Oklo Inc (NYSE: OKLO) is a nuclear energy company that designs, builds, owns, and operates small fission power plants called Aurora powerhouses, producing electricity and heat for sale directly to customers. Its primary revenue model is selling energy through power purchase agreements (PPAs), not selling reactor designs. Oklo was founded in 2013 and completed a recapitalization on May 9, 2024, when its common stock began trading on the New York Stock Exchange. As of the 10-K filed March 17, 2026, the company had generated no commercial revenue, reporting R&D expenses of $58.9 million and G&A expenses of $80.4 million for FY2025. Alongside powerhouse development, Oklo is building a nuclear fuel recycling business through a pilot and planned commercial-scale fuel fabrication facility, and pursuing radioisotope production through its wholly owned subsidiary, Atomic Alchemy. The Aurora powerhouse product line is designed to produce 15 to 75 MWe, with potential expansion to 100 MWe and higher, running on fresh, recycled, or down-blended nuclear fuel.

Revenue model

Primary revenue model is energy sales via power purchase agreements (PPAs) once Aurora powerhouses are operational. No commercial revenue has been recognized as of FY2025. Secondary planned revenue streams include nuclear fuel recycling services and radioisotope production through Atomic Alchemy. The company has been funded through equity issuances, including a $300.0 million gross proceed ATM offering in December 2025 at an average price of $88.29 per share.

Products and services

Aurora powerhouses: small fast fission reactors designed to produce 15-75 MWe (potential to 100 MWe and higher), running on fresh, recycled, or down-blended nuclear fuel. Nuclear fuel recycling technology to convert used nuclear fuel into usable fuel. Aurora Fuel Fabrication Facility (pilot scale under development at Idaho National Laboratory). Planned commercial-scale Advanced Fuel Center in Tennessee. Radioisotope production via wholly owned subsidiary Atomic Alchemy, targeting medical, energy, industrial, defense, and AI applications.

Customers and end markets

Target end markets include data centers, cloud services, industrial facilities, and other electricity consumers requiring reliable baseload power. No commercial customers or signed PPAs are disclosed in the FY2025 10-K filing. Demand drivers cited include global electricity production growth, electrification of buildings and transportation, and data center power consumption.

Value-chain role

Vertically integrated nuclear energy developer: designs reactors, plans to own and operate powerhouses, develops proprietary fuel recycling and fabrication capabilities to supply its own fuel. Also produces radioisotopes as a byproduct of reactor operation. The fuel recycling technology builds on the Experimental Breeder Reactor-II (EBR-II), operated by the U.S. government for 30 years. The Aurora Fuel Fabrication Facility was selected under the DOE Fuel Line Pilot Program (FLPP) for accelerated permitting and construction.

Geographic exposure

United States. Fuel fabrication facility development activity at Idaho National Laboratory (INL). Planned fuel recycling facility in Tennessee. No international operations disclosed in the FY2025 10-K.

Source: SEC 10-K, filed 2026-03-17

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