Tesla for advanced nuclear energy

GE for next-generation nuclear power plants

• Fission Power Plants: Oklo designs and develops advanced fission power plants for commercial-scale energy generation.
• Used Nuclear Fuel Recycling Services: The company offers services for recycling used nuclear fuel.

Oklo Inc. (OKLO) primarily sells its fission power plants and used nuclear fuel recycling services to other companies and potentially government entities, not individuals. As of early 2024, Oklo is in the early stages of commercializing its technology, and definitive operational power plant contracts with revenue streams are still being established. However, the company has publicly announced significant partnerships and letters of intent with the following prospective major customers:

• Diamondback Energy, Inc. (NASDAQ: FANG): Oklo announced a partnership with Diamondback Energy in September 2023 to explore opportunities for Diamondback to deploy Oklo's advanced fission power plants to provide clean, reliable, and cost-effective power to Diamondback's operations.
• Compass Mining: In July 2022, Oklo announced a non-binding letter of intent (LOI) to provide clean power to Compass Mining's cryptocurrency operations. Compass Mining is a private company that provides cryptocurrency mining hosting services.

• Centrus Energy Corp. (LEU)

Jacob DeWitte, Chief Executive Officer

Jacob DeWitte co-founded Oklo in July 2013 and has served as its Chief Executive Officer since inception, also holding the position of Chairman of the Board since April 2025. Before co-founding Oklo, he gained nearly 15 years of experience in the nuclear technology sector, working at organizations such as GE, Sandia National Labs, Urenco US, and naval reactor research laboratories. His expertise encompasses a variety of advanced reactor designs, including sodium fast reactors, molten salt reactors, and next-generation pressurized water reactors, as well as nuclear fuel cycle technology development and analysis. He earned his BS in nuclear engineering from the University of Florida and his SM and PhD in nuclear engineering from MIT.

R. Craig Bealmear, Chief Financial Officer

R. Craig Bealmear has served as Oklo's Chief Financial Officer since August 2023. He brings over 30 years of leadership experience from publicly traded energy companies. From April 2021 to December 2022, he was the Chief Financial Officer of Renewable Energy Group, Inc., a company that was acquired by Chevron Corporation in June 2022. Prior to that, he held several roles at BP plc for 28 years, including Chief Financial Officer — North America Downstream from March 2015 to December 2020. His experience includes developing and implementing deal structures, including joint ventures with private equity firms. He holds an MBA in Finance from The Wharton School: University of Pennsylvania.

Caroline Cochran, Chief Operating Officer

Caroline Cochran co-founded Oklo in July 2013 and has served as its Chief Operating Officer and a member of the board since its inception. She has been a founder in multiple organizations. Caroline is a former member of the U.S. Department of Energy Nuclear Energy Advisory Committee. She received a B.A. in Economics and a B.S. in Mechanical Engineering from the University of Oklahoma, and an S.M. in Nuclear Engineering from MIT.

Patrick Schweiger, Chief Technology Officer

Patrick Schweiger has served as Oklo's Chief Technology Officer since 2025. He has over 40 years of leadership experience in the energy sector, spanning both fission and fusion industries. Prior to joining Oklo, he was the head of Hedron Engineering and Consulting and served as Chief Engineer at the fusion startup, Commonwealth Fusion Systems. From 2010 to 2018, he was the Senior Vice President of Engineering and overall Design Authority at advanced reactor developer TerraPower.

Bill Goodwin, Chief Legal and Strategy Officer

Bill Goodwin is Oklo's Chief Legal and Strategy Officer, overseeing strategy, corporate development and partnerships, government affairs, and the legal team. Before joining Oklo, he held various leadership roles at Joby Aviation, including Special Projects & Strategy, and was responsible for building Joby's government affairs and legal teams.

Oklo Inc. (OKLO), a company focused on designing and developing fission power plants, faces several significant risks inherent in the advanced nuclear technology sector.

The most significant risk to Oklo's business is **regulatory approval hurdles and potential delays**. Oklo's reactor designs require approval from the Nuclear Regulatory Commission (NRC) before construction and commercial operation can commence. The company has previously faced denials for its applications due to insufficient information, indicating a challenging and stringent regulatory environment. Any setbacks or extended delays in obtaining necessary approvals could push back deployment dates, increase development costs, and prolong the period without revenue generation, thereby impacting the company's operational timeline and financial stability.

Another major risk is the **capital-intensive nature of its business and its current pre-revenue status**. Oklo operates on an "own-and-operate" model, which is highly capital-intensive, requiring substantial funding for plant deployment, estimated to be around $2.4 billion. As a pre-revenue company, Oklo is in a cash-burn phase, generating no commercial sales and relying entirely on external funding from investors to finance its operations. This financial model necessitates continuous capital raises, which can lead to shareholder dilution and negative free cash flow until at least the late 2030s.

Finally, **constraints in the High-Assay Low-Enriched Uranium (HALEU) fuel supply chain** pose a key risk. HALEU fuel is essential for Oklo's advanced reactor designs, but the domestic supply chain for this type of fuel is still in its nascent stages. Currently, the primary source of HALEU is Russia, which introduces geopolitical risks and potential supply disruptions. While Oklo has initiated steps, such as a memorandum of understanding with Centrus Energy, to secure domestic supply, scaling up HALEU production to meet the demands of Oklo and the broader advanced reactor industry will require significant investment and time. Shortages or disruptions in the HALEU supply could lead to operational delays or increased costs, affecting Oklo's ability to scale its reactor deployments as planned.

Oklo Inc. operates in two primary addressable markets: fission power plants, specifically small modular reactors (SMRs), and used nuclear fuel recycling services.

Fission Power Plants (Small Modular Reactors)

The global market for small modular reactors (SMRs) is substantial and projected to grow significantly over the next decade. In 2025, the global SMR market is estimated to be valued between approximately USD 5.8 billion and USD 7.49 billion.

Projections indicate this market will expand to a range of approximately USD 10.3 billion to USD 16.13 billion by 2032-2034, with various reports citing CAGRs between 1.6% and 9.1% during these forecast periods.

North America is a significant region within this market, estimated to hold a substantial share of the global market. The North American SMR market is valued at approximately USD 1.87 billion in 2025, and the U.S. segment is expected to grow considerably.

Used Nuclear Fuel Recycling Services

The global addressable market for nuclear fuel recycling services is also valued in billions of U.S. dollars. In 2024, this market was estimated to be around USD 2.5 billion to USD 4.53 billion.

Forecasts suggest that the global nuclear fuel recycling market is expected to reach approximately USD 3.9 billion to USD 5.73 billion by 2030-2033, with Compound Annual Growth Rates (CAGRs) ranging from 2.5% to 6.5%.

Europe is expected to lead this market, while the Asia Pacific region is also projected for rapid growth.

Oklo Inc. (OKLO) is positioned for future revenue growth over the next 2-3 years through several key drivers, primarily stemming from the deployment and commercialization of its advanced nuclear technologies and services.

1. Commercial Operation of Aurora Powerhouses: A primary driver of future revenue for Oklo will be the commercial operation of its Aurora powerhouses, which are advanced fast fission power plants. Oklo employs a "build, own, and operate" model, selling electricity and heat directly to customers through power purchase agreements (PPAs). The company is targeting the commencement of commercial operations for its first Aurora powerhouse by late 2027 to early 2028.

2. Expansion of Customer Base and Project Pipeline: Oklo has a substantial project pipeline, including a 14-gigawatt opportunity, and is actively expanding its customer engagements across various industries. A notable development is the agreement with Meta Platforms, Inc. to develop a 1.2 GW power campus in Pike County, Ohio, to support Meta's data centers. While the full deployment is targeted later, pre-construction and site characterization for this significant project are slated to begin in 2026, which could lead to initial revenue streams or prepayments within the 2-3 year timeframe.

3. Radioisotope Production and Sales (Atomic Alchemy): Oklo's Atomic Alchemy business is expected to generate early revenue from the production and sale of critical radioisotopes. This segment is projected to begin generating modest revenue starting in mid-2026. Oklo has also partnered with the U.S. Department of Energy (DOE) to deploy a Radioisotope Pilot Facility, further advancing this revenue stream.

4. Nuclear Fuel Recycling Services: Oklo is developing and advancing nuclear fuel recycling technologies to convert used nuclear fuel into usable fuel, aiming for vertical integration and a resilient domestic fuel supply chain. A planned joint venture with Centrus Energy Corp., announced in March 2026, focuses on deconversion services for high-assay low-enriched uranium (HALEU) and the advancement of related fuel-cycle technologies. This initiative is designed to expand domestic advanced nuclear fuel capacity and could contribute to revenue within the next 2-3 years by providing essential fuel services.

Share Issuance

• Oklo went public in May 2024 through a business combination with a Special Purpose Acquisition Company (SPAC), AltC Acquisition Corp., which resulted in net proceeds of $259.0 million for the company.
• In December 2025, Oklo established an at-the-market (ATM) equity program, authorizing the sale of up to $1.5 billion in Class A common stock. As of September 30, 2025, approximately $540 million had been raised through an at-the-market equity program.
• In June 2025, Oklo announced a proposed underwritten public offering of $400 million of its common stock, with an option for underwriters to purchase up to an additional $60 million, intending to use the net proceeds for general corporate purposes, working capital, capital expenditures, and potential future investments.

Inbound Investments

• Oklo received net proceeds of $259.0 million from its business combination with AltC Acquisition Corp. in May 2024.
• In January 2026, Oklo announced a partnership with Meta Platforms, which includes customer prepayments to fund the early development of a 1.2 gigawatt nuclear energy campus in Ohio.
• Oklo has secured significant federal backing through strategic partnerships with the U.S. Department of Energy (DOE) for multiple reactor pilot projects and advanced nuclear fuel line pilot projects.

Capital Expenditures

• Oklo's capital expenditures were $0.08 million in 2023 and $0.35 million in 2024, with its latest twelve months (ending September 2025) capital expenditures reaching $6.324 million.
• The company broke ground on its first Aurora powerhouse at the Idaho National Laboratory (INL) in September 2025.
• Pre-construction and site characterization for a 1.2 gigawatt nuclear energy campus in Ohio are slated to begin in 2026, with associated capital expenditures expected for its development.