Oklo Inc.
Utilities · Independent Power and Renewable Electricity Producers
Pure-play optionality on the microreactor commercialization arc:
- Aurora reactor design: sodium-cooled fast reactor, 15-50 MW per unit, designed for high site density (multi-reactor campuses).
- Build-Own-Operate revenue model - Oklo sells power, not hardware. This avoids the SMR-vendor margin compression risk; instead it captures the spread between PPA price + LCOE.
- Datacenter PPA pipeline is the visible commercial pathway - multiple hyperscaler PPA discussions in progress (specific terms undisclosed).
- NRC combined-license application progressing - regulatory progress is the rate-limiter.
Bear:
- Pre-revenue; capital-intensive build cycle. Equity dilution risk through commercial scale-up.
- NRC licensing timelines are the historical Achilles heel of SMR / advanced-reactor companies.
- Aurora design has not yet had a first commercial operation; execution risk is real.
- Competitive set: NuScale (SMR), X-energy, TerraPower, Kairos Power. Multi-vendor market means OKLO needs to land marquee design wins.
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