Oklo Inc.
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow here is not about balance sheet risk — Oklo's balance sheet is unusually solid: $2,536.9 million of liquidity, $64.9 million of liabilities, no bank debt, no maturity date that could create pressure. Yellow is about the gap between valuation and evidence. The company has reported no revenue to date, states in its own 2025 annual report that it has neither built a powerhouse nor signed a binding power purchase agreement, and as of the quarterly report filed May 12, 2026 had not refiled the license application denied in 2022. At the same time the share count keeps climbing fast (137.7 million on 12/31/2024, 184.8 million on 07/01/2026), and a further sales program of up to $1.0 billion has been running since May 13, 2026. Anyone investing here is not buying earnings power but a funded window of time in which licensing, contracting, and construction have to prove themselves. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Oklo Inc. is one of the best-funded revenue-less companies on the U.S. market: $2,536.9 million of liquidity against $64.9 million of liabilities as of March 31, 2026, plus $21.3 million of interest income in the first quarter alone. What is missing is everything else — revenue, a plant in the ground, a binding power purchase agreement, and a refiled license application. It is all funded with new stock: from 137.7 million shares (12/31/2024) to 184.8 million (07/01/2026), with an open program for a further $1.0 billion. Not investment advice.
Balance Sheet & Liquidity
As of March 31, 2026, Oklo held $2,536.9 million in cash and marketable debt securities against only $64.9 million of total liabilities — no bank debt, no bond, no covenant. Stockholders' equity stood at $2,638.6 million, up from $269.3 million a year earlier. Cash used in operating activities was just $17.9 million in the first quarter of 2026; the company expects $80 million to $100 million for 2026.
Earnings Power
There is no revenue line — neither in the 2025 annual report nor in the quarterly report as of March 31, 2026. Operating expenses rose to $51.2 million in the first quarter of 2026 (prior-year quarter $17.9 million) and the net loss to $33.1 million. The loss was not larger only because $21.3 million of interest and dividend income came in from the company's own portfolio.
Customer Contracts
In its 2025 annual report, Oklo states that it has not yet constructed any powerhouses or entered into any binding power purchase agreement with any customer. The 12-gigawatt Switch agreement (December 2024) is a master framework; the arrangements with Equinix, Diamondback Energy, and Prometheus Hyperscale are non-binding letters of intent. The only customer money received so far: $25.0 million paid in March 2024 for a right of first refusal, still carried unchanged as a liability.
Licensing & Timeline
The combined license application from March 2020 was denied without prejudice in 2022; as of the quarterly report filed May 12, 2026, the updated application had not been refiled. Oklo states that it is uncertain when, if at all, NRC approvals will be obtained — while the first plant is targeted for 2028, described in the filing itself as "ambitious." Mitigating: since August 2025 the Aurora unit at Idaho National Laboratory may proceed under the Department of Energy authorization pathway.
Dilution
Shares outstanding rose from 137.7 million (12/31/2024) to 184.8 million (07/01/2026, Schedule 13D/A). In January 2026 alone, 12,376,352 shares were sold at an average price of $96.95 (gross $1,199.9 million). A further sales program of up to $1.0 billion has been running since May 13, 2026 inside a $3.5 billion shelf registration; on June 24, 2026, another 9.63 million employee shares were registered on Form S-8.
Valuation
Without revenue there is no P/E and no P/S ratio. On a book basis the stock trades at roughly 2.7 times equity per share (data as of 07/27/2026), against $14.97 of net tangible book value per share as of March 31, 2026 that consists almost entirely of cash and securities. Nine analysts cover the stock (four strong buy, two buy, three hold, none sell; average price target $86.20, data as of 07/27/2026).
Worth Noting
The hook for this analysis is an attention sweep across the most-discussed U.S. stocks in investor forums on July 27, 2026. At that point Oklo appeared in none of our in-house stock scanner lists — the metric filters require revenue or earnings, and Oklo has neither. Scanner lists are recalculated daily.
Data as of: SEC filings through the Form 10-Q/A dated June 17, 2026, plus current reports, prospectus supplements, and beneficial ownership filings through July 6, 2026; market data (market capitalization, price-to-book, analyst coverage) as of July 27, 2026, last close July 24, 2026.
The Form 10-Q/A dated June 17, 2026 is explicitly not a restatement: its sole purpose was to supply the chief financial officer's conformed signature, inadvertently omitted from the certification in Exhibit 31.2. No figures were changed and no material weakness was identified.
Not to be confused: before May 9, 2024, Oklo Inc. was named AltC Acquisition Corp., a special purpose acquisition company. Figures from before the merger relate to the operating predecessor, Oklo Technologies, Inc.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at OKLO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 35.60 $ to 174.10 $ · Last price: 39.70 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Utilities - Independent Power Producers
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Oklo Inc. OKLO | 6.7 | – | -125.8 | 40.4 | 0.0 | – | -58.4 |
| Constellation Energy Corp CEG | 95.3 | 22.7 | 15.2 | 22.1 | 21.9 | 8.3 | -17.7 |
| Vistra Corp. VST | 49.3 | 24.0 | 10.6 | 38.3 | 26.6 | -12.4 | -30.7 |
| NRG Energy Inc. NRG | 22.4 | 120.2 | 12.5 | 18.8 | 3.6 | 9.2 | -33.8 |
| Talen Energy Corporation TLN | 14.9 | – | 30.0 | 42.1 | 17.2 | 21.8 | -28.1 |
| Kenon Holdings KEN | 3.6 | 43.0 | 11.6 | 26.1 | 1.3 | 16.1 | 50.0 |
| Hallador Energy Company HNRG | 0.8 | 27.0 | 12.4 | 18.5 | – | 16.1 | -18.6 |
| Digi Power X Inc. DGXX | 0.4 | – | 5.1 | 2.5 | -75.6 | -7.6 | 31.7 |
| Median of companies shown | 10.8 | 27.0 | 12.0 | 24.1 | 3.6 | 9.2 | -23.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2021 | 0 | -5 | -5 | -0.08 | -2 | 6 | 11 |
| 2022 | 0 | -10 | -10 | -0.16 | -10 | -28 | 11 |
| 2023 | 0 | -19 | -32 | -0.47 | -16 | -34 | 15 |
| 2024 | 0 | -53 | -74 | -0.53 | -38 | 251 | 282 |
| 2025 | 0 | -139 | -106 | -0.72 | -82 | 1,476 | 1,528 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | -5.17 | -8,847.90 | 0 | – | – | -10 | -10 |
| 2024: Q3 | -0.08 | -311.60 | 0 | – | – | -8 | -8 |
| 2024: Q4 | -0.09 | -264.10 | 0 | -100.00 | – | -14 | -14 |
| 2025: Q1 | -0.07 | -7.40 | 0 | – | – | -12 | -13 |
| 2025: Q2 | -0.18 | 96.50 | 0 | – | – | -19 | -19 |
| 2025: Q3 | -0.20 | -150.00 | 0 | – | – | -18 | -23 |
| 2025: Q4 | -0.27 | -201.30 | 0 | – | – | -33 | -60 |
| 2026: Q1 | – | – | 0 | – | – | -18 | -51 |
| 2026: Q2 | -0.28 | -55.60 | 1 | – | -4,041.70 | -48 | -142 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 14 of our scanner strategies — each hit links to the scanner.
Breakout & Setup
Momentum & Trend
Research
Risk & Weakness
- Below the 50- & 200-SMA
- Near 52-Week Low
- Stage 4 (Downtrend)
- Stan Weinstein: Stage 4
- Stan Weinstein: Stage 4B-
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.97 | -1.13 – -0.77 | 2 | -36.9% | 14 |
| 12/31/2027 | -0.99 | -1.44 – -0.20 | 8 | -2.6% | 20 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Oklo verkauft keine KI, sondern Strom — setzt aber laut Geschäftsbericht 2025 selbst KI-Technologien samt großer Sprachmodelle in Forschung, Einkauf und Vertragsmanagement ein; KI-Rechenzentren sind zugleich der benannte Nachfragetreiber, aber keine Umsatzquelle (Umsatz gibt es bislang gar keinen).
View the full file — quotes, sources, reviewed filings
„Like many companies, we are using and looking for more opportunities to use artificial intelligence technologies, including those that leverage large language models, in an effort to reduce costs and run our business efficiently. In particular, we are evaluating opportunities to leverage artificial intelligence operations in our research & development efforts, as well as in operational areas like procurement and contract management."
Wie viele Unternehmen setzen wir Technologien der künstlichen Intelligenz ein und suchen nach weiteren Einsatzmöglichkeiten — darunter solche, die große Sprachmodelle nutzen —, um Kosten zu senken und unser Geschäft effizient zu führen. Insbesondere prüfen wir Möglichkeiten, KI-Anwendungen in unserer Forschung und Entwicklung sowie in operativen Bereichen wie Einkauf und Vertragsmanagement zu nutzen.
10-K · 2026-03-17 · View SEC filing
„Demand for energy in the U.S. is currently being driven by the explosive growth in the data center industry, particularly as AI deployment, cloud computing adoption, and digital transformation initiatives accelerate across sectors. Should power demand growth in the AI data center market slow, customer demand for our baseload low-carbon power could be negatively impacted."
Die Energienachfrage in den USA wird derzeit vom explosiven Wachstum der Rechenzentrums-Branche getrieben, insbesondere weil KI-Einführung, Cloud-Nutzung und Digitalisierungsvorhaben quer durch alle Branchen an Tempo gewinnen. Sollte sich das Wachstum der Stromnachfrage im Markt für KI-Rechenzentren verlangsamen, könnte die Kundennachfrage nach unserer grundlastfähigen, kohlenstoffarmen Energie negativ beeinflusst werden.
10-K · 2026-03-17 · View SEC filing
Filings Reviewed: 10-K 2026-03-17 · 10-Q 2026-05-12 · 10-Q/A 2026-06-17
Rated on July 27, 2026 · How the Rating Is Built
Quality check
AAQS
1/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% –
- Exp. sales growth 3Y > 5% –
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% –
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -7.3%
- ROCE > 15% -9.3%
- Expected return > 10% –
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 14, 2026 | Renner Alexandra | Chief Product Officer | Other | 6,763 | – | – |
| Sep 14, 2026 | Jansen John M | Director | Sell | 6,354 | 36.67 | 233,001 |
| Sep 13, 2026 | Renner Alexandra | Chief Product Officer | Other | 1,202 | – | – |
| Sep 13, 2026 | Hanson John | Chief of Staff | Other | 961 | – | – |
| Sep 11, 2026 | Narayanadas Vivek | General Counsel & Secretary | Other | 210 | – | – |
| Sep 9, 2026 | Narayanadas Vivek | General Counsel & Secretary | Sell | 365 | 43.31 | 15,808 |
| Sep 8, 2026 | Narayanadas Vivek | General Counsel & Secretary | Sell | 238 | 42.06 | 10,010 |
| Sep 8, 2026 | Narayanadas Vivek | General Counsel & Secretary | Other | 687 | – | – |
| Sep 4, 2026 | Narayanadas Vivek | General Counsel & Secretary | Sell | 538 | 39.88 | 21,455 |
| Sep 3, 2026 | Narayanadas Vivek | General Counsel & Secretary | Other | 1,014 | – | – |
The company
About the Company
Oklo Inc. develops fission power plants to provide energy at scale to customers in the United States. The company offers Aurora Powerhouse, which is designed to produce between 15 and up to 75 megawatts of electricity. It is also commercializing nuclear fuel recycling and fuel fabrication technology that can convert used nuclear fuel into usable fuel for its reactors. The company was formerly known as AltC Acquisition Corp. and changed its name to Oklo Inc. in May 2024. Oklo Inc. was founded in 2013 and is headquartered in Santa Clara, California.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 215
- Headquarters
- Santa Clara, CA
- Address
- 3190 Coronado Drive, 95054 Santa Clara, United States
- Phone
- 650 550 0127
- Website
- oklo.com
- IPO Date
- 07/08/2021
- ISIN
- US02156V1098
Management
| Name | Title | Birth Year |
|---|---|---|
| Jacob Dewitte | Co-Founder, CEO & Chairman | 1986 |
| Caroline DeWitte | Co-Founder, COO & Director | 1984 |
| Richard Craig Bealmear | Chief Financial Officer | 1967 |
| Michael Dixon | VP of Accounting & Controller and Principal Accounting Officer | 1984 |
| Sam Doane | Senior Director of Investor Relations | – |
| Bonita Chester | Head of Communications & Media | – |
| Alexandra Renner | Chief Product Officer | – |
| Erik Lassen | Senior Vice President of Engineering | 1978 |
| John Hanson | Chief of Staff | 1987 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/11/2026 Oklo Inc. (OKLO): Entry into a Material Definitive Agreement; Termination of a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
- 07/28/2026 Oklo Inc. (OKLO): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.