If you're looking for a super-charged growth stock with an AI angle, there's a nuclear option to consider. I'm talking about Oklo (OKLO -6.56%), a next-generation nuclear power company on a mission to reboot atomic energy for the age of artificial intelligence.
Established in 2013 by MIT alums Jacob DeWitte (now chief executive officer) and Caroline Cochran (now chief operating officer), Oklo went public in May 2024 via a merger with AltC Acquisition Corp., a SPAC led by OpenAI CEO Sam Altman. Altman stepped down as Oklo's chairman in April.
Oklo's mission is to develop compact, next-gen nuclear reactors that are efficient, "walk-away safe," and capable of turning recycled nuclear waste into clean, reliable energy. The company's first commercial reactor is expected to come online in late 2027 or early 2028.
Oklo's goal of reimagining nuclear power has certainly piqued Wall Street's imagination. Oklo's stock has rocketed 190% higher in 2025 as of the June 19 market close, and it's up 564% over the past year despite the company not yet having any revenue.
Should you add this high-flying energy stock to your portfolio, or are you better off watching from the sidelines to see how the story unfolds? Let's dive in.
Image source: Getty Images.
Right time, right tech
Nuclear energy is having a moment. In May, President Donald Trump issued a flurry of executive orders aimed at jump-starting domestic production of nuclear power, with the goal of quadrupling capacity by 2050. The orders emphasize the need for AI-ready power infrastructure, recycling of spent nuclear fuel, and faster licensing of advanced nuclear reactors, all of which play right into Oklo's hands.
Oklo already has a site use permit from the Department of Energy to build its first microreactor at the Department of Energy's Idaho National Laboratory, and an agreement with the Idaho National Laboratory to use recycled nuclear fuel as a uranium source. That means Oklo is poised to hit the ground running in a sector that's flush with political capital.
Although Oklo is developing the type of advanced reactors that are named explicitly in Trump's executive orders, it's important to note that this isn't new technology.
Oklo's reactor design is modeled after the government's EBR-II (Experimental Breeder Reactor-II), a liquid-metal-cooled, metal-fueled fast reactor that operated safely for 30 years (1964-1994). The EBR-II is a powerful proof of concept for Oklo's design, as it demonstrated that fast reactors can use nuclear waste as fuel, shut down safely under adverse conditions, and run for long periods without refueling. (Oklo claims its microreactors can go up to 20 years without refueling.)
Here's the takeaway for investors: Oklo is modeling its reactor design on proven technology, and it's perfectly positioned to capitalize on a tectonic policy shift that could generate billions of dollars in nuclear infrastructure investment in the coming years.
A vertically integrated nuclear ecosystem
A unique aspect of Oklo's go-to-market strategy is its build-own-operate model.
Unlike traditional nuclear vendors that sell reactors to utilities, Okla plans to build, own, and operate its microreactors, selling electricity directly to customers via long-term power-purchase agreements. Not only will that provide recurring revenue, but it also will give Oklo more control over deployments, and a streamlined path to regulatory approvals.
Oklo has another potential revenue stream: newly acquired subsidiary Atomic Alchemy, which is developing a domestic supply of high-demand radioisotopes for use in medicine, AI chip manufacturing, and national defense. This vertical gives Oklo an opportunity to tap into a market estimated to be worth nearly $60 billion, while showcasing the versatility of its core reactor technology.
In short, Oklo isn't just building reactors. It's building a vertically integrated nuclear ecosystem -- from power generation to isotope production -- that could serve as critical infrastructure for the insatiable energy demands of AI data centers.
Is Oklo stock a buy now?
Oklo is an AI play and a clean energy play, with no shortage of potential catalysts to keep running higher. In recent months, Meta, Microsoft, and other tech giants have made long-term commitments to nuclear power for their next-gen data centers.
That said, Oklo is still a pre-revenue company -- meaning it has no revenue/sales -- and it's trading at a price-to-book (P/B) ratio of 32.15, which is lofty by just about any standard. For perspective, Constellation Energy is trading at a P/B multiple of 7.4, while NuScale -- another pure-play advanced nuclear company -- is trading at a P/B of 7.3.
In my opinion, Oklo's current valuation is in more of a danger zone than a buy zone.
OKLO Price to Book Value data by YCharts
While the Trump administration is pushing hard to fast-track advanced reactors, policy support by itself doesn't guarantee regulatory approvals -- or near-term revenue. Because Oklo will build, own, and operate its microreactors, the company's initial pathway to licensing approval is more complex and comprehensive than the traditional approach, which could lead to delays. In the meantime, the risk of dilution is always looming. Case in point: Oklo recently announced a $400 million secondary stock offering.
For now, Oklo goes on my watch list. I'm excited about the technology, but I'd need to see a concrete path to commercialization and revenue (which very well could be coming soon) before adding this stock to my portfolio.
