast-fission power plants, called powerhouses, which it plans to build, own and operate, selling electricity and heat directly to customers under power purchase agreements. The company draws attention as demand for power from data centers rises, but it has not yet built any powerhouse nor signed a binding delivery contract, and its customer pipeline stood at about 14 GW at the end of 2024.

At the close of 04 Nov 2026, Oklo Inc. (OKLO) stock was 22.12 USD (−5.83% on the day), with market capitalisation 4.1 bn USD, beta 3.09, 52-week range 22.12–121.23 USD. Latest reported quarter (Q2 2026): revenue of 1.2 m USD, net income of -48.5 m USD, diluted EPS -0.28 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
4.1 bn USD
shares as of 04 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.93 · TTM to 30 Jun 2026
E/P (TTM)
-4.23%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
3.09
Volatility (1y) 92%
52-week range
22.12121.23

Price history

Loading chart…

Technical reading

RSI (14)
22.7
oversold (≤ 30)
Bollinger (20, 2)
21.27 – 34.50
in the lower half of the band · %B 0.06 · band width 47.5%
SMA 50 / 200
34.39 / 52.99
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-3.28 / -3.07
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−38.5%−1.1%−37.4 pp—
3 months−48.5%−0.5%−48.1 pp—
6 months−72.2%+4.4%−76.6 pp—
Year to date−69.2%+12.3%−81.5 pp—
1 year−80.3%+13.5%−93.8 pp−1.1%
3 years+114.8%+76.4%+38.3 pp+40.8%
5 years+124.6%+63.7%+60.9 pp—
Max drawdown (1y)
−81.8%
05 Nov 2025 → 04 Nov 2026
Max drawdown (5y)
−87.3%
14 Oct 2025 → 04 Nov 2026
Compound annual growth (5y)
+17.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
1.2 m USD
unavailable YoY
Net income
-48.5 m USD
unavailable YoY
Diluted EPS
-0.28
unavailable YoY
net / operating
-4,011.2% / -6,048.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue———0———1.2 m
Research & development5.1 m7.3 m7.8 m11.5 m14.9 m24.6 m27.0 m39.5 m
Operating income-12.3 m-15.4 m-17.9 m-28.0 m-36.3 m-57.1 m-51.2 m-73.2 m
Depreciation & amortisation68.0 k88.0 k124.0 k125.0 k124.0 k149.0 k163.0 k337.0 k ≈
Pre-tax income-9.7 m-12.1 m-14.2 m-24.3 m-29.2 m-42.5 m-29.9 m-51.7 m
Income tax225.0 k294.0 k-4.4 m431.0 k531.0 k-1.1 m3.2 m-3.2 m
Net income-10.0 m-12.3 m-9.8 m-24.7 m-29.7 m-41.4 m-33.1 m-48.5 m
Diluted EPS-0.08-0.12 ≈-0.07-0.18-0.20-0.26 ≈-0.19-0.28
Operating cash flow-7.9 m ≈-13.5 m-12.2 m-18.5 m ≈-18.0 m ≈-33.4 m-17.9 m-47.6 m ≈
Capex111.0 k ≈69.0 k332.0 k877.0 k ≈5.0 m ≈27.0 m32.8 m94.1 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2022202320242025
Revenueunavailableunavailableunavailableunavailable
Revenue YoYunavailableunavailableunavailableunavailable
Net income3.9 m-32.2 m-73.6 m-105.7 m
Net income YoYunavailable−919.5%unavailableunavailable
Diluted EPSunavailable-0.47-0.74-0.72
Diluted EPS YoYunavailableunavailableunavailableunavailable
net %unavailableunavailableunavailableunavailable
Free cash flowunavailable-16.1 m-38.7 m-115.4 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
788.4 m USD
Financial debt
0 USD
Net debt
-788.4 m USD
Equity
1.5 bn USD
Total assets
1.5 bn USD
Debt / equity
0.00x
Current ratio
49.08x
ROE
-12.2%
ROA
-11.7%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Research & development
2023
9.8 m
2024
26.7 m
2025
58.9 m

SEC (XBRL)· 17 Mar 2026verified

Operating income
2023
-18.6 m
2024
-52.8 m
2025
-139.3 m

SEC (XBRL)· 17 Mar 2026verified

Depreciation & amortisation
2023
75.0 k
2024
268.0 k
2025
522.0 k

SEC (XBRL)· 17 Mar 2026verified

EBITDA
2023
-18.6 m ≈
2024
-52.5 m ≈
2025
-138.8 m ≈

SEC (XBRL)· 17 Mar 2026derived

Pre-tax income
2023
-32.2 m
2024
-72.9 m
2025
-110.2 m

SEC (XBRL)· 17 Mar 2026verified

Income tax
2023
0
2024
683.0 k
2025
-4.5 m

SEC (XBRL)· 17 Mar 2026verified

Net income
2023
-32.2 m
2024
-73.6 m
2025
-105.7 m

SEC (XBRL)· 17 Mar 2026verified

Diluted EPS
2023
-0.47
2024
-0.74
2025
-0.72

SEC (XBRL)· 17 Mar 2026verified

Weighted average diluted shares
2023
68.9 m
2024
98.9 m
2025
146.4 m

SEC (XBRL)· 17 Mar 2026verified

Balance sheet · USD

Cash
2023
9.9 m
2024
97.1 m
2025
788.4 m

SEC (XBRL)· 17 Mar 2026verified

Receivables
2023
—
2024
—
2025
0

SEC (XBRL)· 07 Aug 2026verified

Current assets
2023
14.2 m
2024
231.9 m
2025
1.3 bn

SEC (XBRL)· 17 Mar 2026verified

Property, plant & equipment, net
2023
578.0 k
2024
1.2 m
2025
42.3 m

SEC (XBRL)· 17 Mar 2026verified

Goodwill
2023
—
2024
0
2025
6.6 m

SEC (XBRL)· 17 Mar 2026verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
27.5 m

SEC (XBRL)· 07 Aug 2026verified

Total assets
2023
14.9 m
2024
281.7 m
2025
1.5 bn

SEC (XBRL)· 17 Mar 2026verified

Accounts payable
2023
2.3 m
2024
3.0 m
2025
4.1 m

SEC (XBRL)· 17 Mar 2026verified

Long-term debt
2023
—
2024
—
2025
0

SEC (XBRL)· 07 Aug 2026verified

Current liabilities
2023
3.2 m
2024
5.3 m
2025
25.5 m

SEC (XBRL)· 17 Mar 2026verified

Total liabilities
2023
49.2 m
2024
30.9 m
2025
52.2 m

SEC (XBRL)· 17 Mar 2026verified

Equity
2023
-34.4 m †
2024
250.9 m †
2025
1.5 bn †

SEC (XBRL)· 17 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-16.0 m
2024
-38.4 m
2025
-82.2 m

SEC (XBRL)· 17 Mar 2026verified

Capex
2023
83.0 k
2024
352.0 k
2025
33.2 m

SEC (XBRL)· 17 Mar 2026verified

Free cash flow
2023
-16.1 m ≈
2024
-38.7 m ≈
2025
-115.4 m ≈

SEC (XBRL)· 17 Mar 2026derived

Investing cash flow
2023
-83.0 k
2024
-175.8 m
2025
-489.7 m

SEC (XBRL)· 17 Mar 2026verified

Financing cash flow
2023
16.3 m
2024
301.4 m
2025
1.3 bn

SEC (XBRL)· 17 Mar 2026verified

Share repurchases
2023
215.9 m
2024
—
2025
—

SEC (XBRL)· 29 Mar 2024verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
unavailable
input data missing
FCF margin
unavailable
input data missing

Returns

ROE
-7.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-7.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-11.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-6.6%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
-1.6 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
unavailable
insufficient data
Debt / equity
0.0x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
48.5x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
31.6x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-116.9 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
158.9 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-275.8 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
4.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
2.5 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-4.2%
computed by olivLawTTM to 30 Jun 2026
P/B
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
unavailable
input data missing
EV/EBITDA
unavailable
insufficient data
EV/EBIT
unavailable
insufficient data
EV/Sales
unavailable
input data missing
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-6.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

3 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 2 of at least 6
  • score weight coverage: 10.6% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

22.12 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 4.1 bn USD

Key indicators

Market capitalisation
4.1 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
insufficient data
ROE
-7.7%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
unavailable
input data missing
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

27/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 04 Aug 2026
Source: SEC (XBRL)published 07 Aug 2026
verified 476derived 35

Score by group

11% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
  • Peers: EV/EBITDAunavailable · the base of the ratio is not positive
  • Peers: P/Eunavailable · the base of the ratio is not positive

no valuation method could be computed

Multiple comparisons use the SIC vertical: Electric Services (SIC 4911)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.6% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-11.2%6 (vs peers)60%
Net margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet48.5x100 (on a fixed band)40%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
Dividend yield · Returnsunavailableunavailable—
Payout ratio (EPS) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial6/100 · 1/2 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Oklo Inc. (OKLO). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: ROE -7.7%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.6% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 48.5x

What contradicts it

  • ROIC: -11.2%

Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Dividend yield, Payout ratio (EPS).

Versus the vertical median

Electric Services (SIC 4911) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 21.8x
EV/EBITDA
—
vertical median 11.8x
P/S
—
vertical median 2.9x
P/B
1.3x
vertical median 2.1x
below median (−40.3%)
ROE
-7.7%
vertical median 9.1%
below median (−184.3%)
Net margin
—
vertical median 10.7%
EBIT margin
—
vertical median 21.1%
Revenue YoY
—
vertical median 8.3%
Net debt/EBITDA
—
vertical median 4.8x
Dividend yield
—
vertical median 3.2%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
NEENextera Energy Inc184.4 bn22.515.6%31.5%+9.8%+3% / +51%
SOSouthern Co105.0 bn23.911.3%14.5%+10.6%+2% / +31%
PAMPampa Energy Inc.88.2 bn141.021.8%33.0%+8.3%−28% / +38%
CEGConstellation Energy Corporation87.1 bn24.015.3%11.1%+8.3%−33% / +103%
AEPAmerican Electric Power Company, Inc.70.3 bn19.012.8%16.9%+10.9%+4% / +62%
DDominion Energy, Inc61.3 bn20.610.5%16.9%+14.2%+11% / +54%
ETREntergy Corp51.2 bn28.411.1%13.6%+9.0%+15% / +121%
VSTVistra Operations Company LLC40.4 bn19.943.1%11.6%+3.0%−33% / +240%
FEFirstenergy Corp27.3 bn25.78.4%6.9%+12.0%−1% / +28%
PPLPPL Corp26.9 bn21.88.3%13.1%+6.9%−3% / +37%
CNPCenterpoint Energy Inc26.8 bn25.29.6%11.4%+8.3%+3% / +45%
ESEversource Energy26.5 bn18.29.1%10.4%+13.8%+5% / +19%
EIXEdison International23.7 bn6.520.8%19.6%+9.8%+4% / −8%
NRGNRG Energy, Inc17.5 bn21.623.8%2.6%+9.2%−51% / +74%
TLNTalen Energy Corporation14.2 bn—-16.7%-6.4%+22.0%−17% / +470%
PNWPinnacle West Capital Corporation12.8 bn19.89.1%11.7%+4.2%+16% / +41%
ENLTEnlight Renewable Energy Ltd.8.9 bn67.79.2%27.0%+29.3%+69% / +293%
IDAIDACORP, Inc.8.7 bn23.29.9%20.5%−1.2%+12% / +53%
BEPBrookfield Renewable Partners L.P.8.5 bn—-1.9%-1.1%+9.0%+8% / +25%
CWENClearway Energy, Inc.7.3 bn72.61.8%6.4%+4.2%−2% / +43%
TXNMTXNM Energy, Inc.6.5 bn41.15.5%7.5%+9.9%+0% / +41%
BKHBlack Hills Corporation6.4 bn21.37.9%13.0%+8.6%+14% / +63%
PORPortland General Electric Company5.5 bn19.76.6%7.7%+4.0%−9% / +12%
OKLOOklo Inc.4.1 bn—-7.7%—unavailable−80% / +115%
OTTROtter Tail Corporation3.5 bn20.09.4%13.6%−2.3%+2% / +10%

1- and 3-year price returns: for OKLO from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Oklo designs small fast-fission power plants, called powerhouses, which it plans to build, own and operate, selling electricity and heat directly to customers under power purchase agreements. The company draws attention as demand for power from data centers rises, but it has not yet built any powerhouse nor signed a binding delivery contract, and its customer pipeline stood at about 1 14 GW at the end of 2024.

SWOT

Strengths

  • The company has a direct power-sales model and a customer pipeline with some of the largest non-binding agreements in its industry, supported by technology previously demonstrated 13.
  • Oklo holds a site use permit and fuel allocation for its first powerhouse, which places it ahead of many rivals in the approval process 13.
  • Vertical integration across power generation, fuel recycling and radioisotopes could reduce reliance on external suppliers 12.

Weaknesses

  • The company has not yet built any powerhouse and continues to incur operating losses, so its reliance on external capital remains high 1.
  • Most customer agreements are non-binding and counterparties may withdraw, which weighs on revenue visibility 1.
  • Management has limited experience operating a company that builds and runs commercial nuclear plants, a risk the sources acknowledge 1.

Opportunities

  • If data center demand stays strong, long-term contracts could generate recurring revenue and help fund project expansion 12.
  • The U.S. market for recycling used nuclear fuel is described as unestablished, and success there could open new revenue streams 1.
  • Radioisotopes for medicine, space and defence could generate revenue earlier than power, if the pilot production works 13.

Threats

  • Delays in licensing or construction could postpone the first delivery and lead customers to withdraw their commitments 1.
  • Competition from other technologies or changes in government policy could reduce market share or the costs customers are willing to bear 1.
  • High HALEU fuel prices and trade restrictions could raise costs and delay supply 12.

Risks

  • No binding power contracts yethigh

    The company has not yet signed a binding power purchase agreement, and construction plans and revenue depend on converting non-binding agreements into firm commitments 1.

  • Losses and funding needshigh

    Oklo is an early-stage company with continuing losses and rising expenses, and it may need additional capital before its powerhouses become commercially viable 1.

  • Fuel availabilityhigh

    HALEU and plutonium fuels are not yet available at scale, and building fabrication and recycling facilities could take longer or cost more than expected 12.

  • Supplier dependencemedium

    The company relies on a limited number of suppliers for specialised components, some designed for first-of-a-kind use, which could cause delays 1.

Investment thesis

What would need to be true (bull case)

  • Oklo has one of the largest order books in advanced nuclear, with data center agreements that could generate long-term recurring revenue if they become binding contracts 12.
  • According to its own sources, the company holds both a site use permit and secured fuel for its first powerhouse, which could accelerate delivery of the first unit 3.
  • Linking power generation with fuel recycling and radioisotopes could create several revenue sources and reduce dependence on external suppliers 12.

What would break the thesis

  • Oklo has not yet built any powerhouse and has no binding power purchase agreements, so the pipeline figures are closer to intentions than secured revenue 1.
  • Continuing losses and the need for more capital could lead the company to issue new shares, which could dilute existing shareholders 1.

What to watch

  • Signing of binding power purchase agreements with pipeline customers2026
  • Progress of NRC and DOE approvals for the Aurora plant at Idaho2027
  • Trend in operating losses and research and administrative expensesnext 10-K
  • Conclusion of a definitive HALEU supply agreement with CentrusQ1 2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Oklo was founded in 2013 to develop clean, reliable and affordable energy at scale, and its model is to build, own and operate Aurora powerhouses of 15 to 75 MWe that can run on fresh, recycled or down-blended fuel 1. The company sells power through power purchase agreements rather than licensing reactor designs, which sets it apart from the traditional nuclear industry. Alongside this, Oklo develops used nuclear fuel recycling technology and, through its subsidiary Atomic Alchemy, radioisotope production 12.

Its first project is an Aurora powerhouse at Idaho National Laboratory, for which it obtained a site use permit from the U.S. Department of Energy, a HALEU fuel award and an Environmental Compliance Permit 1. On 5 January 2026 Oklo signed a prepayment agreement with Meta for a 1.2 GW power campus in Pike County, Ohio, with Meta's funds to be used to secure nuclear fuel for the first phase 2.

The company targets deploying its first powerhouse in 2028, with risks linked to supply chain, construction and design 12. Much of the pipeline consists of non-binding commitments that have not yet become binding contracts, so future revenue depends on finalising these agreements.

Segments

Power (Aurora powerhouses)

The main segment sells electricity and heat from Aurora powerhouses of 15 to 75 MWe, with potential expansion to 100 MWe or higher, through long-term power purchase agreements with data center, industrial and defence customers 12.

Fuel recycling and fabrication

The company is developing used-fuel recycling and fuel fabrication facilities, including an Advanced Fuel Center in Tennessee with a planned investment of up to 1.68 billion USD 1. The goal is a domestic fuel supply chain, but these projects are still in planning and licensing stages 1.

Radioisotopes (Atomic Alchemy)

The Atomic Alchemy subsidiary, acquired in February 2025, produces radioisotopes for medical, industrial, space and defence uses, and in January 2026 the company moved into execution of a DOE-authorised radioisotope pilot facility 13.

Market context

Oklo cites the International Energy Agency's expectation that global electricity production could rise by over 75 % by 2050, driven by electrification, air conditioning and data center demand 1. U.S. energy demand is currently driven by the expansion of data centers, and the company notes that a slowdown in AI-driven power demand could negatively affect demand for its baseload low-carbon power 1.

The advanced nuclear market is still forming, and Oklo argues that, unlike traditional large light-water reactors, its smaller modular designs will compete on a different basis 1. The actual size of the market for 15 to 75 MWe plants depends on which contracts are finalised and on regulatory conditions 1.

Trends

  • Data center demandtailwind

    Growth in AI and cloud services is increasing demand for steady power, and Oklo's non-binding agreements and the Meta prepayment deal could turn this demand into revenue if they are finalised 12.

  • U.S. energy policymixed

    Government support for advanced nuclear, including DOE pilot programmes, could speed up project approvals, but the company depends on federal decisions and funding that may change 13.

  • Fuel cost and availabilityheadwind

    HALEU and recycled materials have risen in cost and are limited in availability, which could delay projects or raise costs, although the company is diversifying its sources, including plutonium 12.

  • Tariffs and supply chainsheadwind

    Tariffs, supply chain constraints and inflation can increase construction and specialised equipment costs, which may weigh on powerhouse project margins 1.

Competitive position

Oklo's competitors include other advanced reactor developers designing smaller or grouped reactors, but the sources used do not clearly identify U.S.-listed rivals 1. Competition could reduce prices, order volumes and margins, and the company acknowledges that new technologies could prove more efficient 1.

Beyond reactor developers, Oklo also faces conventional power suppliers and gas-fired generation; its partnership with RPower for a gas-to-nuclear bridge shows that combined technology pathways are also an alternative 3.

  • Advanced reactor developers

    Companies designing small or modular reactors and seeking design approvals; the sources do not name them or their tickers, so no ticker is assumed 1.

  • Traditional light-water reactor developers

    Developers of large reactors that sell designs to utilities; their model differs because they do not sell power directly 1.

  • Natural gas power suppliers

    Gas generation can deliver power quickly, and Oklo itself works with a gas supplier as a bridge to nuclear power 3.

  • Radioisotope producers

    Producers of isotopes for medicine and industry compete with Atomic Alchemy in radioisotope markets; the sources name no specific companies 3.

News & filings

In the press

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Oklo Inc. · 17 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Oklo Inc. · 07 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Oklo Inc. · 24 Mar 2025

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.