Nuclear power is making a comeback, and Oklo (OKLO +4.05%) is one upstart company that has investors buzzing. Over the past 18 months, Oklo's stock has skyrocketed as investors have become more optimistic about the future of nuclear energy.
While Oklo is a promising player in the nuclear sector, it's still in its very early stages and has its work cut out for it. The company has yet to launch a commercial product, but is taking steps toward commercial operations. If you're considering a position in the nuclear start-up, here's what you have to look forward to over the next five years.
NYSE: OKLO
Key Data Points
Oklo's opportunity
Oklo is a next-generation nuclear energy company focused on developing advanced fission power plants known as Aurora powerhouses. These reactors are designed for safety. They also plan to run on recycled fuel, and the Aurora powerhouse is designed to operate for over 10 years before refueling.
The long-term growth opportunity lies in meeting surging power demand, especially from artificial intelligence (AI), data infrastructure, electrification, and decarbonization -- via modular, deployable nuclear plants. As Oklo scales, it could capture significant market share in a budding advanced reactor industry.
Oklo's Aurora powerhouses utilize metal-fueled fast-reactor technology based on the Experimental Breeder Reactor-II, which operated for 30 years at the Argonne National Laboratory until its shutdown in 1994. Its powerhouses are initially designed to produce 15 MWe and 75 MWe, with plans to expand to 100 MWe and beyond.
Looking forward to the next five years for Oklo
The next five years are pivotal for Oklo and its long-term success. In July 2025, Oklo completed phase 1 of a readiness assessment with the U.S. Nuclear Regulatory Commission (NRC). The NRC found no significant gaps that would prevent its license application from being accepted for review. Next, Oklo plans to submit the first part of its Combined License Application (COLA) for the Aurora-Idaho National Laboratory (INL) reactor later this year.
On Sept. 22, 2025, a groundbreaking ceremony was held on the INL site to mark the start of construction work for its first Aurora reactor. The company expects its first commercial powerhouse to come online in late 2027 or early 2028.
Image source: Getty Images.
Oklo is focused on a repeatable COLA path, and it is setting the stage for acceleration across all subsequent plants (second, third, fourth, and beyond). To do so, Oklo is taking a slightly different approach. Rather than licensing operators for individual sites, operators would be licensed on the Aurora powerhouse technology itself. This allows operators to monitor multiple plants from a central location and move between sites as needed.
Oklo has submitted its Licensed Operator Topical Report to the NRC. Once approved, this can be referenced in future applications, streamlining regulatory review for its fleet of Aurora powerhouses.
Ultimately, Oklo aims to convert its significant customer pipeline (which stands at approximately 14,100 MWe in capacity) into binding purchase power agreements. Its pipeline includes two additional Aurora powerhouses planned in southern Ohio, as well as an anticipated agreement to provide electricity and heat to Eielson Air Force Base in Alaska, which serves as a microreactor pilot for the Department of Defense.
In addition to the above, Oklo is actively developing advanced fuel recycling capabilities. It plans to build a commercial-scale recycling facility (as part of an Advanced Fuel Center in Tennessee) to turn used reactor fuel into new metallic fuel for its Aurora reactors.
The company has already completed an end-to-end demonstration, submitted a Licensing Project Plan to the NRC, and begun pre-application engagement. It targets having the facility producing fuel by the early 2030s, subject to regulatory approval and technical execution.
Oklo stock has experienced an incredible surge
The next five years are crucial for Oklo. The company has its work cut out for it: navigating various regulatory requirements, building out its first Aurora powerhouse, and converting its pipeline into firm agreements. If it can accomplish all of this and streamline the development of future powerhouses, Oklo could be a force in the nuclear power space.
That said, the stock has increased a staggering 670% over the past year. The company remains pre-revenue, pre-commercial operations, and positive cash flow is a distant dream. Analysts don't see it generating any meaningful revenue until 2028, when its first powerhouse is slated to open. Investors buying today are paying a lofty premium for the stock, making it very risky for those who buy at today's price.
