OKLO: Initiating Coverage With A Neutral Rating

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OKLO: Initiating Coverage With A Neutral Rating

June 25, 2026

Joseph Osha, CFA joseph.osha@guggenheimpartners.com OKLO: Initiating Coverage With A Neutral Rating

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Michael Stratoti, CFA Key Message: We are initiating coverage of Oklo Inc. (OKLO) with a Neutral rating.

michael.stratoti@guggenheimpartners.com

OKLO is a 212 518 9308 • Innovator In Advanced Nuclear With Substantial Commercial Pipeline:

vertically integrated advanced nuclear developer, which designs, builds, and operates its

Aurora powerhouse reactors and sells electricity to customers via long-term PPAs. The

company has assembled a 14+ GW customer pipeline, which we regard as substantial

in comparison to companies at OKLO’s stage of development, anchored by a bindingOKLO NEUTRAL

Oklo Inc. 1.2 GW Meta agreement and a 12 GW Switch partnership. OKLO’s liquid metal cooled

Sector: Energy Technology fast reactor technology offers potential advantages, but also regulatory and technological

challenges on its path to commercialization.

OKLO is in advanced Initiating Coverage • Ambitious Plans For Multi-Pronged Fuel Supply Development:

Share Price $54.06 negotiations with the US Department of Energy to secure access to fuel under the

Price Target NA DOE’s Surplus Plutonium Utilization Program. Assuming that this ambitious effort is

successful, OKLO would be given access to plutonium fuel under a disposition-through-

use arrangement. More recently, OKLO announced a HALEU supply arrangement with

Revenue ($M) Centrus Energy that is expected to support OKLO’s development of its planned 1.2GW

(FY DEC) 1Q 2Q 3Q 4Q FY clean energy campus. Longer-term plans contemplate additional fuel reprocessing,

2025 0.0 0.0 0.0 0.0 0.0 which we regard as potentially interesting although also challenging from a regulatory