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The themes Oklo is part of, the highest-graded companies in its industry, and the companies in its sector whose grade rose recently.
Highest-graded in Utilities Independent Power Producers
Graded A or B and worth $2B or more: A first, then the largest.
CEGConstellation Energy Corporation$100BA+
VSTVistra Corp.$45.6BB+
NRGNRG Energy, Inc.$20.6BB
TLNTalen Energy Corporation$16.8BB-
KENKenon Holdings Ltd.$3.2BB
Grade rose recently in Utilities
Rose to A or B on a filing in the last 90 days, worth $2B or more: largest first.
- CEGConstellation Energy CorporationNov 9, 2026BAGraded B, now A
- VSTVistra Corp.Nov 9, 2026CBGraded C, now B
AESThe AES CorporationNov 3, 2026CBGraded C, now B
KEPKorea Electric Power CorporationSep 15, 2026CAGraded C, now A
How it makes money
- Nuclear engineering and technical services
Competes with
- TerraPower
What it sells6
Aurora powerhouses
Small fast-fission nuclear plants designed to generate electricity and heat for customers such as data centers, government facilities, factories, and utilities. Oklo plans to own and operate them and sell the energy, rather than sell the plant design.
Nuclear fuel recycling
Technology and planned facilities to process used nuclear fuel into usable fuel for fast reactors.
Nuclear fuel fabrication
Facilities being developed to make reactor fuel, including fuel made from recovered nuclear material.
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Radioisotopes
Radioactive materials intended for medical, research, industrial, energy, and defense uses. Oklo has a licensed laboratory for processing and supplying certain materials and is developing production facilities.
Nuclear engineering services
Engineering, precision machining, prototyping, chemical-process engineering, and technical services for nuclear industry customers.
Pluto
A reactor system being developed to use plutonium-bearing fuel.
Who buys it5
- Government agencies and commercial companies that buy nuclear engineering, design, research, and related technical services under contracts.
- Meta Platforms has a prepayment agreement connected to a planned Ohio power campus for its data centers; this is not yet a power purchase agreement.
- Switch signed a master power agreement, while Equinix, Diamondback Energy, and Prometheus Hyperscale have signed non-binding letters of intent. These arrangements do not by themselves mean that Oklo is already delivering power to them.
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- Potential buyers of future electricity and heat include data centers, military and other government facilities, factories, industrial sites, remote communities, campuses, and utilities.
- Potential buyers of radioisotopes include medical, research, energy, industrial, and defense customers.
What it stands on, and what could break it
What the business leans on
- 1Power plant construction and operation depend on approvals and oversight from the U.S. Department of Energy and the Nuclear Regulatory Commission; the required licensing and review steps are not complete for all projects.
- 2Reactor plans depend on access to fuel, including high-assay low-enriched uranium, recovered nuclear material, or other government-authorized fuel, as well as the facilities needed to make and recycle it.
- 3Construction depends on suppliers and contractors for fuel, steel, reactor parts, turbines, engineering, and construction work.
- 4The business depends on customers moving from preliminary arrangements to binding power purchase agreements and, eventually, taking delivery of electricity or heat.
What could go wrong
- 1Oklo has not yet built or operated a commercial powerhouse or signed a binding power purchase agreement to deliver electricity or heat; regulatory delays or failure to obtain approvals could prevent or postpone commercial operations.
- 2The first power plants and new fuel-making and recycling facilities could take longer or cost more than planned because they involve complex construction, specialized suppliers, and uncertain fuel availability and costs.
- 3Several prospective customer arrangements are non-binding or do not yet require power delivery. If customers do not proceed, or demand for nuclear electricity develops more slowly than expected, Oklo may not secure enough projects to support its planned business.
About Oklo Inc.
Oklo currently earns revenue from engineering, design, licensing support, research, and other technical services for government and commercial customers. Its planned main business is to build, own, and operate small fast-fission nuclear plants and sell the electricity and heat they produce under power purchase agreements. It is also developing ways to turn used nuclear fuel into reactor fuel and to produce radioisotopes. In August 2026, its low-power isotope test reactor achieved a self-sustaining nuclear chain reaction; its commercial power plants have not yet begun operating.
- Head office
- Santa Clara, California
- Founded
- 2013
- Employees
- 207 (December 31, 2025, medium)
- Listed on
- NYSE
- Financial year ends
- December 31
Built from Oklo Inc.’s own filings with the U.S. Securities and Exchange Commission (SEC). Figures are as reported, with per-share history restated onto today’s share basis. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.
