Oklo Inc.: Reinstate Buy: Differentiated model, with early commercial proof

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Oklo Inc.: Reinstate Buy: Differentiated model, with early commercial proof

Investment Thesis

We reinstate coverage of Oklo Inc. (OKLO) with a Buy. We believe the company is well

positioned to lead the early commercialization phase of the SMR market, supported by

its differentiated vertically integrated model, early commercial traction, and scalable

long-term demand tailwinds.

Best-positioned early mover via vertically integrated model

• Oklo’s build-own-operate structure differentiates it from peers by retaining

ownership of assets and customer relationships

• This model enables tighter cost control, faster iteration on plant deployment, and

greater participation in long-term project economics relative to vendor-only

approaches.

Early commercial proof point with hyperscaler exposure

• Unlike much of the SMR peer group, Oklo is beginning to demonstrate tangible

commercial momentum, including a binding agreement with a hyperscaler customer

• We view this as a key validation milestone for both demand and bankability,

particularly as data center customers increasingly seek firm, carbon-free baseload

power.

Largest disclosed pipeline in the SMR universe

• Oklo has assembled one of the largest visible customer pipelines in the sector, with

over 14 GW of announced MOUs/LOIs.

• While early-stage, we believe this pipeline provides strategic optionality and

positions the company to be a first beneficiary as projects move toward contract

conversion and execution.

HALEU risk offset by structural fuel advantage

• Reliance on HALEU fuel introduces supply risk in the near term; however, Oklo’s

focus on fuel recycling presents a potential structural advantage.

• Successful execution could reduce fuel costs by 70–80%, improving project