Overview
- Oklo filed an SEC equity distribution agreement to sell up to $1.5 billion in Class A shares via an at-the-market program, sending the stock lower in late Thursday trading and again on Friday.
- The pullback followed a sharp Thursday session gain after Nvidia CEO Jensen Huang said small nuclear reactors will power future AI data centers, a prediction that briefly lifted nuclear names.
- Analyst activity remained supportive, with UBS lifting its price target to $95 on Dec. 3 and Needham initiating coverage at Buy with a $135 target on Friday, citing regulatory momentum, a diversified fuel plan, and a large prospective customer pipeline.
- Needham highlighted DOE-backed progress at the Aurora project at Idaho National Laboratory, fuel pathways spanning DOE material, HALEU partners Centrus and Hexium, and a planned Tennessee fuel campus, plus more than 14 GW of indicated demand including Switch’s 12 GW framework and Equinix’s 500 MW LOI with a $25 million prepayment.
- Oklo is still pre-revenue without commercial NRC approval, targeting Aurora criticality in 2026 and expecting first commercial deployment in late 2027 or early 2028, as investors balance dilution concerns and reported insider sales against roughly $1.2 billion in Q3 liquidity and the AI power narrative.