Going Back to the New Nuclear Future; Initiate XE, OKLO

Research evidence excerpt

Going Back to the New Nuclear Future; Initiate XE, OKLO

Clean Energy

Clean Energy - Market Weight

Going Back to the New Nuclear Future; Initiate XE, OKLO May 19, 2026

The Wolfe Byte

We initiate on XE and OKLO at Peer Performs in the new nuclear space. We prefer XE to OKLO, on its lower-risk

biz model and AMZN being a key customer/investor. Scaled deployments and material revenue are next decade.

Big opportunity, but little room for disappointments.

The newest players in the nuclear renaissance movement. XE and OKLO are two emerging publicly-traded players in

the new nuclear space. Today, the vast majority of existing nuclear in the U.S. is owned/operated by companies under

our coverage – Utilities and IPPs – that was mostly built in the 1970s-80s using GE or Westinghouse designs. Since

then, load growth has been muted and attempts at large-scale AP 1000s have been a cautionary tale. Now AI is driving

accelerating load growth. Hyperscalers have a high willingness and ability to pay for power. Baseload, dispatchable,

and carbon-free are all preferred. Nuclear fits that well. It does not fit speed well and costs are still uncertain.

These two companies are different. XE is using HTGR technology and TRISO fuel. Their biz model is to sell reactor

designs, services, and fuel. OKLO is using SFR technology and metallic HALEU fuel. Their biz model is to build,

own, and operate nuclear plants while pursuing fuel fabrication and recycling too. OKLO is trying to be the first to

commercialization in small modular reactors (SMRs) with Aurora (75 MW in Idaho) in 2028. XE is designing for DOW

and AMZN in the early-2030s.

What we like about XE and OKLO. We like their diversified order books, with each anchored by major hyperscalers

in AMZN (XE) and META (OKLO).