OKLO

1. Entity Frequency and Category Focus

Stronger emphasis in the most recent period is on deployment-readiness, data center integration, fuel supply, and defense/government anchors. Key category shifts below.

Increase in Organizations

ABB

• New MOU; joint work on digitalization, automation, and electrification for Aurora deployment; Oklo commissioned a digital monitoring room with ABB tech for training/simulation (2025-08-21).Shift observed: Operational-readiness and workforce training moved from plans to execution; accelerates commissioning and operator training.

U.S. Department of Energy (DOE) / Reactor Pilot Program

• Oklo selected for three projects under the DOE Reactor Pilot Program with Atomic Alchemy (2025-08-13).Shift observed: Federal validation and potential prioritization in pilot deployments; improves regulatory and demonstration momentum.

U.S. Nuclear Regulatory Commission (NRC)

• Accepted Oklo’s licensed operator topical report (2025-06-10); completed NRC readiness assessment (2025-07-17).Shift observed: Regulatory pathway clarity improving; supports portfolio scaling via type-rating/operator standardization.

Department of Defense (DoD) / Defense Logistics Agency (DLA)

• Notice of Intent to Award at Eielson Air Force Base for a long-term PPA (2025-06-11).Shift observed: Defense anchor offtake enhances bankability and project finance prospects; mitigates merchant risk.

Vertiv and Data Center Ecosystem Partners

• Collaboration to integrate power and advanced cooling for hyperscale/colo data centers (2025-07-22); complementary collaboration with Liberty Energy (2025-07-23) and RPower (2025-01-17).Shift observed: Expanded “power + thermal” solution stack for AI/hyperscale customers; near-term power bridging strengthens sales pipeline conversion.

Lightbridge

• Co-location and advanced fuel recycling collaboration (2025-01-28; 2025-08-11 follow-on).Shift observed: Diversifies advanced fuel fabrication options from legacy materials; hedges HALEU supply concentration risks.

KHNP

• Cooperation on advanced nuclear project (2025-05-27).Shift observed: International manufacturing/supply optionality; potential acceleration via proven nuclear EPC capabilities.

Increase in Products and Technologies

Digital monitoring room / Operator training and simulation

• Commissioned at Oklo HQ with ABB integration (2025-08-21).Shift observed: Practical operator training capability supports fleet-scale licensing (type-rating) and deployment-readiness.

Aurora Powerhouse and integrated data center solutions

• Expansion into integrated power-and-cooling with Vertiv; steam-driven chillers considered; data center co-location and grid-adjacent options (multiple 2025 documents).Shift observed: Product-market fit sharpened for AI/data centers with combined baseload power and thermal management.

Advanced fuel recycling and alternative fuels

• Increased references to recycling used fuel and down-blended legacy materials; Lightbridge MOU; ongoing DOE collaborations; AVLIS/Atlas (via Hexium) explored in Q2 call.Shift observed: Securing diversified, inflation-resilient fuel pathways; potential cost and energy security advantages.

Radioisotope production (VIPR) via Atomic Alchemy

• Site characterization at INL began (2025-06-17) following acquisition close (2025-03-05).Shift observed: Non-power revenue diversification; leverages Oklo’s reactor tech for isotope markets.

Increase in Financial Terms and Capital Markets

Equity raise and liquidity

• Public offering priced at $60.00 per share for ~6.67M shares; gross proceeds ≈ $400 million (2025-06-12). Q2 call references gross proceeds of $460 million; quarter-end cash and marketable securities ≈ $683 million.Shift observed: Substantial liquidity to fund licensing, fabrication, and early deployment.

People

Pat Schweiger (CTO)

• Appointment announced (2025-05-13).Shift observed: Deepens technical leadership for sodium fast reactor and high-capacity thermal initiatives.

2. New vs. Receding Entities

New Entities

ABB

• MOU and training/monitoring room commissioning.Shift observed: Clear pivot to operational readiness and digital operations.

DLA Energy / Department of the Air Force

• Notice of Intent to Award for Eielson AFB.Shift observed: Adds government-backed, long-term offtake; improves financing posture.

Vertiv

• Joint solutions for power and cooling in data centers.Shift observed: Expands value proposition and cross-sell into AI/hyperscale demand.

Lightbridge

• Fuel fabrication co-location and advanced fuel recycling from legacy materials; follow-on evaluation (2025-08-11).Shift observed: Strengthens fuel supply chain resilience.

KHNP

• Cooperation on advanced nuclear project.Shift observed: International collaboration for potential manufacturing, EPC, and know-how transfer.

Hexium (AVLIS/Atlas enrichment) and Centrus

• Mentioned on Q2 call as enrichment/fuel supply options.Shift observed: Multi-sourcing HALEU/enrichment to de-risk fuel availability.

Receding Entities

Large tech buyers referenced in 2024 calls (e.g., Amazon, Microsoft, Google, Talen)

• Not visible in 2025 documents provided.Shift observed: Communications shifted from marquee brand mentions toward concrete deployment, defense, licensing, and manufacturing partnerships.

Brokerage coverage list expansion

• Several banks named around the June offering; fewer mentions subsequently.Shift observed: Post-raise, focus returned to execution vs. capital markets messaging.

3. Financial and Quantitative Shifts

Increased/Reduced Liquidity, Burn, and Pipeline

Cash and marketable securities

• Q1 2025: $260.7 million (10-Q). Post-raise Q2: ≈ $683 million.Shift observed: Balance sheet strength materially improved after June offering; supports acceleration of CapEx into 2025 (per Q2 call).

Equity financing

• Priced offering: ≈ $400 million gross at $60.00/share (6/12/2025). Q2 call references $460 million gross proceeds.Shift observed: Potential discrepancy; the $460 million appears to include over-allotment or secondary adjustments. Treat $460 million as management commentary; base case offering PR states $400 million.

Operating loss and cash burn

• Q1 operating loss: $17.9 million; cash used in operating activities: $12.2 million. Q2 operating loss: $28.0 million; YTD cash used in operations: $30.7 million; FY 2025 guidance: $65–$80 million.Shift observed: Spend rising as programs scale; runway adequate post-raise.

Order pipeline / capacity

• 2024-11: 2.1 GW signed agreements; 2024-12: 12 GW MPA with Switch; 2025-05 (10-Q): total order book 14,100 MWe; 2025-05-27: pipeline 14 GW.Shift observed: Rapid growth in demand signals; emphasis now on converting pipeline to executable PPAs and schedules.

DoD offtake

• Eielson AFB NOITA for long-term PPA (financial terms not disclosed).Shift observed: Creditworthy anchor increases project finance viability.

Ambiguities and flags

• Q2 transcript shows “net interest income” of $3.8 billion — likely a transcription error given scale; treat as unreliable until confirmed in filings.
• Radioisotopes market size cited as $55.7 billion by 2026 (multiple docs) is an addressable market estimate, not Oklo revenue.

4. Product/Technology Development

Aurora Powerhouse and Deployment Tooling

• Digital monitoring room commissioned with ABB to train operators and simulate plant operations.
• NRC-accepted licensed operator topical report; COLA Phase 1 targeted submission in 2025; INL site characterization and interface agreement completed.Shift observed: Tangible movement from design to execution, licensing, and workforce readiness.

Integrated Data Center Energy and Cooling

• Collaborations with Vertiv (power + advanced thermal), Liberty Energy (Forte℠ gas generation + load management), and RPower (onsite gas) to bridge timelines and tailor solutions for AI/hyperscale.Shift observed: Solution-selling for near-term reliability and long-term nuclear baseload; eases interconnect/siting constraints.

Fuel Supply and Recycling

• Progress on advanced fuel recycling from legacy materials with Lightbridge; multi-source enrichment exploration (Centrus, Hexium/AVLIS).Shift observed: Strategic hedging against HALEU supply constraints; potential cost and schedule benefits.

Radioisotopes (VIPR)

• Atomic Alchemy integration; INL site characterization underway; potential for coproduct revenue streams and NTD silicon for semiconductors.Shift observed: Additional monetization paths adjacent to power generation; leverages reactor know-how.

International and Government Programs

• KHNP cooperation; DOE Reactor Pilot Program selection (with Atomic Alchemy).Shift observed: External validation and expanded technical/operational networks.

5. Relational Changes Between Entities

Strategic MOUs and Collaborations

Oklo – ABB

• MOU on digitalization/automation/electrification; Oklo’s monitoring room commissioned for operator training.Shift observed: Enhances readiness and standardizes operations across fleet.

Oklo – Vertiv

• Collaboration to develop integrated power and cooling solutions for U.S. data centers.Shift observed: Strengthens value proposition for AI/hyperscale customers.

Oklo – Liberty Energy

• Joint integrated power solution combining Aurora with Forte℠ natural gas generation; $10 million strategic investment by Liberty in 2023 noted.Shift observed: Offers phased reliability and load management; accelerates sales.

Oklo – RPower

• Partnership for onsite prime/backup natural gas generation to accelerate power availability.Shift observed: Bridges deployment timelines for data center customers.

Oklo – Lightbridge

• MOU and expanded evaluation for co-locating fuel fabrication and collaborating on advanced fuel recycling from legacy materials.Shift observed: Builds diversified fuel supply chain to support fast reactor deployments.

Oklo – Atomic Alchemy

• Acquisition closed for $25 million; VIPR reactor and isotope business integration; INL site work started.Shift observed: Diversifies revenue into radioisotopes; advances VIPR deployment path.

Oklo – KHNP

• Cooperation on advanced nuclear project; complements Oklo’s Aurora with KHNP’s i‑SMR background.Shift observed: Potential manufacturing/EPC synergies and knowledge transfer.

Oklo – DOE / INL / NRC

• Multiple touchpoints: Reactor Pilot Program selection; INL site use/characterization; NRC acceptance of operator topical report; COLA progress.Shift observed: Steady movement along federal siting/licensing milestones; de-risks first-of-a-kind project.

Oklo – DLA Energy / Department of the Air Force

• Intended award to provide power to Eielson AFB under a long-term PPA.Shift observed: Government-backed demand anchor supports financing and credibility.

Oklo – Switch (2024-12) and Equinix (2024-11, prepayment)

• Non-binding 12 GW MPA with Switch through 2044; prior Equinix prepayment of $25 million and up to 500 MW.Shift observed: Large data center demand signals; conversion to executable PPAs remains the key next step.

No relationship in this category were identified for this company based on the provided documents.