Nuclear power is on the cusp of a remarkable **renaissance**, and at the forefront of this movement is **Oklo**, a next-generation nuclear power company that is redefining atomic energy for our AI-driven age.
If you’re in the market for a **high-growth stock** with a technological edge, Oklo may be the **nuclear option** you’re seeking. Since its inception in 2013 by MIT alumni Jacob DeWitte and Caroline Cochran, Oklo has rapidly garnered attention, particularly after its public debut in May 2024 through a merger with AltC Acquisition Corp., led by OpenAI CEO Sam Altman. (Interestingly, Altman stepped down as Oklo’s chairman just a few months later.)
**Oklo’s mission** is ambitious yet clear: to develop **compact, next-gen nuclear reactors** that are not only efficient but also “walk-away safe,” converting recycled nuclear waste into clean, reliable energy. Their first commercial reactor is slated to be operational by late 2027 or early 2028. With exciting stock performance—**up 190%** in 2025 alone, and **564%** over the past year—despite having no reported revenue—it’s a compelling time to assess whether this stock should be part of your portfolio.
Image source: Getty Images.
Right Time, Right Tech
The landscape for **nuclear energy** is shifting. In May, the Biden administration issued a series of executive orders aimed at boosting domestic nuclear production with the goal of **quadrupling capacity** by 2050. These orders stress the importance of **AI-ready power infrastructure**, recycling spent nuclear fuel, and expediting the licensing of advanced nuclear reactors—all areas where Oklo excels.
In fact, Oklo has secured a site use permit from the Department of Energy to build its first microreactor at the **Idaho National Laboratory** and has an agreement to use recycled nuclear fuel as a uranium source. This positions Oklo perfectly to capitalize on a sector flush with political support.
Although the technology isn’t brand-new, it is *well-proven*. Oklo’s reactor design is modeled after the **EBR-II (Experimental Breeder Reactor-II)**, which operated safely for 30 years. The EBR-II showcased that fast reactors can utilize nuclear waste as fuel, operate safely under adverse conditions, and run for long stretches without refueling—qualities that Oklo aims to replicate in its microreactors, with claims of up to **20 years** without refueling. This strong foundation should fuel investor confidence in Oklo’s potential.
A Vertically Integrated Nuclear Ecosystem
What sets Oklo apart is its unique **build-own-operate model**. Instead of simply selling reactors to utilities, Oklo plans to construct, own, and operate its microreactors, selling electricity directly to consumers through long-term power-purchase agreements. This strategy not only ensures **recurring revenue** but also provides greater control over project deployments and a smoother regulatory approval process.
Additionally, Oklo has recently expanded its revenue streams by acquiring **Atomic Alchemy**, a subsidiary focused on producing high-demand radioisotopes for use in various sectors, including medicine and national defense. This move taps into a market projected to be worth nearly **$60 billion**, showcasing the versatility of Oklo’s core reactor technology.
In essence, Oklo isn’t merely constructing reactors; it is establishing a **holistic nuclear ecosystem**—addressing everything from power generation to isotope production—aimed at meeting the **insatiable energy demands** of today’s AI data centers.
Is Oklo Stock a Buy Now?
With its promising prospects, Oklo stands as both an **AI play** and a **clean energy play**. Tech giants like **Meta** and **Microsoft** have made commitments to nuclear energy for their future data centers, further bolstering Oklo’s growth story.
However, caution is warranted. Oklo remains a pre-revenue company, currently trading at a **price-to-book (P/B) ratio** of **32.15**, which is considerably high compared to peers like **Constellation Energy (7.4)** and **NuScale (7.3)**.
In my view, Oklo’s current **valuation** leans into a **danger zone** rather than a buy zone.
OKLO Price to Book Value data by YCharts
Even with the federal push to expedite advanced reactors, **policy support** does not guarantee swift regulatory approvals or immediate revenue. The complexities of Oklo’s plan to build, own, and operate its microreactors could introduce **delays**, creating additional challenges along the way. The risk of **dilution** is ever-present; Oklo recently announced a **$400 million secondary stock offering**.
For now, I’ll keep Oklo on my **watch list**. I’m excited about their technology, but a more defined path to **commercialization** and **revenue** will be crucial before I consider adding this stock to my portfolio.
