BTIG initiated coverage on Oklo (NYSE:OKLO) with a Neutral rating, citing the company’s innovative but early-stage efforts to reshape the nuclear energy landscape. The company’s shares rose more than 1% pre-market today.
Unlike most small modular reactor (SMR) developers that license technology to utilities, Oklo is taking a vertically integrated approach—designing, building, owning, and operating its own nuclear power plants. Its business model centers around securing long-term power purchase agreements (PPAs), especially with high-demand customers like data centers seeking stable, carbon-free energy outside the traditional utility grid.
A major technological distinction is Oklo’s molten metal reactor design, which promises greater safety and efficiency compared to conventional light water reactors, currently the dominant technology globally. However, commercial deployment is still years away, with the company targeting the early 2030s.
Oklo has already signed six non-binding letters of intent totaling around 14 gigawatts in potential capacity. Still, critical milestones lie ahead, including regulatory approval from the Nuclear Regulatory Commission (NRC) and completion of its first plant at the Idaho National Laboratory, expected between late 2027 and early 2028.
BTIG remains cautiously optimistic about Oklo’s disruptive potential but notes the company’s commercial viability is still in its early stages.
