Oklo: A Small Reactor, A Large Question

Now, Oklo (OKLO 7.95%). A company attempting to solve the rather pressing problem of, well, power. And not just any power, but the kind that doesn’t involve, shall we say, enthusiastically dismantling the planet. Last year saw its stock price perform a rather impressive, if slightly alarming, ascent – 238% upwards. At one point, it was flirting with a 700% increase. Which, when you think about it, is a lot. Like, a lot of percentage points. (One wonders if the accountants had to invest in larger calculators.)

This wasn’t entirely accidental. A confluence of factors – a surprising surge in pro-nuclear sentiment, some remarkably lucrative deals, and a general sense that things could be different – propelled Oklo to a peak valuation. It’s currently trading about 60% below that peak, which is where things get interesting. Markets, you see, are rarely logical. They’re more like particularly excitable schools of fish. The question now is whether this is a temporary dip, or a sign that the whole venture is about to gently…submerge.

What Exactly Is Oklo Doing?

Oklo’s core offering is small, modular nuclear reactors – they call them Aurora powerhouses. The idea is to provide a dedicated, on-site power source, particularly for energy-intensive operations like data centers. (Data centers, incidentally, are the modern equivalent of vast libraries, only instead of books, they store cat videos. Progress, eh?) This solves a significant problem for data center operators: the constant need for vast amounts of reliable, consistent power. It’s a bit like trying to feed a perpetually hungry beast, except the beast runs the internet.

Oklo is, as yet, a pre-revenue company. They haven’t actually built a fully functioning reactor yet. But they’ve made significant strides, securing crucial partnerships, most notably with the U.S. Department of Energy (DOE). The DOE, it seems, is rather keen on small modular reactors. (One suspects they’ve run the numbers on the long-term costs of not having them.) In September 2025, they broke ground on their first Aurora powerhouse at the Idaho National Laboratory. A significant milestone, assuming they can find enough qualified plumbers.

They’ve also been selected for several DOE pilot programs, including one focused on advanced nuclear fuel. This is where things get really interesting. Oklo’s reactors can run on repurposed nuclear fuel – essentially recycling waste. Which, from a cosmic perspective, is rather clever. It’s like turning yesterday’s problems into tomorrow’s solutions. (Although, one does wonder what happens when those solutions become problems themselves. It’s a loop, really.)

In January 2026, the DOE selected Oklo to build a medical radioisotope pilot facility. Radioisotopes are used for diagnosing and treating diseases, and currently, most of them are produced… elsewhere. Bringing that production back to the U.S. is, shall we say, strategically sensible. It’s a bit like deciding to bake your own bread instead of relying on a potentially unreliable supply chain. (Especially if that supply chain involves spaceships.) They also secured $1.68 billion to build a fuel recycling facility in Tennessee and a $2 billion partnership with a French company to build fuel fabrication facilities. A substantial amount of investment, suggesting someone believes in the long-term viability of this venture.

So, Is Oklo a Buy?

Oklo kicked off 2026 with a rather large deal: a partnership with Meta to develop a 1.2 gigawatt nuclear energy campus in Ohio to power their data centers. Meta will prepay for the construction, which is… convenient. It validates Oklo’s technology and provides a significant financial boost. It’s a bit like having a very large, very reliable customer place a substantial order before you’ve even finished building the factory.

However, the stock price has retreated 60% from its all-time high. Profit-taking, you see. Investors taking their winnings and moving on. This pullback could present an opportunity. Especially given the strong federal backing under the current administration’s pro-nuclear energy policies. (One hopes they’ve considered the potential for unforeseen consequences. It’s always the unforeseen consequences that get you.) If Oklo can achieve criticality – that crucial point where the reactor becomes stable and self-sustaining – at its pilot reactors by July 4th, 2026, as targeted by the DOE, the stock price could resume its upward trajectory. It’s a rather ambitious target, of course. But then, building a miniature star on Earth is rarely a simple undertaking.

2026-02-04 18:32

What Exactly Is Oklo Doing?

So, Is Oklo a Buy?

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