TLDR
- Oklo stock has surged 1,000% since last year, rising from $7 to about $75 per share
- The company secured major partnerships with Equinix for 500 megawatts and Diamondback Energy for 50 megawatts
- Oklo remains pre-revenue with no operational nuclear plants and lacks regulatory approval for its reactor designs
- The stock dropped 4% on Friday due to Fluor’s decision to convert and potentially sell NuScale Power shares
- Company holds $534 million in cash and acquired radioisotope producer Atomic Alchemy for $25 million
Oklo stock has delivered extraordinary returns over the past year. The nuclear energy startup has climbed from around $7 per share to approximately $75, delivering gains of nearly 1,000%.
The massive rally reflects investor enthusiasm for advanced nuclear technology. Oklo focuses on developing small modular reactors that can power AI data centers and remote locations.
The company’s market capitalization now approaches $11 billion. This valuation comes despite the fact that Oklo generates zero revenue and has no operational nuclear plants.
Strategic Partnerships Drive Investor Confidence
Oklo has secured several high-profile partnerships that fuel investor optimism. The most important deal involves data center giant Equinix, which agreed to purchase 500 megawatts of future power from Oklo’s microreactors.
The Equinix partnership includes a preorder for 20 microreactors. This agreement represents a vote of confidence from a blue-chip client in the AI infrastructure space.
Diamondback Energy also signed up to purchase 50 megawatts of power from Oklo. The company has additional partnerships with Centrus Energy for nuclear fuel supply.
In February 2025, Oklo completed its acquisition of radioisotope producer Atomic Alchemy for $25 million in stock. This deal gives Oklo access to a market expected to reach $55.7 billion by 2026.
The acquisition could provide early revenue streams before Oklo’s nuclear reactors become operational. The company currently holds about $534 million in cash and near-term liquidity.
Reality Check Hits Nuclear Sector
Oklo stock dropped 4% on Friday following news about competitor NuScale Power. Engineering firm Fluor announced plans to convert 15 million Class B NuScale shares into sellable Class A shares.
Fluor cited the need to reduce earnings volatility from its NuScale holdings. The move signals that major investors may be taking profits after massive gains in nuclear stocks.
NuScale has gained 485% over the past year, while Oklo’s 835% surge makes those returns look modest. Both companies remain unprofitable with no clear timeline to profitability.
The sector faces real challenges beyond stock price movements. Oklo has not received regulatory approval for its reactor designs, putting it behind competitors like NuScale that have cleared some regulatory hurdles.
The company expects to begin commercial operations in 2027. Until then, Oklo remains completely dependent on its cash reserves and investor confidence.
Electricity consumption is projected to grow 4% annually through 2027. This growth supports the long-term thesis for nuclear energy companies like Oklo.
However, the path from concept to operational nuclear plants remains long and uncertain. Oklo’s reactors have not been tested at commercial scale.
The company’s microreactor technology promises faster deployment than traditional nuclear plants. Installation could take weeks or months rather than the decade-long timelines for conventional reactors.
Oklo plans to use recycled nuclear fuel called HALEU, which could provide cost advantages. The company also intends to own and operate reactors rather than just sell equipment.
Fluor’s decision to prepare NuScale shares for sale highlights the paper profits at risk in nuclear stocks. Both companies trade at valuations that assume successful execution of unproven technologies.
