Oklo (OKLO)
Oklo (OKLO) is an advanced nuclear developer building the Aurora powerhouse, a small fast-fission plant it plans to own and operate while selling the electricity, aimed mainly at AI data centers. In ETFpedia it represents the pre-revenue, milestone-driven end of the AI-electricity and nuclear theme, with no revenue yet and a sizeable net loss funded by a large cash balance.
| Ticker | OKLO |
|---|---|
| Exchange | NYSE |
| Sector | Nuclear · Advanced Reactor Developer |
| Country | United States |
| Wikidata | Q110706493 |
| Last updated | 2026-06-04 |
Next event:Next earnings · Q2 2026, estimated · Calendar-estimated from prior years; Oklo has not confirmed it. Last report: Q1 2026 on 2026-05-12. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-05-12)
Oklo is pre-revenue and remains in the development stage. In Q1 2026 it reported a net loss of $33.1 million, or $0.19 per share, with a loss from operations of $51.2 million partly offset by interest and dividend income. It ended the quarter with about $2.5 billion of cash and marketable securities after a 2025 equity program raised roughly $1.18 billion.
| Revenue | None · Pre-revenue; no commercial project operating |
|---|---|
| Loss from operations | -$51.2M |
| Net loss | -$33.1M · Loss from ops less ~$21.3M net interest/dividend income, plus tax |
| Loss per share | -$0.19 |
| Cash and marketable securities | $2.5B · $2.54B at quarter end |
| Operating cash used | -$17.9M |
Recent & upcoming events
- · Q1 2026 results.Net loss of $33.1M, or $0.19 per share; loss from operations $51.2M; about $2.5 billion of cash and marketable securities; pre-revenue. (source)
- · Aurora-INL and DOE milestones.DOE approved the Nuclear Safety Design Agreement for the Aurora-INL powerhouse; Oklo secured a site use permit at Idaho National Laboratory and was selected under the DOE Reactor Pilot Program. (source)
- · Data-center customer pipeline.Pipeline includes a 12 GW master power agreement framework with Switch and a planned 1.2 GW campus for Meta in Ohio, plus non-binding letters of intent with Equinix and others. (source)
Figures are from the Q1 2026 quarterly report (10-Q) and earnings materials. Oklo reports no revenue; it is pre-commercial. Customer pipeline figures are framework or non-binding agreements, not contracted backlog.
Figures are as of 2026-06-04 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does Oklo do?
Oklo is developing the Aurora powerhouse, a compact fast-fission nuclear plant designed for 15 to 75 MWe. Two things make it distinctive. First, the model: instead of selling reactors to utilities, Oklo intends to build, own, and operate the plants itself and sell the electricity under long-term power agreements, which is closer to an independent power producer than to a reactor vendor. Second, the customer focus: Oklo markets the Aurora as firm, around-the-clock power for AI data-center campuses and industrial sites. The company is still pre-commercial, with no plant in operation and no revenue.
Why is Oklo part of the AI electricity and nuclear SMR theme?
The thesis behind the theme is that AI is a power problem before it is anything else. The IEA projects electricity demand from data centers will more than double by 2030 (IEA, Energy and AI), and hyperscalers want clean baseload they can count on. Oklo’s pipeline maps onto exactly that demand: a 12 GW master power agreement framework with data-center operator Switch and a planned 1.2 GW campus for Meta in Ohio, plus non-binding letters of intent with Equinix and others (Oklo Q1 2026). These are frameworks and intentions rather than contracted backlog, so they signal demand but do not yet convert to revenue.
What did Oklo report most recently?
Oklo is pre-revenue, so the snapshot is about losses, cash, and milestones rather than sales. In Q1 2026 it reported a net loss of $33.1 million, or $0.19 per share, with a loss from operations of $51.2 million that was partly offset by about $21.3 million of net interest and dividend income (Oklo Q1 2026). Net cash used in operating activities was a modest $17.9 million, and the company ended the quarter with roughly $2.5 billion of cash and marketable securities after a 2025 at-the-market equity program raised about $1.18 billion. On the regulatory side, the Aurora-INL powerhouse cleared a DOE Nuclear Safety Design Agreement, Oklo holds a site use permit at Idaho National Laboratory, and it was selected under the DOE Reactor Pilot Program.
Oklo received approval from the Department of Energy for the Nuclear Safety Design Agreement for its Aurora-INL powerhouse.
What are the risks for Oklo?
- No revenue, ongoing losses. Oklo has no operating plant and earns nothing today. Its value rests on reaching first deployment, and any quarter is a loss until then.
- Regulatory timeline. The Aurora still needs to work through NRC licensing toward a combined license. Nuclear approvals are slow and can slip, which pushes first power and first revenue further out.
- Execution and capital intensity. A build-own-operate model means Oklo must finance and build plants, not just license a design, so cash burn continues for years even with a large balance sheet.
- Pipeline conversion. The headline gigawatt figures are frameworks and non-binding letters of intent. They may shrink or fall away before becoming firm, paid contracts.
Related securities, concepts & terms
- AI Electricity & Nuclear SMRsparent
- NuScale Power (SMR)sibling
Related indices & ETFs
- Akros U.S. AI Electricity SMR Index · AkrosThe underlying index for the AI Electricity & Nuclear SMR concept, which includes this company.
Frequently asked questions about Oklo
What does Oklo do?
Oklo develops the Aurora powerhouse, a small fast-fission nuclear plant designed for 15 to 75 MWe. Its model is unusual: rather than selling reactors, Oklo plans to build, own, and operate the plants and sell the electricity under long-term power agreements, aiming mainly at AI data-center campuses and industrial sites. The company is pre-commercial, so it has no power plant in operation and earns no revenue yet.
Does Oklo have any revenue, and is it profitable?
No. Oklo is pre-revenue and in the development stage, with no commercial project operating. In Q1 2026 it reported a net loss of $33.1 million, or $0.19 per share, with a loss from operations of $51.2 million (Oklo Q1 2026 10-Q). What it does have is cash: about $2.5 billion of cash and marketable securities at quarter end, which funds development while it pursues its first plant.
Why is Oklo part of the AI electricity and nuclear SMR theme?
Oklo's whole pitch is firm, around-the-clock power for AI. Its build-own-operate model and data-center pipeline, which includes a 12 GW master power agreement framework with Switch and a planned 1.2 GW campus for Meta in Ohio, tie it directly to the power demand behind the AI buildout (Oklo Q1 2026). It is the pre-revenue, milestone-driven end of the theme: the value depends on regulatory approvals and reaching first deployment.
What are Oklo's key milestones?
The near-term milestones are regulatory and site-related rather than financial. Oklo's Aurora-INL powerhouse received DOE approval of its Nuclear Safety Design Agreement, the company holds a site use permit at Idaho National Laboratory, and it was selected under the DOE Reactor Pilot Program, while it works through NRC pre-application steps toward a combined license (Oklo Q1 2026).
Sources & references
- Oklo Inc. · Q1 2026 quarterly report (Form 10-Q) and first-quarter 2026 results · Oklo Inc. / SEC EDGAR, 2026-05-12
- Oklo Inc. · FY2025 annual report (Form 10-K) · Oklo Inc. / SEC EDGAR, 2026-03-02
- Oklo Inc. · investor relations events and presentations calendar · Oklo Inc., 2026-06-04
- Oklo (OKLO) Q1 2026 earnings call transcript · The Globe and Mail / The Motley Fool, 2026-05-12
- Energy and AI · International Energy Agency, 2025-04-10
- DOE Reactor Pilot Program · US Department of Energy, 2025-08-01