OKLO
TL;DR Overview
Core Insight: Oklo’s edge is a vertically integrated fast‑reactor platform that pairs deployable, factory‑repeatable powerhouses with in‑house fuel manufacturing and recycling, supported by accelerated federal pathways and unique access to DOE legacy fuel.
Key Opportunity: Surging AI and data center demand aligns with Oklo’s build‑own‑operate model and long‑dated PPAs, led by a non‑binding 12 GW framework with Switch, a Notice of Intent to Award at Eielson AFB, and near‑term radioisotope sales from Atomic Alchemy.
Primary Risk: Execution through a first‑of‑kind licensing and fuel‑cycle regime—spanning DOE authorizations, NRC topical reviews, and large-scale fuel recycling—remains the dominant long‑lead risk.
Urgency: The company broke ground at INL, secured DOE Fuel Line Pilot selections and an INL fuel‑fabrication safety design agreement, and ended Q3 with about $1.2 billion in cash; NRC’s draft evaluation of Oklo’s design criteria is expected in early 2026, and Atomic Alchemy targets operations by mid‑2026.
1. Executive Summary
Oklo is transitioning from design to execution on a compact, sodium‑cooled fast‑reactor fleet with a business model built on selling energy, not plants. The company broke ground on its Aurora‑INL powerhouse in September 2025 and reports major long‑lead procurements and site earthworks underway. Management is targeting initial commercial operations between late 2027 and early 2028, with a regulatory strategy that blends DOE authorization for near‑term buildout and NRC licensing designed for repeatability through accepted topical reports. On the fuel front, Oklo was selected by DOE to build and operate three facilities under the Advanced Nuclear Fuel Line Pilot Projects, received DOE approval of the Nuclear Safety Design Agreement for its INL Aurora Fuel Fabrication Facility, and launched a privately funded Advanced Fuel Center in Tennessee with planned investment up to $1.68 billion. The company also expanded collaborations with INL to generate in‑reactor data from Aurora‑INL to accelerate fuel/materials qualification and cost reduction.
Financially, Oklo reported a Q3 operating loss of $36.3 million, net interest income of $7.1 million, and loss before taxes of $29.2 million, ending the quarter with approximately $1.2 billion in cash and marketable securities. Year‑to‑date adjusted operating cash use was $48.7 million, with full‑year guidance of $65–$80 million, indicating a substantial liquidity buffer relative to current burn. Commercial traction is anchored by a non‑binding master agreement with Switch for up to 12 GW, a Notice of Intent to Award for Eielson Air Force Base, and expanding alliances with data center and industrial partners to bridge immediate loads and transition to nuclear baseload. The near‑term revenue wedge is expected from Atomic Alchemy’s pilot facility by mid‑2026, while the flagship Aurora‑INL unit remains the proving ground for Oklo’s fast‑reactor fleet and in‑reactor materials testing program.
2. Trading Analysis
The company strengthened its balance sheet through mid‑2025 equity offerings, including a June transaction priced at $60 per share, and now reports roughly $1.2 billion in cash and marketable securities. With guided 2025 operating cash use of $65–$80 million and meaningful quarterly interest income, Oklo’s liquidity profile provides a multi‑year runway for construction, fuel‑cycle infrastructure, and licensing. Trading is likely to be catalyst‑driven: investors will focus on progress at the INL site, DOE Fuel Line Pilot execution milestones, and NRC milestones, particularly the early‑2026 draft evaluation of Oklo’s Principal Design Criteria topical report. Additional near‑term attention will center on the Atomic Alchemy pilot facility’s path to mid‑2026 operations and any conversion of large commercial frameworks (such as the Switch agreement) into binding commitments. The absence of reported revenue to date, the first‑of‑kind nature of the Tennessee recycling facility, and the timing of the Aurora‑INL combined license phases may introduce volatility. Detailed valuation metrics and current share performance were not provided in the source materials.
3. Team Overview & Governance
Oklo’s leadership emphasizes regulatory innovation and industrial execution. Co‑founder and CEO Jacob DeWitte also serves as Chairman following Sam Altman’s departure from the board, signaling continuity of vision with increased founder oversight. The addition of industry veterans Daniel Poneman and Michael Thompson to the board enhances depth in nuclear policy and technology financing following the departure of Chris Wright upon his confirmation as U.S. Secretary of Energy. The company appointed Pat Schweiger as CTO, bringing more than four decades of experience with sodium‑cooled fast reactors and power systems scaling. The CFO role is held by Craig (Richard) Bealmear, who highlighted disciplined cash use and the contribution of interest income to offset operating losses.
Governance reflects an integrated operating approach: Oklo seeks NRC approval of a product‑based operator licensing framework to license operators to the Aurora design, enabling centralized monitoring of multiple plants. The company has formalized collaborations with INL and DOE across siting, interface protocols, and in‑reactor materials testing, reinforcing a culture of regulated execution. Details on board committee composition, compensation policies, and internal controls were not included in the source materials.
4. Business Model
Oklo intends to build, own, and operate Aurora powerhouses and sell electricity under long‑term power purchase agreements. This model compresses time‑to‑revenue by centralizing design, construction, operations, and licensing into a repeatable template supported by NRC topical reports and DOE authorization pathways. The company is targeting energy‑intensive customers—hyperscale and colocation data centers, defense installations, and industrial loads—where baseload reliability and power density can command premium, multi‑decade contracts. Commercially, Oklo has a non‑binding Master Power Agreement with Switch to pursue up to 12 GW, a Notice of Intent to Award at Eielson Air Force Base, and alliances with Vertiv, RPower, and Liberty Energy to provide integrated power and cooling solutions and to bridge immediate demand with natural gas generation ahead of Aurora commissioning.
A second revenue pillar is nuclear fuels and materials, where Oklo is executing DOE‑selected Fuel Line Pilot Projects to stand up three fuel‑fabrication facilities, including the A3F at INL, and is developing a privately funded Advanced Fuel Center in Tennessee to recycle used nuclear fuel into metal fuel for fast reactors in the early 2030s. The company is also positioning radioisotopes as a third pillar via its Atomic Alchemy subsidiary, which targets mid‑2026 pilot operations and lab‑scale sales in a market projected to grow substantially. Together, these pillars—power sales, fuel cycle, and radioisotopes—aim to reinforce a vertically integrated model that reduces lifecycle cost, de‑risks supply, and expands addressable markets.
5. Financial Strategy
Oklo’s financial strategy is to maintain outsized liquidity relative to burn while front‑loading critical project and fuel‑cycle investments. In Q3 2025, the operating loss was $36.3 million, including $9.1 million of non‑cash stock‑based compensation; net interest income of $7.1 million highlighted the benefit of a large cash balance that stood near $1.2 billion at quarter‑end. Management reiterated full‑year operating cash use of $65–$80 million, consistent with earlier guidance, and indicated the ability to accelerate modest capital expenditures without exceeding that range.
Capital allocation is focused on: advancing Aurora‑INL construction with Kiewit Nuclear Solutions as EPC partner; completing DOE authorization steps for initial core fabrication at A3F; maturing the Tennessee Advanced Fuel Center with planned private investment up to $1.68 billion and ongoing NRC pre‑application engagement; and scaling Atomic Alchemy’s pilot and commercial isotope facilities. The company is also funding supply‑chain readiness through targeted procurements (e.g., sodium pumps, handling systems, reactor trip systems) and select strategic investments (e.g., a proposed ~$5 million co‑lead in Blykalla’s round) to secure cross‑border components and expertise.
Revenue has not yet been recognized from power sales. Near‑term sales are expected from Atomic Alchemy as its pilot facility becomes operational by mid‑2026, with long‑term revenue driven by PPAs as Aurora units enter service beginning late 2027 to early 2028. Specific PPA pricing, contract tenors, and funding structures beyond the Switch framework and Eielson Notice of Intent were not disclosed.
6. Technology & Innovation
Oklo’s Aurora is a compact, sodium‑cooled fast reactor designed to deliver up to approximately 75 MWe with high power density, long fuel cycles, and factory‑repeatable modules. The company is using DOE and National Laboratory infrastructure to compress the design‑build‑learn cycle: full‑scale fuel‑assembly flow testing at Argonne’s PELICAN loop validated thermal‑hydraulic models and informed manufacturing parameters; an expanded MOU with INL will use Aurora‑INL as an in‑reactor irradiation platform to generate fast‑neutron data under commercial conditions, with analysis at INL’s Materials and Fuels Complex to refine fuel manufacturing and recycling.
Regulatory innovation is embedded in Oklo’s technology plan. NRC accepted the company’s Principal Design Criteria topical report under an accelerated schedule, targeting a draft evaluation in early 2026; the company intends these criteria to be referenced across future applications, avoiding re‑review. NRC also accepted a product‑based operator licensing framework aimed at licensing to the design rather than to individual facilities, enabling centralized operations. On the digital side, an ABB‑equipped monitoring room anchors operator training, simulation, and licensing preparation, with the goal of safe, efficient fleet deployment.
On the fuel cycle, Oklo is progressing a closed‑loop strategy—A3F core fabrication at INL using recovered EBR‑II fuel; a Tennessee recycling facility to produce metal fuel in the early 2030s; and strategic collaborations with Lightbridge, Blykalla, and newcleo that contemplate co‑located fabrication, component supply, and, if permitted, repurposing surplus plutonium consistent with U.S. safety and security requirements. Details on core performance metrics, levelized cost of energy, and target capacity factors were not included in the source materials.
7. Manufacturing & Operations
Execution is underway at INL following the September 22, 2025 groundbreaking. Oklo reports active earthworks and excavation, major equipment procurements, and completed full‑scale flow testing of prototypical fuel assemblies. Kiewit Nuclear Solutions is the lead constructor under a Master Services Agreement to support design, procurement, and construction with an emphasis on standardized, repeatable processes. Management emphasizes that under DOE’s Reactor Pilot Program authorization pathway, full operating approvals are not required to finalize construction steps, which is intended to reduce idle time without compromising safety.
Fuel manufacturing stands up in parallel. DOE approved the Nuclear Safety Design Agreement for the A3F fuel‑fabrication facility in under two weeks, marking the first NSDA under the Fuel Line Pilot Projects. Oklo plans three fuel‑fabrication facilities under this program to secure supply for initial deployments. The Tennessee Advanced Fuel Center’s first phase—a fuel recycling facility—targets early 2030s metal‑fuel production pending regulatory approvals. To support manufacturing readiness, Oklo is building a cross‑border supply chain via agreements with Blykalla and newcleo, and it continues targeted procurements for in‑vessel and ex‑vessel handling, sodium pumps, the reactor trip system, and fuel assembly nozzle fabrication. Workforce scaling is anticipated, with INL construction expected to create roughly 370 jobs and 70–80 long‑term operational roles for the powerhouse and A3F. Detailed per‑unit capex, unit cost targets, and fabrication throughputs were not disclosed.
8. Regulatory & Market Access
Oklo’s regulatory path combines DOE and NRC processes to accelerate first‑unit delivery and enable repeatable licensing. The company is participating in DOE’s Reactor Pilot Program with three projects—two led by Oklo and one by Atomic Alchemy—and asserts that DOE authorization can allow construction and initial operations to inform NRC licensing without delaying buildout. NRC accepted Oklo’s Principal Design Criteria topical report for accelerated review, with a draft evaluation expected in early 2026, and has accepted the product‑based operator licensing framework. Oklo completed NRC’s Phase One pre‑application readiness assessment for its Aurora‑INL combined license application and indicated intent to file Phase One in early Q4 2025; subsequent confirmation of the filing’s completion was not provided in the source materials.
Market access is anchored in high‑growth power demand from AI and data centers and in defense energy resilience. Oklo’s non‑binding Master Power Agreement with Switch contemplates up to 12 GW of advanced nuclear power; the company also announced a Notice of Intent to Award for Eielson Air Force Base to design, construct, own, and operate a plant under a long‑term PPA. Partnerships with Vertiv address integrated power and thermal solutions for hyperscale and colocation sites; RPower and Liberty Energy provide phased and hybrid models that meet immediate loads while Aurora units come online. On the fuel side, Oklo is exploring collaboration with TVA to recycle used fuel and assess future power sales. Radioisotopes represent an additional access vector, with Atomic Alchemy beginning site work at INL and targeting mid‑2026 pilot operations and near‑term lab‑scale revenue. Specific pricing, binding PPA volumes, and offtake terms were not disclosed.
9. Historical Context
Oklo entered 2025 with a site‑use permit at INL and a DOE award granting access to EBR‑II recovered fuel for its initial core, the first such awards to a commercial advanced fission plant. In December 2024, the company signed a non‑binding 12 GW Master Power Agreement with Switch, positioning the platform for data‑center growth. During 2025, Oklo acquired Atomic Alchemy for $25 million in stock to establish a domestic radioisotope supply chain, completed INL site characterization and environmental interfaces, and advanced NRC readiness. Leadership evolved as Sam Altman stepped down from the chair, with CEO Jacob DeWitte assuming the role; new directors Daniel Poneman and Michael Thompson joined following Chris Wright’s departure to lead the Department of Energy.
Mid‑year, Oklo raised public equity and subsequently reported a substantial increase in cash and marketable securities. The company then broke ground at INL in September 2025, announced the Tennessee Advanced Fuel Center with planned investment up to $1.68 billion, and was selected for DOE’s Fuel Line Pilot Projects to build three fuel‑fabrication facilities. Across the fall, Oklo completed full‑scale fuel assembly flow testing at Argonne, secured rapid DOE approval of the A3F safety design, expanded its INL R&D collaboration for in‑reactor irradiation using Aurora‑INL, and deepened transatlantic partnerships with Blykalla and newcleo to stabilize the advanced fuel ecosystem, including potential repurposing of surplus plutonium under U.S. oversight. Through Q3, Oklo maintained cash‑use discipline while moving from design to execution, with NRC’s draft evaluation of its Principal Design Criteria slated for early 2026 and the Aurora‑INL powerhouse targeted for initial operations between late 2027 and early 2028.