Oklo Inc. drew fresh investor scrutiny after its shares dropped to a new 52-week low, as the nuclear developer pushed reactor projects forward while markets weighed its valuation, funding needs and route to commercial power generation.
The stock closed at $34.57, down 6.11% for the day, with an intraday low of $33.70.
Its enterprise value was reported at $3.97 billion, based on a $6.43 billion market capitalization and $2.46 billion in net cash.
Reactor Progress Meets Cost Questions
Oklo is developing sodium-cooled fast reactors, including its Aurora design, which is intended to deliver long-duration electricity without frequent refueling.
The company is targeting small nuclear reactors for customers seeking continuous clean power.
A preprint study cited in coverage examined small modular reactor economics and warned that operating costs could offset lower construction expenses.
"SMRs are uneconomical primarily because investment cost reductions are offset by increased marginal costs," the study stated.
Oklo has also reported progress on its reactor and fuel initiatives.
Its Groves isotope reactor reached first criticality in August 2026, while the Department of Energy approved the preliminary safety analysis for the Aurora INL project.
Financing Model and Fuel Supply
CEO Jacob DeWitte said the company is exploring financing structures to reduce the amount of capital it directly commits to deployments.
"Third-party capital could fund a greater share of powerhouse deployment," DeWitte said.
He also discussed how customer-backed financing could affect future projects.
Oklo has a reported 14 GW commercial pipeline, including a 12 GW agreement with Switch.
"Over time, this model could reduce the amount of direct capital Oklo must invest per deployed megawatt," DeWitte said.
The company has continued raising capital while building its projects.
It signed a $1 billion at-the-market share issuance program on September 11, while analysts projected continued negative free cash flow through 2030.
Chief Financial Officer Craig Bealmear discussed customer payments already received by the company during an earnings call.
"We've already had the Meta payment. We've had the Equinix payment," Bealmear said.
Fuel availability remains a key issue for future Aurora deployments.
Oklo's letter of intent with Centrus Energy covers up to five Aurora powerhouses, with deliveries expected to begin in 2029, though a final agreement has not been signed.
Interest in nuclear developers has increased following major technology companies seeking long-term carbon-free electricity supplies for data centers.
Oklo's next milestones include continued Aurora reviews and further financing arrangements.
