Oklo Inc. (OKLO)

Oklo Inc. is a development-stage company, founded in 2013, that is commercializing advanced fast fission nuclear power plants, which it calls "powerhouses," to produce electricity and heat. It is also developing nuclear fuel recycling technology that can convert used nuclear fuel into usable fuel for its own powerhouses and those of others. Its technology builds on the Experimental Breeder Reactor-II, a fast fission plant the U.S. government operated for 30 years. Oklo became public on May 9, 2024, through a business combination with AltC Acquisition Corp., after which AltC took the Oklo Inc. name.

The core product line is the Aurora powerhouse, designed with embedded safety features to run on fresh, recycled or down-blended fuel and to produce 15-75 MWe, with potential to scale to 100 MWe and higher. Oklo's primary business model is to build, own and operate powerhouses and sell the energy to customers under power purchase agreements, rather than sell reactor designs. It is also building fuel capabilities, including a pilot-scale fuel fabrication facility, plans for a commercial-scale fabrication facility, and the Aurora Fuel Fabrication Facility at Idaho National Laboratory. It plans a fuel recycling facility in Tennessee as the first phase of an Advanced Fuel Center, with a roadmap of up to $1.68 billion in investment. The company is evaluating alternative fuel materials such as plutonium. Through its subsidiary Atomic Alchemy, acquired in February 2025, it is also entering radioisotope production for medical, energy, industry, defense and AI applications.

Target customers include data centers, military and government facilities, factories, industrial customers, off-grid and remote communities, commercial and institutional campuses, and utilities. Its pipeline includes a 12 GW Master Power Agreement with Switch, non-binding letters of intent with Equinix, Diamondback Energy and Prometheus Hyperscale, and a January 2026 prepayment agreement with Meta for a planned 1.2 GW power campus in Pike County, Ohio. Oklo has also been tentatively selected to supply Eielson Air Force Base in Alaska and is exploring work with the Tennessee Valley Authority. It targets deploying its first powerhouse, Aurora-INL in Idaho, in 2028.

Oklo depends on suppliers and service providers for fuel (including HALEU), steel, steam turbine generators, equipment and construction services. Kiewit Nuclear Solutions is the lead constructor for the first powerhouse. Deployment depends on regulatory approvals from the DOE and the NRC. The DOE has approved key safety documents and selected Oklo and Atomic Alchemy for three projects under its reactor pilot program, while the company works toward an updated NRC combined license application. Oklo competes with traditional large light water reactor developers and with other advanced reactor developers.