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Oklo Inc. (NYS: OKLO) is a Santa Clara, California–based developer of advanced fission power plants. Founded in 2013 by MIT alumni Jacob DeWitte and Caroline Cochran, the company’s flagship product is the Aurora compact fast reactor, designed to provide 15–50 MWe of energy with up to ten years of operation between refuelings. Oklo went public on May 10, 2024, via a SPAC merger with AltC Acquisition Corp., raising $306 million in gross proceeds.
Corporate Structure and Workforce
Oklo employs between 51 and 200 people across engineering, regulatory, operations, and business development functions. The company is led by co-founder and CEO Jacob DeWitte, along with an executive team experienced in the nuclear, aerospace, and technology sectors. In April 2025, OpenAI co-founder Sam Altman stepped down as Oklo’s board chair to avoid conflicts of interest ahead of potential energy supply negotiations.
Nuclear reactor by Frédéric Paulussen
Recent Developments and News
- September 3, 2025: Through an amendment to its Equity Distribution Agreement, Oklo increased its offering capacity of Class A common stock under Rule 424(b)(5) from $400 million to $540 million. Sales agents including Goldman Sachs and BofA Securities may earn up to 2.5% commissions.
- August 11, 2025: In its Q2 2025 Form 10-Q, Oklo reported cash and cash equivalents of $534.4 million, a net loss of $56.8 million (TTM), and levered free cash flow of -$32.3 million, reflecting ongoing research and development and licensing expenditures.
- September 18, 2025: In partnership with Tennessee Governor Bill Lee, Oklo announced plans to design, build, and operate a $1.68 billion privately funded advanced fuel recycling facility in Tennessee, which will process used nuclear fuel—approximately 94,000 metric tons—to produce medical and industrial radioisotopes.
- May 2025: The U.S. Department of Energy selected Oklo and its subsidiary Atomic Alchemy Inc. for three projects under its Reactor Pilot Program, with a goal of achieving criticality for at least three advanced reactors by July 4, 2026.
- May 2025: Oklo signed a memorandum of understanding with Korea Hydro & Nuclear Power to advance and deploy the Aurora design globally and commissioned a digital monitoring and training room at its Santa Clara headquarters, developed with ABB. Partnerships with Vertiv and Liberty Energy were also announced to integrate nuclear power with data-center cooling and hybrid gas-grid services.
Financial and Strategic Analysis
As of September 19, 2025, OKLO shares closed at $128.21, up 22.14% on volume of 22.1 million, giving the company an intraday market capitalization near $18.97 billion. Key metrics (TTM):
| Metric | Value |
|---|---|
| Net Income | -$56.8 million |
| Diluted EPS | -$0.38 |
| Total Cash | $534.4 million |
| Total Debt/Equity | 0.27% |
| Price/Book (MRQ) | 20.20× |
Oklo’s strategic capital raises, including the expanded equity facility, support its multi-year licensing and prototype construction schedule. The company’s no-refuel reactor technology targets off-grid power users such as data centers, remote industrial sites, and military installations. Long-term power purchase agreements with Diamondback Energy and Wyoming Hyperscale (20-year terms) reflect Oklo’s energy-as-a-service model.
Market Position and Industry Context
Oklo competes in the advanced nuclear sector, alongside small modular reactor (SMR) developers such as NuScale Power. The global small modular reactor market, valued at $5.81 billion in 2024, is projected to reach $8.37 billion by 2032 (CAGR 4.98%). Federal initiatives—including DOE pilot programs and AI data-center decarbonization projects—have accelerated licensing pathways. Oklo’s compact fast reactor design, fuel recycling capabilities, and integrated service offerings differentiate it from traditional thermal-neutron SMRs, positioning the company for deployments at DOE sites (e.g., Idaho National Laboratory in 2027) and commercial customers.
tl;dr
OKLO shares increased 22.14% to $128.21 on September 19, 2025, following new funding capacity and strategic partnerships. On September 3, 2025, the company raised its equity sale limit to $540 million; on September 18, 2025, it announced a $1.68 billion fuel recycling facility in Tennessee. The DOE selection under the Reactor Pilot Program aims for reactor criticality by July 4, 2026. Oklo reported $534 million in cash (Q2 2025) to advance its Aurora reactor deployments, with initial builds targeted for Idaho National Laboratory in 2027.
