The Company
Oklo Inc. develops advanced small-scale, fast-spectrum nuclear reactors—starting with its “Aurora” design—aimed at delivering clean, reliable, off-grid power (15–75 MWe) by using inherent safety features and recycled nuclear waste.
Financials
- Revenue: Pre‑commercial – $0 reported in TTM. oklo.com+6financecharts.com+6financecharts.com+6
- Net Loss: ‑$59.4M TTM, widening from ‑$10M (2022) to ‑$73.6M (2024).
- Operating Cash Burn: Q4 2024: ‑$13.5M; strong liquidity (~$230M cash/equivalents), zero debt. marketbeat.com
- EBIT CAGR & Revenue Growth: Flat revenue, but stock price CAGR ~376% TTM.
- Recent Performance: Q1 2025 EPS was ‑$0.07, beating estimates. public.com
TAM / CAGR
- Small Modular Reactor market: Estimated $6.4–6.0 billion in 2024, projected to grow to ~$10.9 b by 2034 (CAGR 5.5%) or $7.14 b by 2030 (CAGR 3%). av.vc+2marketsandmarkets.com+2market.us+2
- Microreactor segment: Forecast to grow from ~$544 M (2024) to ~$8.9 b by 2037 (CAGR ~19.1%). researchnester.com
- Broader nuclear-tech TAM: Goldman Sachs estimates ~$1.1 trillion by 2035. av.vc
- Recent Executive action by President Trump to accelerate Nuclear deployment to meet growing AI demands is a big tail wind.
- The executive actions clear regulatory hurdles, reduce state interference by centralizing authority over nuclear projects under the Federal.
Products
| Product / Service | Description | Approx. % of Future Revenue |
|---|---|---|
| Aurora reactor deployments | Small fast-spectrum reactors (15–75 MWe) | ~70% |
| Radioisotope production | Medical, industrial, energy applications via fuel recycling | ~20% |
| Fuel recycling & services | Recycling spent fuel into new fuel forms | ~10% |
Note: Split based on business focus; official revenue breakdown yet unavailable.
Business Model
Oklo develops, licenses, builds, and sells power via deployment of its modular reactors, targeting long-term service contracts (e.g., 10‑year+ agreements). They plan to monetize both electricity and specialty radioisotopes, supported by government grants and regulatory licensing.
Customers
- Data centers (e.g. AI hyperscalers)
- Industrial & remote communities
- Military installations
- Signed LOIs include: Diamondback Energy (Permian Basin) and “Wyoming Hyperscale” data center. marketbeat.com+5en.wikipedia.org+5en.wikipedia.org+5ft.com+2standtogether.org+2oklo.com+2
Competitors
Top competitors building similar SMR/microreactor systems:
- X‑energy – TRISO-based high-temperature gas reactor systems
- TerraPower – Advanced sodium-cooled SMRs (billions raised with DOE grants) ft.com
- Newcleo – European fast reactor developer in early-stage advanced SMRs
Main Investors
| Investor | Approx. Ownership Stake |
|---|---|
| Insiders (incl. founders & execs) | ~28–30% (US$1.9B of US$6.6B valuation) ft.com+1standtogether.org+1simplywall.st |
| Hydrazine Capital (Sam Altman/Peter Thiel) | ~10–15% |
| Dustin Moskovitz | ~5–10% |
| Ron Conway (SV Angel) | ~5% |
| Accel Partners (Kevin Efrusy) | ~5% |
| Tim Draper (Draper Assoc.) | ~3–5% |
| Others (Crunchfund, early Googlers, etc.) | ~5–10% |
*Exact percentages not publicly disclosed beyond aggregated insider and institutional estimates.
Founding History
- Co‑founded in 2013 by Jacob (“Jake”) DeWitte and Caroline Cochran, MIT graduates. stockrow.com+2en.wikipedia.org+2standtogether.org+2
- Named after the natural fission reactors in Oklo, Gabon (~1.7 billion years ago). ainvest.com+8en.wikipedia.org+8pitchbook.com+8
- Sam Altman joined as chairman in 2015 via Hydrazine Capital investment; stepped down in April 2025 amid OpenAI conflict. ft.com+3en.wikipedia.org+3en.wikipedia.org+3
- Completed SPAC merger in May 2024 via AltC Acquisition, raising ~$306M and valuing the company around $850M. en.wikipedia.org+1en.wikipedia.org+1
- First NRC licensing attempt (Aurora) was denied in Jan 2022; reapplication in progress; targeting first build at Idaho National Lab by 2027
Invest Alpha 