Key Takeaways:
Oklo's Aurora powerhouse — a 15-MW advanced fission reactor using HALEU fuel — could become one of the first commercial small modular reactors in the US, with a signed Meta Platforms deal and more than 15 GW of customer commitments already in hand.
Oklo Inc. and Meta Platforms entered a long-term clean energy agreement to develop nuclear powerhouses in Ohio, marking one of the largest corporate offtake deals for advanced nuclear technology. The partnership centers on Oklo's Aurora-Ohio project, a 1.2-GW power campus that will supply Meta's data centers with carbon-free baseload electricity.
"This agreement validates our business model and demonstrates that advanced nuclear can meet the scale requirements of hyperscale data center operators," Jacob DeWitte, co-founder and chief executive officer of Oklo, said in a statement. "Meta's commitment gives us a clear demand signal for the Aurora platform."
Oklo's Aurora powerhouse is a 15-MW fast reactor that uses HALEU — high-assay low-enriched uranium, enriched to 19.75%, compared with 3% to 5% for conventional reactors. The company plans to deploy multiple Aurora units at the Ohio site to reach the 1.2-GW total capacity. First commercial operation is targeted for late 2027 or early 2028.
The company has secured more than 15 GW of customer commitments across data center, industrial, and government customers. It also signed a letter of intent with Centrus Energy Corp. for HALEU fuel supply covering up to five Aurora reactors starting in 2029, strengthening its fuel supply chain for the Ohio project.
Regulatory progress and financial runway
Oklo received Nuclear Regulatory Commission approval for its Principal Design Criteria topical report, a key step toward a full construction permit application. The company also acquired ARMEC, an engineering and manufacturing firm, to reduce supplier dependence and bring reactor component production in-house.
Oklo holds more than $2 billion in cash, giving it a multi-year runway as it works through the NRC licensing process. The company's burn rate remains manageable relative to its cash position, according to its most recent filings. Shares have fallen 30.3% year to date, compared with a 17.3% decline at peer NANO Nuclear Energy Inc., which trades at 1.74 times book value versus Oklo's 3.3 times.
The competitive landscape
Oklo faces competition from NANO Nuclear, whose KRONOS MMR microreactor has entered formal NRC review for a construction permit tied to the University of Illinois Urbana-Champaign. NANO Nuclear reported $569 million in cash and has a partnership with Supermicro to explore AI data center power solutions. Its regulatory timeline could allow initial construction in the second half of 2027.
Centrus Energy, the sole US-owned supplier of HALEU, also stands to benefit from Oklo's deployment timeline. The LOI with Oklo reinforces Centrus's position as the domestic fuel supplier for the advanced reactor ecosystem, though the agreement is not yet a definitive contract.
What's at stake for investors
Oklo's success hinges on NRC licensing timelines. Any delay in approval could allow competitors to close the gap and force Oklo to dilute shareholders to raise additional capital. But if the company delivers on its 2028 target, the Meta deal alone represents a multi-gigawatt revenue stream that few pre-revenue nuclear developers can match.
Analysts' high-end estimates project Oklo trading above $100 per share within five years, roughly double its current price near $50. For risk-tolerant investors betting on AI's insatiable demand for dispatchable clean power, Oklo offers one of the most direct plays on the convergence of nuclear energy and data center infrastructure.
This article is for informational purposes only and does not constitute investment advice.
