Centrus Agreement Strengthens Oklo Stock’s Nuclear AI Power Thesis

Oklo (OKLO) is a Santa Clara, California-based advanced nuclear technology company developing fission power plants designed to provide clean, reliable energy at scale, with its flagship Aurora powerhouse capable of producing between 15 and 75 megawatts of electricity.

Backed by Sam Altman as Chairman and led by co-founder and CEO Jacob DeWitte, Oklo is also commercializing nuclear fuel recycling technology that converts used nuclear fuel into usable reactor fuel. Oklo has partnered with Meta Platforms (META) to develop a 1.2 GW nuclear power campus in Pike County, Ohio, supplying clean energy for Meta's regional data centers, including its AI supercluster in New Albany. Meanwhile, a collaboration with Nvidia (NVDA) at Los Alamos National Laboratory advances nuclear fuel validation in support of nuclear-powered AI factories. This positions Oklo at the center of the AI industry's race to secure dedicated, always-on baseload power.

OKLO Stock Dips Hard

OKLO has fallen approximately 19.26% year-to-date (YTD), and has delivered a marginal loss of 0.02% over the past 12 months. The stock trades 70% below its 52-week high of $193.84, reflecting a sharp de-rating as investors digested a massive 2025 run-up, persistent pre-revenue cash burn, and a still-distant commercialization timeline.

Against the Russell 2000 iShares ETF (IWM) 42.21% gain over the past 12 months, OKLO's steep 2026 pullback and high volatility underscore the speculative, binary-outcome nature of betting on advanced nuclear technology still years away from generating meaningful revenue.

Oklo Results Meet Estimates

Oklo reported Q1 2026 EPS of -$0.19, matching analyst estimates, while posting a net loss of $33.1 million, widening from a $9.8 million loss in the prior-year period. No revenue was recognized in the quarter, consistent with the company's pre-commercial development stage. And despite the EPS meeting expectations, shares plunged 5.8% in after-hours trading on May 12 amid lingering investor concerns about Oklo's path to commercial operations.

Operating expenses rose to $51.2 million, comprising $27.0 million in research and development and $24.2 million in general and administrative costs, while cash used in operating activities totaled $17.9 million. Oklo ended the quarter with $2.5 billion in cash and marketable securities, bolstered by a successful $1.2 billion at-the-market equity offering completed during the period. Key operational milestones included submission of the Preliminary Documented Safety Analysis for the Aurora-INL powerhouse to the U.S. Department of Energy, progress on PJM interconnection applications for the Aurora-Ohio campus with Meta, and completion of greenfield construction at the Groves isotope test reactor in just 229 days.

Management reiterated full-year 2026 guidance of $80–$100 million in cash used in operating activities and $350–$450 million in capital expenditures, as Oklo accelerates deployment across its power, fuel, and isotopes business units. Management reaffirmed a July 4, 2026 target date for Groves criticality, with the first Atomic Alchemy isotope revenue expected later this year, marking what could become Oklo's first-ever commercial revenue stream.

Oklo Signs HALEU Supply Deal With Centrus Energy

Oklo shares rose approximately 4% in premarket trading after signing a letter of intent with Centrus Energy (LEU) for the supply of high-assay low-enriched uranium (HALEU) to power as many as five Aurora powerhouses, with deliveries scheduled to begin in 2029. Centrus would supply the critical nuclear fuel from its American Centrifuge Plant in Ohio, directly supporting Oklo's planned 1.2 GW power campus in the region. The agreement may also include prepayments from Oklo to Centrus to support fuel supply for the broader campus buildout, with terms to be further negotiated in a definitive agreement.

CEO Jacob DeWitte said the deal aligns the core elements of advanced nuclear deployment, power generation, fuel, and customer demand, strengthening Oklo's domestic HALEU supply chain and reinforcing its long-term path toward commercial reactor deployment.

What’s The Verdict on OKLO?

With the Centrus Energy HALEU agreement strengthening OKLO’s domestic fuel pipeline and reinforcing its 1.2 GW Ohio campus roadmap, the company continues to check off critical milestones on its path towards commercial nuclear deployment. Wall Street’s consensus stands at “Moderate Buy” across 22 analyst ratings, comprising 11 “Strong Buy” ratings, 2 “Moderate Buy” ratings, 8 “Hold” ratings, and 1 “Strong Sell” rating, with a mean price target of $85.42, implying an upside of 47.3% from current levels. 

For investors with high risk tolerance and conviction in the AI-driven nuclear renaissance, OKLO offers compelling long-term upside, though pre-revenue status and execution risk warrant disciplined position sizing.