Oklo Partners with Meta and NVIDIA to Build Next-Gen Nuclear Reactors, Seeks $1B in Equity Financing

Oklo (OKLO) has submitted a new $1 billion ATM equity offering plan to the U.S. Securities and Exchange Commission, replacing the previous nearly exhausted $1.5 billion plan. The old plan raised approximately $1.499 billion by issuing over 15.7 million shares. The new plan is underwritten by six institutions: Goldman Sachs, Bank of America, Citigroup, JPMorgan Chase, Morgan Stanley, and Barclays, and introduces a forward sale agreement structure, allowing the company to lock in future issuance prices, reducing the risks associated with timing choices and price volatility.

The financing background is that Oklo's losses in the first quarter have further expanded. The company had a net loss of $33.1 million and an operating loss of $51.2 million in Q1, partly offset by $21.3 million in interest and dividend income. Nevertheless, as of the end of the first quarter, the company held $2.5 billion in cash and marketable securities, $1.2 billion of which came from the completion of the old ATM plan in this quarter, and liquidity remains at a historical high.

The funds will be mainly used for three core fronts. First is the Aurora-INL flagship project at the Idaho National Laboratory, where the preliminary document safety analysis is under review, and the award of construction contracts is the next key milestone. Second is the Aurora site in Ohio, where Oklo is advancing the development of a 1.2GW advanced nuclear power park with Meta, having submitted an interconnection application to PJM, but the PJM approval cycle is expected to take months or even longer. Third is the Tennessee Advanced Fuel Center, focusing on the recycling and reuse of spent nuclear fuel, with site preparation work continuing to progress.

In terms of AI cooperation, Oklo has partnered with NVIDIA and Los Alamos National Laboratory for fuel verification and plutonium-related chemical research, and also collaborates with the Battelle Energy Alliance and Idaho National Laboratory to accelerate reactor design and simulation using INL's Prometheus AI platform. CEO Jake DeWitte stated during the earnings call that the company has transitioned from a "strategic phase" to a "construction and execution phase".

Following the news release, Oklo's stock price closed down 5.39% to $69.66, with a market value of approximately $12.8 billion. In the short term, investors need to closely monitor two variables: the approval progress of PJM interconnection and the timeline for the implementation of the NRC Part 57 new regulatory framework.