Oklo (OKLO)
Develops fast-fission powerhouses, nuclear-fuel recycling, and radioisotope production.
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Oklo wants to be a power company that builds and owns its own reactors and sells the electricity, rather than selling reactors to utilities. It has never sold an hour of power. The only money it bills today comes from two small nuclear engineering shops it bought this year. The first plant, the fuel works, the recycling center and the isotope reactor are all still being finished — paid for by selling new shares.
Item facts: FY2025 + H1 FY2026 filings · year ends Dec 31, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 15 more below
Aurora-INL
Oklo's first full-size reactor, under construction in Idaho with start-up aimed at 2028. It has no electricity buyer — it exists to prove the design works. Watch whether the step-by-step federal approvals keep pace with a date that has already slipped.
Competes with Natrium (TerraPower) · Xe-100 (X-energy) · Hermes 2 (Kairos Power)
In plain English
Picture a power plant small enough to sit on a few acres, burning metal fuel cooled by liquid sodium instead of water, sized anywhere from 15 to 75 megawatts of electricity. This is the first full-size one, rising at a government research site in Idaho — and it doubles as the showroom for every plant Oklo hopes to build after it.
Nobody buys the electricity here. Money runs one way for now: excavation, steel, a first load of fuel, each step signed off by the Department of Energy rather than the usual nuclear regulator. What Oklo gets back is a finished machine other buyers can point at. Start-up is aimed at 2028, and that target has already drifted later across successive updates.
Aurora Ohio — Pike County campus
A planned 1.2 GW campus for Meta in Pike County, Ohio, under an agreement for Meta to pay up front, money Oklo says goes toward fuel; the amount is undisclosed. Phase one is only 150 MW of nuclear, around 2030 — and the grid operator threw out the connection request in August 2026.
Competes with BWRX-300 (GE Vernova Hitachi) · Natrium (TerraPower)
In plain English
A campus for Meta — the company behind Facebook and Instagram — in southern Ohio: rows of computer halls that run day and night, with Oklo's reactors meant to supply them. Meta has agreed to pay money up front, Oklo says it will spend that on nuclear fuel, and neither side has said how much.
The catch is the plug. Before a plant can sell anything, the regional grid operator has to work the project into its connection studies, and in August 2026 it dropped the request over problems with the application. Oklo went to federal regulators calling it a delay of fourteen months or more. Phase one asks for 750 megawatts in total, just 150 of it nuclear, around 2030.
Switch Master Power Agreement
A December 2024 framework with data-center builder Switch covering up to 12 GW — around a hundred and sixty of the biggest Aurora units, and Oklo's largest headline number. No site, no date, and still no binding power contract with any customer.
Competes with Amazon's reactor power agreement (X-energy) · Google's Hermes power agreement (Kairos Power)
In plain English
Twelve gigawatts on paper, and nothing underneath it yet. Switch builds data centers; in December 2024 the two signed a master agreement covering up to that much future Oklo power — roughly a hundred and sixty of the largest Aurora units, which management called potentially the biggest corporate clean-power deal ever.
A master agreement is an agreement about how deals would be written, not a deal. No site and no delivery date have been disclosed, and Oklo still has no binding power contract with any customer. Management's own framing of the open question is when any of it converts. Talk of it has gone quiet on the calls since the announcement.
Aurora Fuel Fabrication Facility (A3F)
The fuel works at the Idaho site that turns material the Department of Energy hands over into Aurora's first core. Nothing is sold; what it produces is schedule certainty. Equipment is being built and installation is planned for 2027 — the reactor cannot start without it.
Competes with TRISO-X fuel plant (X-energy) · Enriched reactor fuel supply (Centrus) · Enriched reactor fuel supply (Urenco)
In plain English
Fast reactors like Aurora do not run on the fuel ordinary nuclear plants use, and the kind they need is scarce. So Oklo is building its own small fuel works at the Idaho site, taking used fuel the Department of Energy is handing over and reshaping it into the first Aurora core.
Nothing here gets sold. Think of a bakery that exists only to supply the restaurant next door: its worth is that the restaurant can open on time. The plan deliberately keeps spare paths — surplus government plutonium blended down, enriched fuel bought from Centrus, recycled material later — because if one of them slips, the reactor's start-up slips with it. Installation is planned for 2027.
Advanced Fuel Center, Tennessee
Up to $1.68 billion announced for an Oak Ridge plant that pulls usable material back out of used nuclear fuel. Ramp-up is guided to the early 2030s and licensing has no modern American precedent — the longest-dated leg of the fuel plan.
Competes with La Hague reprocessing (Orano) · Used-fuel recycling pilot (Curio Solutions) · Used-fuel recycling pilot (SHINE Technologies)
In plain English
Used nuclear fuel still holds material a reactor can use, which is why it sits in storage rather than being written off. Oklo has announced a plant at Oak Ridge, Tennessee to recover that material, send it through fuel fabrication and run it around again, with valuable isotopes coming out as a side product.
This is the long bet: up to $1.68 billion, with engineering, site permitting and licensing talks under way. Commercial recycling of this kind has no modern American precedent, so there is no regulator's playbook to follow. Ramp-up is guided to the early 2030s; the power utility Tennessee Valley Authority is a possible source of the used fuel and a possible buyer of the electricity.
Groves Isotope Test Reactor
A small test reactor at Lockhart, Texas, switched on in August 2026 to make materials for medicine and research rather than electricity. Roughly a year of commissioning stands between it and even research quantities, and no buyer has signed.
Competes with Lu-177 and Mo-99 supply (SHINE Technologies) · Mo-99 and Ac-225 supply (NorthStar Medical Radioisotopes) · Reactor and accelerator isotopes (BWXT Medical)
In plain English
A small reactor on private land at Lockhart, Texas, switched on for the first time in August 2026 — built to produce radioactive materials for medicine and research, not electricity. It runs on the same sort of low-enriched fuel bundles conventional power plants use, at low power and without pressure.
Groves is the practice run for VIPR, the bigger production machine Oklo owns outright. The buyers would be in nuclear medicine, where some materials are genuinely scarce — actinium-225 comes from only about four places worldwide. But commissioning needs roughly another year before even research quantities come out, and nobody has signed to take any: talks with several companies are all Oklo reports.
Idaho Radiochemistry Laboratory
A licensed lab that purifies isotopes and recovers them from old sealed sources — no reactor start-up required. Management now expects Oklo's first isotope revenue here in early 2027, a slip from earlier talk of 2026, with no signed contract announced.
Competes with Isotope processing and separation (Eckert & Ziegler) · Radioisotope contract services (NorthStar Medical Radioisotopes)
In plain English
Not every isotope needs a new reactor. Oklo's licensed laboratory in Idaho cleans up and separates material it can already get hold of — refining stockpiles and pulling usable isotopes out of old sealed sources that would otherwise sit unused.
That makes it the likeliest place Oklo's first isotope invoice comes from, because a lab needs no reactor commissioning to start work. In August 2026 the finance chief said first revenue should land in the early part of 2027 and would more likely come from here than from the Texas test reactor — a slip from the earlier line about early isotope sales in 2026. One customer contract was described as being worked on; none has been announced as signed.
ARMEC and Creative Engineers
Two engineering and fabrication firms bought in June 2026 for about $33 million together — the source of every dollar Oklo has ever billed, $1.21 million in the quarter the deals closed. Tiny against a $73.2 million operating loss over the same three months.
Competes with Nuclear components manufacturing (BWXT) · Nuclear engineering services (General Atomics Electromagnetic Systems)
In plain English
The unglamorous corner that actually bills anyone. In June 2026 Oklo bought two engineering firms — ARMEC, with nuclear manufacturing roots at Oak Ridge, and Creative Engineers, with about thirty years of work on sodium and related liquid-metal systems — for roughly $33 million between them.
Both kept their outside clients, and those clients' invoices are the first and only revenue in Oklo's history: $1.21 million in the quarter the deals closed, against a $73.2 million operating loss over the same three months. Their second job is internal, with ARMEC parts flowing into the Idaho build; Oklo says the point is shortening the path from engineering to deployment. Keep the acquired staff and the billings continue.
Aurora-INLOklo's first full-size reactor, under construction in Idaho with start-up aimed at 2028. It has no electricity buyer — it exists to prove the design works. Watch whether the step-by-step federal approvals keep pace with a date that has already slipped.Oklo's first full-size reactor, under construction in Idaho with start-up aimed at 2028. It has no electricity buyer — it exists to prove the design works. Watch whether the step-by-step federal approvals keep pace with a date that has already slipped.
In plain English
Picture a power plant small enough to sit on a few acres, burning metal fuel cooled by liquid sodium instead of water, sized anywhere from 15 to 75 megawatts of electricity. This is the first full-size one, rising at a government research site in Idaho — and it doubles as the showroom for every plant Oklo hopes to build after it.
Nobody buys the electricity here. Money runs one way for now: excavation, steel, a first load of fuel, each step signed off by the Department of Energy rather than the usual nuclear regulator. What Oklo gets back is a finished machine other buyers can point at. Start-up is aimed at 2028, and that target has already drifted later across successive updates.
Competes with Natrium (TerraPower) · Xe-100 (X-energy) · Hermes 2 (Kairos Power)
Aurora Ohio — Pike County campusA planned 1.2 GW campus for Meta in Pike County, Ohio, under an agreement for Meta to pay up front, money Oklo says goes toward fuel; the amount is undisclosed. Phase one is only 150 MW of nuclear, around 2030 — and the grid operator threw out the connection request in August 2026.A planned 1.2 GW campus for Meta in Pike County, Ohio, under an agreement for Meta to pay up front, money Oklo says goes toward fuel; the amount is undisclosed. Phase one is only 150 MW of nuclear, around 2030 — and the grid operator threw out the connection request in August 2026.
In plain English
A campus for Meta — the company behind Facebook and Instagram — in southern Ohio: rows of computer halls that run day and night, with Oklo's reactors meant to supply them. Meta has agreed to pay money up front, Oklo says it will spend that on nuclear fuel, and neither side has said how much.
The catch is the plug. Before a plant can sell anything, the regional grid operator has to work the project into its connection studies, and in August 2026 it dropped the request over problems with the application. Oklo went to federal regulators calling it a delay of fourteen months or more. Phase one asks for 750 megawatts in total, just 150 of it nuclear, around 2030.
Competes with BWRX-300 (GE Vernova Hitachi) · Natrium (TerraPower)
Switch Master Power AgreementA December 2024 framework with data-center builder Switch covering up to 12 GW — around a hundred and sixty of the biggest Aurora units, and Oklo's largest headline number. No site, no date, and still no binding power contract with any customer.A December 2024 framework with data-center builder Switch covering up to 12 GW — around a hundred and sixty of the biggest Aurora units, and Oklo's largest headline number. No site, no date, and still no binding power contract with any customer.
In plain English
Twelve gigawatts on paper, and nothing underneath it yet. Switch builds data centers; in December 2024 the two signed a master agreement covering up to that much future Oklo power — roughly a hundred and sixty of the largest Aurora units, which management called potentially the biggest corporate clean-power deal ever.
A master agreement is an agreement about how deals would be written, not a deal. No site and no delivery date have been disclosed, and Oklo still has no binding power contract with any customer. Management's own framing of the open question is when any of it converts. Talk of it has gone quiet on the calls since the announcement.
Competes with Amazon's reactor power agreement (X-energy) · Google's Hermes power agreement (Kairos Power)
Aurora Fuel Fabrication Facility (A3F)The fuel works at the Idaho site that turns material the Department of Energy hands over into Aurora's first core. Nothing is sold; what it produces is schedule certainty. Equipment is being built and installation is planned for 2027 — the reactor cannot start without it.The fuel works at the Idaho site that turns material the Department of Energy hands over into Aurora's first core. Nothing is sold; what it produces is schedule certainty. Equipment is being built and installation is planned for 2027 — the reactor cannot start without it.
In plain English
Fast reactors like Aurora do not run on the fuel ordinary nuclear plants use, and the kind they need is scarce. So Oklo is building its own small fuel works at the Idaho site, taking used fuel the Department of Energy is handing over and reshaping it into the first Aurora core.
Nothing here gets sold. Think of a bakery that exists only to supply the restaurant next door: its worth is that the restaurant can open on time. The plan deliberately keeps spare paths — surplus government plutonium blended down, enriched fuel bought from Centrus, recycled material later — because if one of them slips, the reactor's start-up slips with it. Installation is planned for 2027.
Competes with TRISO-X fuel plant (X-energy) · Enriched reactor fuel supply (Centrus) · Enriched reactor fuel supply (Urenco)
Advanced Fuel Center, TennesseeUp to $1.68 billion announced for an Oak Ridge plant that pulls usable material back out of used nuclear fuel. Ramp-up is guided to the early 2030s and licensing has no modern American precedent — the longest-dated leg of the fuel plan.Up to $1.68 billion announced for an Oak Ridge plant that pulls usable material back out of used nuclear fuel. Ramp-up is guided to the early 2030s and licensing has no modern American precedent — the longest-dated leg of the fuel plan.
In plain English
Used nuclear fuel still holds material a reactor can use, which is why it sits in storage rather than being written off. Oklo has announced a plant at Oak Ridge, Tennessee to recover that material, send it through fuel fabrication and run it around again, with valuable isotopes coming out as a side product.
This is the long bet: up to $1.68 billion, with engineering, site permitting and licensing talks under way. Commercial recycling of this kind has no modern American precedent, so there is no regulator's playbook to follow. Ramp-up is guided to the early 2030s; the power utility Tennessee Valley Authority is a possible source of the used fuel and a possible buyer of the electricity.
Competes with La Hague reprocessing (Orano) · Used-fuel recycling pilot (Curio Solutions) · Used-fuel recycling pilot (SHINE Technologies)
Groves Isotope Test ReactorA small test reactor at Lockhart, Texas, switched on in August 2026 to make materials for medicine and research rather than electricity. Roughly a year of commissioning stands between it and even research quantities, and no buyer has signed.A small test reactor at Lockhart, Texas, switched on in August 2026 to make materials for medicine and research rather than electricity. Roughly a year of commissioning stands between it and even research quantities, and no buyer has signed.
In plain English
A small reactor on private land at Lockhart, Texas, switched on for the first time in August 2026 — built to produce radioactive materials for medicine and research, not electricity. It runs on the same sort of low-enriched fuel bundles conventional power plants use, at low power and without pressure.
Groves is the practice run for VIPR, the bigger production machine Oklo owns outright. The buyers would be in nuclear medicine, where some materials are genuinely scarce — actinium-225 comes from only about four places worldwide. But commissioning needs roughly another year before even research quantities come out, and nobody has signed to take any: talks with several companies are all Oklo reports.
Competes with Lu-177 and Mo-99 supply (SHINE Technologies) · Mo-99 and Ac-225 supply (NorthStar Medical Radioisotopes) · Reactor and accelerator isotopes (BWXT Medical)
Idaho Radiochemistry LaboratoryA licensed lab that purifies isotopes and recovers them from old sealed sources — no reactor start-up required. Management now expects Oklo's first isotope revenue here in early 2027, a slip from earlier talk of 2026, with no signed contract announced.A licensed lab that purifies isotopes and recovers them from old sealed sources — no reactor start-up required. Management now expects Oklo's first isotope revenue here in early 2027, a slip from earlier talk of 2026, with no signed contract announced.
In plain English
Not every isotope needs a new reactor. Oklo's licensed laboratory in Idaho cleans up and separates material it can already get hold of — refining stockpiles and pulling usable isotopes out of old sealed sources that would otherwise sit unused.
That makes it the likeliest place Oklo's first isotope invoice comes from, because a lab needs no reactor commissioning to start work. In August 2026 the finance chief said first revenue should land in the early part of 2027 and would more likely come from here than from the Texas test reactor — a slip from the earlier line about early isotope sales in 2026. One customer contract was described as being worked on; none has been announced as signed.
Competes with Isotope processing and separation (Eckert & Ziegler) · Radioisotope contract services (NorthStar Medical Radioisotopes)
ARMEC and Creative EngineersTwo engineering and fabrication firms bought in June 2026 for about $33 million together — the source of every dollar Oklo has ever billed, $1.21 million in the quarter the deals closed. Tiny against a $73.2 million operating loss over the same three months.Two engineering and fabrication firms bought in June 2026 for about $33 million together — the source of every dollar Oklo has ever billed, $1.21 million in the quarter the deals closed. Tiny against a $73.2 million operating loss over the same three months.
In plain English
The unglamorous corner that actually bills anyone. In June 2026 Oklo bought two engineering firms — ARMEC, with nuclear manufacturing roots at Oak Ridge, and Creative Engineers, with about thirty years of work on sodium and related liquid-metal systems — for roughly $33 million between them.
Both kept their outside clients, and those clients' invoices are the first and only revenue in Oklo's history: $1.21 million in the quarter the deals closed, against a $73.2 million operating loss over the same three months. Their second job is internal, with ARMEC parts flowing into the Idaho build; Oklo says the point is shortening the path from engineering to deployment. Keep the acquired staff and the billings continue.
Competes with Nuclear components manufacturing (BWXT) · Nuclear engineering services (General Atomics Electromagnetic Systems)
Named in filings, launches and programs
- Aurora-EielsonCustomer program · AnnouncedA heat-and-power Aurora for Eielson Air Force Base in Alaska; the Defense Logistics Agency issued a notice of intent to award, not a signed contract.
- Equinix 500 MW agreementCustomer programData-center operator Equinix partnered in spring 2024 for up to 500 MW and prepaid $25 million toward future power — the earliest cash any customer put down.
- Project PlutoProduct · AnnouncedA plutonium-fueled version of the powerhouse, one of Oklo's three projects picked for the Department of Energy's reactor pilot program. Design work only.
- Atomic Alchemy VIPRProduct · AnnouncedThe production-scale isotope reactor that Groves is testing for. Wholly owned by Oklo and picked for the same federal pilot program; nothing built yet.
- Centrus fuel letter of intentEcosystem · AnnouncedJune 2026 letter of intent to buy enriched fuel from Centrus's Piketon, Ohio plant for up to five powerhouses from 2029; Oklo may pay ahead.
- Centrus deconversion ventureEcosystem · AnnouncedA proposed joint venture with Centrus to convert uranium material at Piketon, Ohio. Structuring only — nothing signed or built.
- Prometheus Hyperscale LOICustomer program · AnnouncedNon-binding letter of intent for 100 MW with data-center developer Prometheus Hyperscale.
- Diamondback Energy LOICustomer program · AnnouncedNon-binding letter of intent for 50 MW with oil and gas producer Diamondback Energy.
- Two undisclosed data-center LOIsCustomer program · AnnouncedTwo further data-center letters of intent for up to 750 MW together, announced November 2024; the counterparties are withheld as commercially sensitive.
- Genesis Mission project at IdahoProduct · AnnouncedA $60 million first-phase federal award over three years for an Idaho project under the Department of Energy's Genesis Mission, subject to funding being appropriated.
- NVIDIA and Los Alamos collaborationEcosystemWork with NVIDIA and Los Alamos National Laboratory on computer models and digital copies of the plants to validate fuel, including the plutonium design.
- Vertiv joint developmentEcosystem · AnnouncedJoint development signed in 2025 with equipment maker Vertiv to use powerhouse steam for cooling data-center halls.
- Liberty Energy partnershipEcosystemPartnership with Liberty Energy, an early investor, pairing gas-fired generation with Aurora units.
- Korea Hydro & Nuclear Power MOUEcosystem · AnnouncedA memorandum of understanding signed in 2025 with Korea Hydro & Nuclear Power.
- Blykalla and newcleo partnershipsEcosystem · AnnouncedEuropean agreements signed in 2025 with Blykalla and newcleo on fast-reactor technology and fuel fabrication.
Aurora-EielsonCustomer program · Announced
A heat-and-power Aurora for Eielson Air Force Base in Alaska; the Defense Logistics Agency issued a notice of intent to award, not a signed contract.
Equinix 500 MW agreementCustomer program
Data-center operator Equinix partnered in spring 2024 for up to 500 MW and prepaid $25 million toward future power — the earliest cash any customer put down.
Project PlutoProduct · Announced
A plutonium-fueled version of the powerhouse, one of Oklo's three projects picked for the Department of Energy's reactor pilot program. Design work only.
Atomic Alchemy VIPRProduct · Announced
The production-scale isotope reactor that Groves is testing for. Wholly owned by Oklo and picked for the same federal pilot program; nothing built yet.
Centrus fuel letter of intentEcosystem · Announced
June 2026 letter of intent to buy enriched fuel from Centrus's Piketon, Ohio plant for up to five powerhouses from 2029; Oklo may pay ahead.
Centrus deconversion ventureEcosystem · Announced
A proposed joint venture with Centrus to convert uranium material at Piketon, Ohio. Structuring only — nothing signed or built.
Prometheus Hyperscale LOICustomer program · Announced
Non-binding letter of intent for 100 MW with data-center developer Prometheus Hyperscale.
Diamondback Energy LOICustomer program · Announced
Non-binding letter of intent for 50 MW with oil and gas producer Diamondback Energy.
Two undisclosed data-center LOIsCustomer program · Announced
Two further data-center letters of intent for up to 750 MW together, announced November 2024; the counterparties are withheld as commercially sensitive.
Genesis Mission project at IdahoProduct · Announced
A $60 million first-phase federal award over three years for an Idaho project under the Department of Energy's Genesis Mission, subject to funding being appropriated.
NVIDIA and Los Alamos collaborationEcosystem
Work with NVIDIA and Los Alamos National Laboratory on computer models and digital copies of the plants to validate fuel, including the plutonium design.
Vertiv joint developmentEcosystem · Announced
Joint development signed in 2025 with equipment maker Vertiv to use powerhouse steam for cooling data-center halls.
Liberty Energy partnershipEcosystem
Partnership with Liberty Energy, an early investor, pairing gas-fired generation with Aurora units.
Korea Hydro & Nuclear Power MOUEcosystem · Announced
A memorandum of understanding signed in 2025 with Korea Hydro & Nuclear Power.
Blykalla and newcleo partnershipsEcosystem · Announced
European agreements signed in 2025 with Blykalla and newcleo on fast-reactor technology and fuel fabrication.