Oklo (OKLO -4.31%), a developer of microreactors for nuclear power plants, went public through a merger with a special purpose acquisition company (SPAC) on May 10, 2024. Its stock opened at $15.50 per share, reached a record high of $174.14 on Oct. 14, 2025, but it now trades at about $38. It was difficult to value because it had neither deployed its first commercial reactors nor generated any meaningful revenue yet.
Nevertheless, analysts expect Oklo’s revenue to rise to $2 million in 2026, $8 million in 2027, and $53 million in 2028 as it finally brings its first Aurora Powerhouse reactors online. Let’s review Oklo’s strategy for those reactors — and how they could shake up the resurgent nuclear industry.
Image source: Getty Images.
Why could the Aurora be a game changer?
Oklo’s Aurora microreactor is much smaller than conventional nuclear reactors. It generates only 1.5 MWe on its own, but it’s designed to be deployed alongside additional microreactors to build smaller nuclear plants capable of generating up to 75 MWe.
That’s not much power compared to a conventional nuclear power plant, which typically generates over 1,000 MWe. However, the Aurora’s modular design enables the construction of nuclear power plants in remote, off-grid areas with challenging terrain. They’re also prefabricated in factories, making them cheaper to deploy and reducing construction time.
That’s an appealing option for data center operators constrained by traditional power grids. Their smaller design also makes them safer because they’re easier to shut down.
Today’s Change
(-4.31%) $-1.71
Current Price
$37.94
Key Data Points
Market Cap
Day’s Range
$37.51 – $40.30
52wk Range
$34.38 – $193.84
Volume
7.4M
Avg Vol
9.9M
Gross Margin
-2347.11%
The Aurora uses metallic uranium fuel pellets, which are denser, have higher thermal conductivity, and are cheaper to produce than the uranium dioxide fuel pellets used in conventional reactors. The Aurora only needs to be refueled about once per decade because it recycles and reprocesses its pellets in a closed loop. Conventional reactors, which can’t recycle their nuclear waste, still need to be refueled in stages every two years.
Oklo will directly manage its own plants and sell its power as a “behind the meter” (BTM) service to its customers. That business model bypasses traditional utilities and delivers electricity more quickly to the power-hungry cloud infrastructure and AI markets.
What is Oklo’s roadmap for the next few years?
The biggest near-term catalyst for Oklo will be the deployment of its first Aurora Powerhouse microreactors (configured at 15-50 MWe) in Idaho in late 2027 or early 2028.
It took several major steps toward that goal this year. The Nuclear Regulatory Commission (NRC) approved Oklo‘s Principal Design Criteria for the Aurora in June, and it achieved criticality (a controlled, self-sustaining nuclear chain reaction) at Groves One, its first pilot isotope-production reactor, in early August. It also deployed Groves One in just 229 days, marking the fastest construction of a U.S. non-military reactor in recent history.
Oklo’s partnership with Meta Platforms (META -1.45%), which was announced this January, aims to deliver 1.2 GW of power at its nuclear campus in Ohio. The initial phases of that project should come online around 2030. It’s also working to convert its multi-gigawatt pipeline of non-binding letters of intent (LOIs) and pre-agreements (including a massive 14 GW agreement with Switch) into firm Power Purchase Agreements (PPAs).
To support that expansion, Oklo signed an LOI to purchase a steady supply of HALEU (High-Assay Low-Enriched Uranium) from Centrus Energy (LEU -3.05%). Since Centrus is one of the only companies authorized to produce and enrich HALEU in the United States, that partnership should protect Oklo from future overseas supply chain disruptions.
But is Oklo worth its premium valuation?
With a market cap of $7.4 billion, Oklo already trades at 139 times its 2028 sales. Any delays for its Idaho project could easily deflate that high price-to-sales ratio.
The International Atomic Energy Agency (IAEA) recently predicted that global nuclear capacity could triple by 2060, leaving plenty of room for Oklo to grow over the next few decades if it successfully scales its business. But it also faces competition from other microreactors and small modular reactors (SMRs), which are larger but also target the AI power market.
Oklo might be worth nibbling on today, but it’s still a risky, speculative stock that has a lot to prove. Investors should carefully evaluate its core strategies before buying any shares.
