Oklo
Jacob DeWitte
Overview
Oklo is developing fast-fission power plants under its Aurora product line while building a vertically integrated nuclear business around power sales, fuel recycling, and radioisotopes. Aurora units are designed to produce 15-75 MWe and run on fresh, recycled, or down-blended fuel, targeting customers such as data centers, industrial sites, military facilities, utilities, and remote communities. Through Atomic Alchemy and its fuel-cycle programs, Oklo is also building U.S. isotope supply and recycled-fuel infrastructure alongside its reactor deployment strategy.
Main Products
Oklo's fast-fission powerhouse product line is designed for build-own-operate deployment, targeting customers that want firm clean power in a smaller footprint than traditional large reactors.
Oklo is advancing Aurora-INL under DOE's Reactor Pilot Program with construction underway; the NRC approved its Principal Design Criteria topical report in May 2026, and the company targets first deployment in late 2027-2028 with subsequent NRC licensing for commercial operations.
Oklo is developing an advanced fuel center to recycle used nuclear fuel and fabricate metal fuel for Aurora and other fast-reactor applications.
The first phase is a Tennessee fuel recycling facility; Oklo has completed a licensing project plan with the NRC and is in pre-application engagement, with metal fuel production targeted for the early 2030s.
Oklo's isotope business combines the Idaho Radiochemistry Laboratory, a planned pilot reactor in Texas, and a future multi-reactor foundry to supply critical medical, industrial, research, defense, and space isotopes.
A March 2026 NRC materials license enables initial commercial sales from Idaho, while Oklo advances its Groves isotope pilot reactor and longer-term VIPR foundry plans.
What's Next
Carry Aurora-INL through construction and NRC licensing
With the DOE pilot authorization in hand and the NRC's Principal Design Criteria topical report approved in May 2026, Oklo's near-term focus is completing construction at Idaho National Laboratory and pursuing NRC licensing to support commercial operations.
Operations & Revenue
Still pre-revenue at the consolidated level (Q1 2026 revenue of $0 and a $33.1M net loss), with no commercial power plants operating yet. Aurora-INL is under construction and cleared a key NRC milestone in May 2026 (Principal Design Criteria topical report approval); Oklo targets first deployment in late 2027-2028 while scaling its power, fuel-cycle, and isotope business lines in parallel.
Pipeline & Contracts
Power Purchase Agreements & Prepayments
Oklo's core business model is to build, own, and operate Aurora powerhouses and sell electricity or heat under long-term agreements. Current commercial traction includes a 12 GW master power agreement with Switch, a prepayment agreement with Meta for a planned 1.2 GW Ohio campus, and additional LOIs with Equinix, Diamondback Energy, and Prometheus.
Atomic Alchemy's March 2026 NRC materials license enables initial commercial isotope sales and processing activity from the Idaho Radiochemistry Laboratory.
Key Metrics
Timeline
The U.S. Department of Energy selects Oklo on May 26 — alongside Exodys Energy, SHINE Technologies, Standard Nuclear, and Flibe Energy — for advanced negotiations under the Surplus Plutonium Utilization Program. Oklo will partner with European fast-reactor developer newcleo to convert U.S. surplus plutonium into fuel for the Aurora powerhouse, broadening its fuel-supply pathway alongside HALEU.