Oklo Inc. (OKLO) | The Buildout — AI Infrastructure
The Verdict
Oklo is building an integrated nuclear platform across power, fuel, and isotopes. Its Aurora powerhouses are fast-fission plants designed to sell baseload electricity and heat under long-term build-own-operate arrangements, with demand centered on data centers and hyperscalers that need firm power for AI infrastructure. The company also develops fuel fabrication and recycling, and uses the same nuclear capabilities for radioisotope production.
| Market Cap | — |
| Revenue (TTM) | $0M |
| Net Cash | $2.2B |
| Earnings Beats | 2 of 7 |
| P/E (TTM) | — |
| EV/EBITDA (TTM) | — |
What We Like
- Groves reached first criticality by early August 2026 after substantial construction completed in 229 days; management describes it as the fastest greenfield-to-criticality transition it is aware of for a full-scale privately funded and privately sited reactor.
- Forward power commitments total 13.2 GW across Switch's 12 GW Master Power Agreement and Meta's 1.2 GW Ohio campus.
- Meta and Equinix prepayments have already been received, according to CFO Richard Bealmear, which management frames as customer capital de-risking development.
- Fuel supply is multi-pathway: a Centrus HALEU LOI covers enough for up to five Aurora powerhouses, while the first DOE plutonium tranche is 20 tons, equivalent to 160–200 tons of HALEU.
- The Q1 balance sheet was net cash: $1,594.1 million cash and $614.5 million short-term investments as of March 31, 2026, with total debt of $2.6 million.
What We’re Watching
- First isotope revenue has slipped from possible 2026 to more likely early 2027, quietly shifting the nearest reported revenue window.
- Aurora-INL total project cost is not yet guided; the CFO indicated the company expects to narrow it through the rest of this year.
- Part 57 is not yet final; management expects the NRC rule could be usable later this year, but licensing timelines remain uncertain.
- PJM interconnection timing for Aurora-Ohio is long-lead and called out as an important watch point.
The execution thesis strengthened this quarter: Groves reached first criticality, Aurora-INL cleared its preliminary safety analysis, fuel supply became more concrete, and customer prepayments from Meta and Equinix were confirmed. The open question is whether Oklo can convert its 13.2 GW of named forward commitments and broader order book into recognized revenue while total project cost for Aurora-INL remains unguided.
Earnings
Oklo reported no revenue and no gross margin for Q2 2026. Year-to-date net loss reached $81.6 million, and year-to-date loss from operations was $124.2 million. The quarter ended with $3.0 billion in cash and marketable securities.
| Metric | Q1 FY2026 | Q4 FY2025 | Q1 FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $0M | $0M | $0M | — |
| Gross margin | — | — | — | — |
| EBITDA | −$51M | −$57M | −$18M | +187.1% |
| EPS | $-0.19 | $-0.28 | $-0.07 | +173.9% |
| Cash and marketable securities | $3.0B | $2.5B | n/a | — |
We are not building 3 isolated businesses. We are building one integrated nuclear technology platform across power, fuel and isotopes.— Jacob Dewitte, CEO, August 7, 2026
Management tone: Management's tone on the Q2 call was execution-centered and became more confident after Groves achieved first criticality, according to the supplied call intelligence. The CEO framed Groves as proof of execution, and the CFO gave direct answers on what was not yet known.
Management Guidance
Management raised FY2026 cash-flow guidance: cash used in operating activities to $120 million to $150 million, up from $80 million to $100 million, and cash used for PP&E to $400 million to $500 million, up from $350 million to $450 million. Management said the increase is not a strategy change but reflects first-of-a-kind project costs at Aurora-INL that were expensed, grid-interconnection build-out, accelerated procurement and construction, and an opportunistic fuel purchase.
Trajectory
Oklo remains pre-revenue; the source material reports no revenue, gross margin, or EBITDA to model yet. Q1 net loss was $33.1 million, and H1 net loss was $81.6 million. Operating cash outflow was $65.5 million in H1, and PP&E spend was $126.9 million; management raised full-year operating cash use guidance to $120–150 million and PP&E to $400–500 million. The trajectory is rising cash deployment ahead of any revenue, driven by Aurora-INL, fuel purchases, and grid-interconnection work.
The Model
No projection published for this company. No model projection is available for this company. The model publishes revenue and EBITDA only, and no FY+1/FY+2 projections are on file.
The model publishes revenue and EBITDA projections only where the evidence supports them. Where it does not, nothing is shown rather than an estimate.
Looking Ahead
Over the next 12 months, Oklo's path runs through the DOE plutonium allocation, PJM interconnection progress for Aurora-Ohio, a Centrus definitive agreement, and whether Aurora-INL total cost guidance is provided before year-end. The company expects A3F installation and start-up in 2027, Groves R&D isotope production in roughly 12 months, and first commercial isotope revenue from the Idaho Radiochemistry Laboratory more likely in early 2027.
- Before year-end 2026Aurora-INL total cost guidance — CFO indicated the company expects to narrow total project cost with Kiewit.
- Later this yearPart 57 usability — Management expects the NRC rule could be usable later this year.
- Early 2027First commercial isotope revenue — Idaho Radiochemistry Laboratory revenue expected more likely in early 2027.
- Roughly 12 monthsGroves R&D isotope production — R&D isotope quantities expected within roughly 12 months.
- 2027A3F installation and start-up — Fuel fabrication facility equipment installation and start-up planned 2027.
- 2028Aurora-INL start-up — First Aurora powerhouse start-up target remains 2028.
Financials
Annual Summary
| Metric | FY2024 | FY2025 | TTM | YoY |
|---|---|---|---|---|
| Revenue | $0M | $0M | $0M | — |
| Gross Margin | — | — | — | — |
| EBITDA | −$52M | −$139M | −$272M | -164.4% |
| EBITDA Margin | — | — | — | — |
| Net Income | −$72M | −$106M | −$129M | -47.5% |
| Free Cash Flow | −$39M | −$115M | −$227M | — |
| Net Cash | — | — | — | — |
Key Ratios (Trailing)
- P/E TTM—
- EV/EBITDA TTM—
- EV/Revenue TTM—
- Price/FCF TTM—
- ROIC-31.5%
The Company
Oklo is a pre-revenue advanced nuclear company organized around one integrated platform with three business lines: power, fuel, and isotopes. The power business centers on the Aurora powerhouse, a fast-fission plant designed to sell baseload electricity and heat under long-term build-own-operate arrangements. Demand is concentrated among data-center and hyperscaler customers that need firm power for AI infrastructure, including a 1.2 GW Meta campus in Pike County, Ohio and a 12 GW Switch framework.
The company operates as a vertically integrated builder-owner-operator. It is bringing fuel fabrication and recycling in-house through the A3F facility at Idaho National Laboratory and the Tennessee Advanced Fuel Center in Oak Ridge, and it acquired ARMEC and Creative Engineers to add engineering, procurement, manufacturing, and sodium/alkali-metal capability. It also operates the Groves isotope test reactor in Texas, which reached first criticality by early August 2026.
Business Segments
Competitive Landscape
The source material names Nano Nuclear Energy as the most direct competitive benchmark. Nano Nuclear has submitted a construction permit application for a KRONOS MMR prototype at University of Illinois, completed a feasibility study for up to 1 GW to a Texas AI data-center campus, and positions itself around LEU+ fuel that is commercially available today, versus HALEU constraints. Centrus is also named as a HALEU supplier and competitor in the 10-K.
- Nano Nuclear EnergySubmitted a construction permit application for KRONOS MMR prototype; feasibility study for up to 1 GW AI data-center campus in Texas; positions itself as using LEU+ fuel, commercially available today versus HALEU constraints; views Part 57 as crucial for fleet deployment.
- Centrus Energy Corp.Named as a HALEU supplier/competitor in the 10-K; also has a commercial supply LOI with Oklo for enough HALEU for up to five Aurora powerhouses with deliveries expected beginning 2029.
Supply Chain
Oklo sits between nuclear fuel suppliers and AI/data-center power buyers. It builds and operates Aurora powerhouses, with fuel from Centrus, DOE, and recycling, and customers including Meta, Switch, Equinix, and the U.S. Air Force. Vertiv directly named Oklo in its bring-your-own-power ecosystem.
More on OKLO: Earnings recap