It sounds like something out of Silicon Valley: no revenue, no operating license, no signed customers — and yet, Oklo Inc (NASDAQ:OKLO) is worth more than $17 billion.
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The nuclear energy startup, as reported by The Financial Times, has become one of the market's most puzzling winners of 2025, considering its stock has risen more than 450% year-to-date.
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A Startup Riding The AI Energy Wave
Oklo's promise lies in its small modular reactors (SMRs) cooled by liquid sodium instead of water — a technology the company claims could power AI-hungry data centers at lower cost and greater efficiency. The company, backed by OpenAI's Sam Altman, recently broke ground on its first pilot site in Idaho, aiming to deliver commercial power by 2027.
But Oklo has yet to receive a federal license to operate any reactor. Nor has it signed any binding power-supply contracts, despite multiple non-binding memorandums of understanding with tech clients.
Still, retail investors helped turn Oklo into one of the most highly valued pre-revenue companies listed in the U.S.
Trump Ties And Political Questions
Oklo's ties to the Trump camp are through Chris Wright, the former Oklo board member who now serves as Trump's Energy Secretary. The Department of Energy under Wright has selected Oklo for multiple fast-track programs and even floated access to weapons-grade plutonium for fuel fabrication. This move has drawn scrutiny from Democratic lawmakers, who argue it raises conflict-of-interest concerns.
CEO Jacob DeWitte, who co-founded Oklo with his wife Caroline, dismisses the criticism as "partisan bickering," insisting Wright recused himself from any Oklo-related decisions.
Bubble Or Breakthrough?
Skeptics say Oklo's valuation reflects another tech-style hype cycle. About 13% of its float is sold short, as critics warn sodium-cooled reactors have failed repeatedly in past decades.
Still, backers like venture capitalist Michael Thompson insist Oklo's time has come: "Capital feels more confident betting on these technologies."
Price Action: Oklo’s stock price was down more than 13.8% at last check on Wednesday, trading at around $120 per share. Year-to-date, it’s up nearly 450%.
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