Oklo Inc. (OKLO)

Price$36.22Cached quoteAs of 2026-09-11 21:46 UTC

AI: Overvalued

Price checkThe market still prices in major commercial success despite Oklo’s large cash cushion.

At the observed quote, Oklo’s equity value is about $7.6 billion using 185.1 million quarter-end shares. June 30 cash and marketable securities were about $3.01 billion and debt was only $0.7 million, leaving roughly $4.6 billion assigned to future operations. That is about 2.3 times book value and 2.5 times liquid securities. Requiring a 10% yearly cash return on that future-operations value implies roughly $460 million of annual free cash flow, meaning cash left after running and investing in the business, before allowing for years of execution risk.

Big pictureLosses are widening, but fresh financing gives Oklo several years to prove its model.

Oklo lost $81.6 million in the first half of 2026 and used $65.5 million of operating cash while spending $126.9 million on property and equipment. Management expects 2026 operating cash use of $120 million to $150 million and property spending of $400 million to $500 million. The balance sheet can absorb that pace, but commercial construction could become much larger. Normal business ups and downs are not yet measurable because power sales have not begun; results currently move mainly with development spending, project timing, and financing.

Business strengthOklo has exceptional liquidity and real technical progress, but its core power business remains unproven.

June 30 cash and marketable securities totaled about $3.01 billion versus $84.3 million of total liabilities, giving Oklo unusual balance-sheet strength for a development-stage company. Groves reached first criticality in August, and Aurora’s Idaho safety review advanced in June. However, second-quarter revenue was only $1.21 million, mostly acquired engineering and fabrication services rather than power sales. Share count rose 15% in six months as Oklo sold 23.1 million shares for $1.85 billion net; stock compensation was another $29.9 million, while net cash paid for acquisitions was about $25.7 million.

What could change the storyBinding customers, licensed Aurora power, and controlled build costs could justify more of today’s premium.

The strongest bull case is that Groves proves Oklo can build and operate quickly, while its roughly $3 billion liquidity base supports the ambitious 2028 Aurora target without near-term financial distress. The bear case is that today’s value assumes commercialization before plant economics are demonstrated. The thesis strengthens if preliminary customer agreements become binding power contracts, Aurora clears remaining approvals, 2026 property spending stays within $400 million to $500 million guidance, and initial plant economics become visible. It weakens if fuel prepayments, construction costs, or further share issuance outpace commercial commitments.

AI: News

Groves reaches criticalityOklo achieved a self-sustaining reaction at Groves, proving it can operate a real reactor.

On August 6, Oklo announced that its Groves Isotope Test Reactor had reached first criticality, a controlled self-sustaining nuclear chain reaction, less than a year after groundbreaking. The project is a low-power test reactor rather than an Aurora commercial power plant, so it does not prove power economics. Still, it materially reduces pure execution uncertainty. The stock rose about 4% in premarket trading after the announcement; later moves also reflected second-quarter results, so attribution beyond that immediate reaction is uncertain.

First revenue, heavier spendingSecond-quarter results brought first revenue, but losses and planned spending remained very large.

On August 7, Oklo reported $1.21 million of second-quarter revenue, its first reported revenue, mainly from acquired engineering and fabrication activities. The quarter still produced a $48.5 million net loss, and management guided to $120 million to $150 million of operating cash use plus $400 million to $500 million of property spending for 2026. Shares rose more than 5% after the open, but the prior day’s Groves criticality news makes the exact contribution from earnings unclear.

Aurora safety review advancesA federal safety approval moved Aurora closer to construction and operation at Idaho National Laboratory.

On June 11, the Department of Energy approved the preliminary safety analysis for the Aurora powerhouse at Idaho National Laboratory. The review covers hazards, accident analysis, safety controls, and design commitments under the department’s reactor pilot pathway. It is an important de-risking step, but not final permission to operate and not proof of commercial economics. Oklo still describes its 2028 first-powerhouse target as ambitious, so further authorization, construction progress, fuel fabrication, and customer contracting remain necessary.

Fuel supply path for OhioA Centrus fuel agreement outlined supply for several Aurora reactors, but final terms remain open.

On June 18, Oklo and Centrus signed a nonbinding letter of intent for domestically produced high-assay low-enriched uranium. The planned supply could support multiple years of fuel for up to five Aurora powerhouses in Oklo’s proposed 1.2-gigawatt Ohio campus, with deliveries expected from 2029. This addresses a specific deployment bottleneck, but pricing, volumes, prepayments, and other terms still require a definitive agreement. Large prepayments could consume some of Oklo’s cash cushion before power revenue arrives.

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Revenue

2022

2023

2024

2025

Net income

2021

2022

2023

2024

2025

Free cash flow

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021
Revenue	$0	$0	$0	$0	—
Research & development	$58.9M	$26.7M	$9.8M	$6.0M	—
Operating expenses	$139.3M	$52.8M	$18.6M	$1.8M	$1.2M
Operating income	−$139.3M	−$52.8M	−$18.6M	−$1.8M	−$1.2M
EBITDA	−$138.8M	−$52.5M	−$18.6M	−$10.0M	—
Net income	−$105.7M	−$73.6M	−$32.2M	$3.9M	−$1.1M
Basic EPSper basic share	-$0.72	-$0.74	-$0.47	-$0.14	—
Diluted EPSper diluted share	-$0.72	-$0.74	-$0.47	-$0.14	—

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Owners

Reported shareholders

Reference date Jun 30, 2026

4.83%of listed shares

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.8.94M shares · Jun 30, 2026

View holders

Top 20 reported holders of OKLO
Holder	% owned
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	4.83%8.94M shares
VAN ECK ASSOCIATES CORP	4.27%7.91M shares
BlackRock, Inc.	3.95%7.31M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.53%6.54M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	3.47%6.43M shares
MORGAN STANLEY	1.76%3.26M shares
STATE STREET CORP	1.28%2.38M shares
GEODE CAPITAL MANAGEMENT, LLC	1.28%2.36M shares
CANTOR FITZGERALD, L. P.	1.18%2.18M shares
UBS Group AG	1.13%2.1M shares
NORGES BANK	0.95%1.76M shares
Clear Street Group Inc.	0.72%1.33M shares
JANE STREET GROUP, LLC	0.69%1.27M shares
Marex Group Ltd	0.65%1.21M shares
NATIONAL BANK OF CANADA /FI/	0.64%1.19M shares
GOLDMAN SACHS GROUP INC	0.62%1.15M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.61%1.14M shares
MARSHALL WACE, LLP	0.58%1.07M shares
VANGUARD FIDUCIARY TRUST CO	0.48%880.05K shares
NORTHERN TRUST CORP	0.39%716.38K shares

Percentages use 185.09M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$247.2K disclosed value

Sells (SEC code S)272$686.69M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 1, 2026Form 4 · 10b5-1	Bealmear Richard CraigChief Financial Officer	SellClass A Common Stock	46.8K	$69.42	$3.25M	438.7K
Jun 1, 2026Form 4 · 10b5-1	Bealmear Richard CraigChief Financial Officer	SellClass A Common Stock	10.0K	$69.31	$693.1K	487.6K
Jun 1, 2026Form 4 · 10b5-1	Bealmear Richard CraigChief Financial Officer	SellClass A Common Stock	16.2K	$65.00	$1.06M	397.6K
Jun 1, 2026Form 4 · 10b5-1	Cochran CarolineCo-Founder, COO	SellClass A Common Stock · indirect	1.8K	$70.45	$126.8K	576.5K
Jun 1, 2026Form 4 · 10b5-1	Cochran CarolineCo-Founder, COO	SellClass A Common Stock · indirect	38.2K	$69.64	$2.66M	578.3K