OKLO

1. Entity Frequency and Category Focus

Recent disclosures emphasize fuel-cycle buildout and regulatory acceleration, with increased mentions of U.S. agencies and supply‑chain partners. A new geographic focus on Tennessee complements continued Idaho execution.

Increase in Organizations

U.S. Department of Energy (DOE)

• Selected Oklo Inc. (NYSE: OKLO) for Advanced Nuclear Fuel Line Pilot Projects; multiple selections under the Reactor Pilot Program.
• Ongoing collaborations with Idaho National Laboratory (INL), Argonne National Laboratory, and Oak Ridge National Laboratory.
• DOE support aligns with Oklo’s Fuel Recycling Facility and regulatory momentum.

Shift observed: Stronger federal alignment on fuel-cycle and testing, de-risking early deployments and back-end fuel strategy.

U.S. Nuclear Regulatory Commission (NRC)

• Accepted Oklo’s Principal Design Criteria (PDC) Topical Report for accelerated review.
• Previously accepted Licensed Operator Topical Report; Phase 1 COLA submission planned this year.

Shift observed: Faster, structured licensing pathway under the ADVANCE Act, improving schedule clarity.

Tennessee Valley Authority (TVA)

• Public support for Oklo’s Advanced Fuel Center in Tennessee.

Shift observed: Regional utility support bolsters siting and grid-integration prospects for fuel activities.

Blykalla AB

• New transatlantic partner; Oklo committed approximately $5 million to co-lead Blykalla’s A2 round; potential fuel fabrication services and shared supply chain.

Shift observed: Diversifies technology options (lead‑cooled fast reactors) and strengthens supplier ecosystem.

Increase in Locations

Tennessee, USA (Oak Ridge)

• Siting of Advanced Fuel Center; first phase Fuel Recycling Facility (up to $1.68 billion).

Shift observed: Expansion from Idaho-centric execution to a dual‑hub strategy (Tennessee for fuel; Idaho for first plant).

Idaho, USA (INL)

• Groundbreaking for first Aurora powerhouse; interface and environmental milestones; ongoing borehole and flow testing.

Shift observed: Transition from planning to construction and validation.

Increase in Financial Terms

$1.68 billion — Advanced Fuel Center (Tennessee)

• Capital plan for campus; >800 jobs; early 2030s start for metal fuel production.

Shift observed: Material capex commitment to vertical integration and fuel security.

$5 million — Blykalla investment commitment

• Strategic capital to co-lead A2 round.

Shift observed: Targeted venture-style investment to accelerate complementary fast-reactor tech.

Increase in Products and Technologies

Fuel Recycling Facility / Advanced Fuel Center

• First phase announced and reinforced by DOE selection under Fuel Line Pilot Projects.

Shift observed: Accelerated closed fuel-cycle execution to supply metal fuel for Aurora.

Testing and Digitalization

• Full-scale fuel-assembly flow testing at Argonne (PELICAN); ABB-enabled digital monitoring room for operator training.

Shift observed: Evidence of engineering validation and operator-readiness workstreams.

2. New vs. Receding Entities

New Entities

Advanced Fuel Center (Tennessee) / Fuel Recycling Facility

• Up to $1.68 billion multi-phase campus; first phase focused on recycling.

Shift observed: Strategic pivot to in-house fuel-cycle capabilities and long-term cost/security advantages.

Fuel Line Pilot Projects (DOE)

• Oklo to build/operate fuel-fabrication facilities under this initiative.

Shift observed: Federal validation of Oklo’s manufacturing roadmap.

Blykalla AB

• Partnership on technology, supply chain, and potential fuel fabrication services.

Shift observed: Portfolio broadening (lead‑cooled fast reactors) and shared suppliers to lower cost and schedule risk.

Kiewit Nuclear Solutions Co.

• Lead constructor for Aurora-INL.

Shift observed: EPC capability locked-in for first-of-a-kind deployment.

ABB (Training and digital ops)

• MOU and monitoring room at HQ; support for operator licensing framework.

Shift observed: Operational readiness and digital controls emphasized for scalable deployment.

Tennessee Valley Authority (TVA)

• Public endorsement for Tennessee fuel campus.

Shift observed: Local utility engagement can streamline infrastructure integration.

Receding Entities

Amazon, Microsoft, Google (Big Tech power buyers)

• Mentioned in 2024 context; not cited in recent 2025 documents.

Shift observed: Data center demand remains core, but recent disclosures focus on execution (INL, fuel center) and new industrial partners.

Kairos, X-energy (peer developers)

• Referenced in older materials; no recent mentions.

Shift observed: Competitive landscape references gave way to Oklo-specific regulatory and supply-chain progress.

3. Financial and Quantitative Shifts

Increased/Reduced Liquidity and Capex

Capital Plan — Advanced Fuel Center: $1.68 billion

• First phase Fuel Recycling Facility in Tennessee; >800 jobs.

Shift observed: Significant capex commitment to secure fuel supply and margins; introduces execution and financing risk alongside strategic upside.

Equity Financing — $400 million vs. $460 million (June 2025)

• Public offering priced at $60.00 per share for expected gross proceeds of approximately $400 million; Q2 call cites $460 million gross proceeds.

Shift observed: Discrepancy suggests possible transcript variance/upsizing; investors should verify final prospectus figures.

Cash and Marketable Securities

• Q1: $260.7 million (3/31/2025).
• Q2 call: approximately $683 million at quarter end.

Shift observed: Post‑offering liquidity increased, supporting buildout; verify Q2 call figures due to other transcript anomalies.

Profitability and Cash Use

Operating Losses

• Q1 operating loss: $17.9 million; Q2 operating loss: $28.0 million.
• FY25 cash used in operations guided: $65–$80 million.

Shift observed: Scaling activities raising near‑term losses; guidance unchanged within prior range.

Commercial Backlog and Market Opportunity

Order Book / Pipeline

• Reported at ~14.0 GW, later 14,100 MWe.

Shift observed: Stable to slightly increased pipeline, validating demand from data centers/defense.

Data Center Agreements

• Up to 750 MWe of U.S. data-center power secured; 12 GW Master Power Agreement with Switch (non-binding).

Shift observed: Sustained hyperscale interest; revenue ramp contingent on project CODs and regulatory milestones.

Investments and Other Quantitative Items

Blykalla Investment

• Approximately $5 million commitment to co-lead A2 round.

Shift observed: Modest strategic spend for tech and supply-chain leverage.

Ambiguities/Flags

• Q2 call reports $3.8 billion net interest income — likely transcription error; treat as non‑reliable until corroborated.
• Contractor names “Queue It/KeyWit” normalized to Kiewit.

Note: Several releases provide no explicit financial terms (e.g., Argonne testing, ABB MOU), consistent with R&D/partnership disclosures.

4. Product/Technology Development

Fuel Recycling and Fabrication (Advanced Fuel Center; Fuel Line Pilot Projects)

• Launch of Tennessee Fuel Recycling Facility as first phase; modern electrochemical processes; supports metal fuel for Aurora in early 2030s.

Shift observed: Vertical integration toward a closed fuel cycle to mitigate HALEU constraints, reduce LCOE, and enhance supply security.

Reactor Validation and Licensing (Aurora at INL)

• Groundbreaking at INL; full-scale fuel-assembly flow testing via Argonne PELICAN; PDC Topical Report accepted for accelerated review; operator licensing topical report previously accepted.

Shift observed: Convergence of construction, test data, and licensing toward first-of-a-kind delivery.

Digital Operations and Training (ABB)

• Commissioned digital monitoring room for operator training and licensing-readiness; emphasizes automation and inherent safety.

Shift observed: Scaling readiness for multi-plant operations and potential type-rating efficiencies.

Transatlantic Technology Collaboration (Blykalla SEALER; Oklo Fast Reactors)

• Co-development on materials/components; potential reactor‑agnostic equipment and shared suppliers; capacity complements (55 MWe SEALER; Oklo up to 75 MWe).

Shift observed: Broader product fit for diverse site sizes; supply-chain pooling to lower cost and delivery times.

Radioisotope Production (Atomic Alchemy)

• Site characterization at INL; VIPR reactor; market opportunity cited at $55.7 billion by 2026.

Shift observed: Non-power revenue adjacency advancing in parallel, potentially smoothing cash flows ahead of fleet scale.

5. Relational Changes Between Entities

Government Selections and Regulatory Progress

Oklo — DOE — NRC — INL — Argonne — Oak Ridge National Laboratory

• DOE selections under Reactor Pilot Program and Fuel Line Pilot Projects; NRC acceptance of key topical reports; INL site agreements; Argonne testing support.

Shift observed: Strengthened institutional ecosystem around Oklo’s first-of-a-kind build and fuel-cycle strategy.

Supply Chain and EPC

Oklo — Kiewit Nuclear Solutions Co.

• Lead constructor for Aurora-INL.

Shift observed: Execution capacity in place for on-time, on-budget delivery risk mitigation.

Oklo — ABB

• MOU for digitalization/automation; deployment of monitoring room for operator training.

Shift observed: Operational excellence and licensing-readiness enhanced through industrial controls partner.

Oklo — Vertiv

• Collaboration on integrated power and thermal solutions for data centers.

Shift observed: Strengthens end-market solution stack for hyperscale customers.

International and Transatlantic Partnerships

Oklo — Blykalla AB

• Joint Technology Development Agreement; Oklo may provide fuel fabrication services; shared suppliers (e.g., Siemens, ABB).

Shift observed: Expands technology options and reduces supply-chain risk via common components.

Oklo — Korea Hydro & Nuclear Power (KHNP)

• Cooperation on advanced nuclear projects and licensing best practices.

Shift observed: Knowledge sharing and potential market access in Asia-Pacific.

Defense and Federal Procurement

Oklo — DLA Energy / Department of the Air Force

• Notice of Intent to Award for Eielson Air Force Base long-term PPA.

Shift observed: Anchors a defense revenue stream, diversifying beyond data centers.

Fuel Supply and Enrichment

Oklo — Centrus / Hexium

• Engagements noted for enrichment technologies (e.g., AVLIS/Atlas).

Shift observed: Multi-path strategy to secure enriched fuel, complementing recycling plans.

Fuel and Technology Co-Location

Oklo — Lightbridge Corporation

• MOUs to evaluate co-location of fuel fabrication and collaboration on advanced fuel recycling.

Shift observed: Potential capex/opex synergies and improved fuel availability.

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