OKLO · Nuclear
Oklo Inc.
Developing 75 MWe Aurora fast-reactor powerhouses that it plans to build, own and operate, selling the power under long-term contracts.
- Rating
- Price
- $32.21
- Price target
- $21.00
- Implied return
- -35%
- Market value
- $6.0bn
- Next results
- November 2026
OKLO$21.00-35%
Our view
Vishal Bhargava, CFA · updated Oct 13, 2026Target $21.00Implied return -35%Bear to bull $8.00 to $61.00
Licensing is no longer the main risk: DOE approved the Aurora-INL preliminary safety analysis in June 2026. Unit economics are the real debate, because a powerhouse needs capex near $4,500/kW to clear a 13% hurdle against about $9,000/kW for first units. Fuel is conditional until 2029, and the base case needs 161m new shares (86% more) to fund the fleet.
What could prove us wrong
- Capex stays near the ~$9,000/kW first-unit cost, worth about $5 a share
- Power prices below $125/MWh, worth about $6 a share for each $20/MWh
- HALEU fuel not delivered on time, with only a Centrus letter of intent in place
Ask the analyst about OKLO
Answers come from Penmark’s OKLO research and the company’s filings, with a source for each claim. Change an assumption and the assistant reruns the report’s valuation.