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OKLO INC (ticker: OKLO) is a public company listed on the New York Stock Exchange, focusing on the design and deployment of compact fast neutron reactors for off-grid applications. Founded in 2013 by MIT graduates Jacob DeWitte and Caroline DeWitte, the company seeks to provide clean, reliable, and affordable energy through its Aurora reactor product line and fuel-recycling initiatives.
Corporate Structure
Headquartered in Santa Clara, California, OKLO INC employs between 51 and 200 individuals. In May 2024, the company became publicly traded through a merger with AltC Acquisition Corp., a special purpose acquisition company (SPAC) led by Sam Altman, raising $306 million in gross proceeds. On April 22, 2025, Sam Altman resigned as board chair to avoid a conflict of interest related to energy supply discussions between Oklo and OpenAI. Significant investors include Hydrazine Capital, co-founded by Peter Thiel, Dustin Moskovitz, Ron Conway, Accel Partners, and Draper Associates.
Nuclear Reactor by Frédéric Paulussen
Recent Developments and News
- April 22, 2025: Sam Altman stepped down as board chair.
- May 2025:
- Oklo signed a memorandum of understanding with Korea Hydro & Nuclear Power to advance and deploy the Aurora powerhouse globally.
- The company established a digital monitoring and training room at its Santa Clara headquarters, developed in collaboration with ABB, to support operator training and licensing preparation.
- Oklo conducted a groundbreaking ceremony at Idaho National Laboratory under the DOE’s Reactor Pilot Program, with the first Aurora powerhouse scheduled for construction in 2027.
- The company announced plans for a privately funded Advanced Fuel Center in Oak Ridge, Tennessee, intended to recycle used nuclear fuel, with an estimated investment of $1.68 billion.
- September 3, 2025: Filings with the SEC included:
- Form 8-K reporting material events (items 8.01 and 9.01).
- Prospectus on Form 424B5 amending an Equity Distribution Agreement aiming to raise up to $539.999 million in Class A common stock.
- August 11, 2025: Quarterly report on Form 10-Q covering the period ended June 30, 2025.
Financial and Strategic Analysis
As of September 25, 2025, OKLO shares closed at $109.73, reflecting a 16.35 percent decrease on a volume of 3,410,311 shares. The company’s market capitalization is approximately $19.96 billion. Key financial metrics (TTM) include:
| Metric | Value |
|---|---|
| Net income | –$56.8 million |
| Diluted EPS | –0.38 |
| Total cash (mrq) | $534.4 million |
| Total debt/equity (mrq) | 0.27 percent |
| Levered free cash flow (ttm) | –$32.3 million |
| Price/book (mrq) | 28.66 |
| Beta (5Y monthly) | 0.60 |
The August 11, 2025, 10-Q report indicates ongoing investments in research and development, capital expenditures related to the Idaho and Tennessee projects, and reported operating losses associated with early-stage commercialization. The September 3, 2025, prospectus amendment illustrates management's intention to increase capital via the Equity Distribution Agreement to support fleet deployment and fuel-recycling infrastructure.
Market Position and Industry Context
OKLO operates within the advanced nuclear technology sector, concentrating on compact fast reactors capable of functioning for up to 10 years without refueling. Its Aurora design aims to serve off-grid customers such as data centers, industrial sites, remote communities, and military bases. As of May 2025, media reports indicated that Oklo is among multiple developers collaborating with the U.S. Department of Energy to expedite the development of advanced reactors at national laboratory sites for energy supply to AI data centers. According to Fortune Business Insights, the global small modular reactor market was valued at $5.81 billion in 2024 and is projected to reach $8.37 billion by 2032, representing a compound annual growth rate (CAGR) of 4.98 percent from 2025 to 2032. Key competitors in this sector include NuScale Power and other small modular reactor developers.
tl;dr
As of September 25, 2025, OKLO shares declined by 16.35 percent to $109.73 on a volume of 3.41 million. On September 3, 2025, the company amended its Equity Distribution Agreement to raise up to $540 million. In May 2025, Oklo signed memoranda of understanding with Korea Hydro & Nuclear Power, commissioned a training room equipped by ABB, and initiated construction on its first Aurora reactor at Idaho National Laboratory, targeting commercial operations in 2027. The firm also announced a $1.68 billion Advanced Fuel Center in Oak Ridge, Tennessee, to recycle used nuclear fuel. Future efforts will focus on nationwide deployment of compact fast reactors and fuel-recycling facilities under Department of Energy initiatives.
