2Q26 Solid Print; Groves‘ First Criticality Headlines Busy Quarter; Execution on All Fronts

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

10 August 2026

Oklo Inc.

2Q26 Solid Print; Groves’ First Criticality Headlines

Busy Quarter; Execution on All Fronts

On Friday, Oklo reported 2Q26 results, where call commentary framed a continued

transition from strategy to execution across the business, headlined by Groves’ first

criticality on August 5. On the project backlog, OKLO advanced PJM

interconnection applications and transmission planning for the 1.2 GW AuroraOhio campus with Meta, while receiving DOE PDSA approval for Aurora-INL and

executing the Kiewit MOU to support fleet-level engineering, procurement, and

construction planning. On supply chain development, OKLO established

partnerships with several industry-leading enrichment and recycling services

providers, while catalyzing in-house development expertise via two acquisitions

this quarter (ARMEC, Creative Engineers). OKLO’s fuel strategy gained

significant call time, where management discussed an approach centered around

using DOE allocations initially, blending plutonium as a bridge fuel while thirdparty enrichment capabilities scale, and eventual fuel recycling. Separately,

broader nuclear policy modernization, including DOE's Genesis Mission and

Nuclear Lifecycle Innovation Campuses, offer potential tailwinds for

development and deployment. While commercial deployment still remains to be

proven, Groves’ criticality offers a positive data point, establishing a deployment

blueprint that de-risks execution across future powerhouse, fuel, and isotope

assets.

Groves reaches first criticality; structural construction completed in 229

days. OKLO achieved first criticality at its Groves Isotope Test Reactor on

August 5, 2026, completing greenfield facility construction in just 229 days.

The facility became the first DOE Reactor Pilot Program reactor to reach

criticality on private land rather than government land. Management

emphasized that Groves established a repeatable deployment blueprint, with

lessons learned around site development, procurement, construction, DOE

authorization, and startup that will inform future nuclear asset deployments

across the power and fuel platforms.

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