Oklo Inc.: Plutonium talks could ease fuel bottleneck

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Oklo Inc.: Plutonium talks could ease fuel bottleneck

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Oklo Inc.

Plutonium talks could ease fuel bottleneck

Maintain Rating: BUY | PO: 80.00 USD | Price: 71.73 USD

Oklo in advanced talks w/ DOE for Surplus Plutonium 26 May 2026

We maintain our Buy rating on Oklo Inc. (OKLO). Oklo announced it has been selected by Equity

the U.S. Department of Energy (DOE) for advanced talks under the Surplus Plutonium

Utilization Program, alongside four other advanced nuclear companies. The program is Rinny Singh Research Analyst

designed to make surplus plutonium available for conversion into fuel for advanced BofAS

reactors, subject to regulatory, security, and safeguards requirements. +1rinny.singh@bofa.com646 855 5729

Expansion of fuel optionality via newcleo partnership RossResearchFowler,AnalystCFA

Oklo would participate via its partnership with newcleo, a European advanced nuclear BofAS+1 646 855 1506

developer, where Oklo would lead plutonium utilization and newcleo would contribute ross.fowler@bofa.com

fuel expertise and potential project capital. The initiative fits within Oklo’s broader F. Paul Cole

Research Analyst

strategy to develop multiple fuel pathways as domestic enrichment and fuel BofAS

infrastructure continue to scale, while also leveraging existing material that would +1 646 743 2122

paul.cole2@bofa.com

otherwise be designated for disposal.

Nicolas Woods

BofASBridge fuel adds alternative path, easing fuel constraints +1 646 556 4179

The key implication is incremental but meaningful fuel de-risking, as fuel supply remains nicolas.woods_barron@bofa.com

a primary bottleneck for advanced reactors and HALEU availability remains constrained; David Rold, CFA