Not your grandma's nuclear company; Initiate Peer Perform

研报英文原文证据摘录

Not your grandma's nuclear company; Initiate Peer Perform

May 19, 2026

Investment Conclusion

We are Peer Perform-rated on OKLO. The company's ambitions are large, but the execution risk appears equally as

high. We do see a place for winners in the small modular reactor (SMR) space, as the ramping load growth from data

centers that run 24x7 will ultimately require a clean baseload generation resource on the supply-side. OKLO is still

pre-revenue, but had a bit of a splashy introduction to public markets. The company was co-founded by husband/wife

tandem Jacob and Caroline DeWitte, two nuclear engineers who came from MIT. They had OpenAI's Sam Altman

as Chairman of the Board and early investor, as well as Secretary of Energy Chris Wright as a Board member and

investor via Liberty Energy (both have since stepped down to avoid conflicts). Altman's SPAC (AltC) is ultimately

what acquired Oklo and turned it into a publicly-traded entity, with Churchill (Michael Klein) also involved. OKLO has

won its share of DoE awards thus far and got its most notable customer contract (non-firm) with META earlier this

year. OKLO began trading at $10/sh like all SPACs, then shot up to an all-time high of $174/sh in October 2025. Since

then it has pulled back sharply primarily from selling pressure across institutions and insiders (mgmt. and Board), and

equity issuances ($1.5B ATM completed in December/January 2025/2026).

OKLO is also unique from a business model standpoint. They plan to build, own, and operate their nuclear plants.

Further, they are working on integrating business lines across fuel and isotopes. This creates the potential to be a

one-stop-shop for customers. It also means that OKLO is taking on the risk of issues across these areas and it comes

with high capital intensity.