Founded in 2013 by two MIT graduates, Jacob DeWitte and Caroline Cochran, nuclear power startup Oklo (OKLO) made its public debut through a special purpose acquisition company (SPAC) merger in May 2024. With nuclear energy making a global resurgence amid soaring power demand from data centers, artificial intelligence (AI), and the electrification boom, the company backed by OpenAI CEO Sam Altman quickly became a hot trade among investors.
However, the hype seems to have somewhat faded this year. Oklo’s stock has cratered roughly 55% from its February highs as investors grow wary of the U.S.’s potentially overblown data center energy forecasts amid China’s growing AI dominance. Plus, Oklo’s latest shaky financial results have only amplified the uncertainty. And to make matters worse, CNBC’s Mad Money host Jim Cramer has recently warned investors against jumping in too soon.
When asked if OKLO’s current dip was an early buying opportunity in a recent Mad Money episode, Cramer replied that it is “mega too early” to bet on the stock. In fact, in February, the former hedge fund manager even labeled Oklo as “one of the most speculative” players in the market. So, with Cramer waving a red flag, should investors listen to his advice and steer clear or take a high-stakes gamble on this nuclear power startup now?
About Oklo Stock
Valued at roughly $3.5 billion by market cap, California-based Oklo (OKLO) is building next-generation fission powerhouses designed to deliver abundant, clean energy on a global scale while advancing nuclear fuel recycling to turn waste into power. Its flagship Aurora microreactor can generate 15 MW of power, scale up to 50 MWe, and run for over a decade without refueling, all while using recycled nuclear waste as fuel. The company is moving full steam ahead with three project sites, targeting its first deployment by 2027.
With a U.S. Department of Energy site permit secured in 2019, fuel awarded from Idaho National Laboratory, and the most regulatory traction among advanced fission systems, the company is leading the charge in next-gen nuclear power. Even after factoring in a notable 55.1% pullback from its February high of $59.14, the stock is up a staggering 213% over the past six months, dwarfing the broader S&P 500 Index’s ($SPX) marginal gain during the same stretch. So far in 2025, OKLO is up 26.8%.
Digging Into Oklo’s Fiscal 2024 Results
On March 24, Oklo published its fiscal 2024 earnings results, revealing mounting losses. In fiscal 2024, the nuclear technology firm posted a net loss of $73.6 million, or $0.74 per share, significantly worse than the loss of $32.2 million, or $0.47 per share, from the prior year. With no revenue generated as it continues to develop its Aurora reactor, Oklo warned that deeper losses are expected in 2025.
On the brighter side, Oklo is making big moves in 2025, ramping up its growth potential. The company boosted its Aurora reactor capacity to 75 MW, teamed up with RPower on a gas-to-nuclear strategy, and expanded into radioisotope production with its acquisition of Atomic Alchemy. These strategic steps could unlock new revenue streams and open the door to broader market opportunities.
On the liquidity font, as of Dec. 31, 2024, the company held approximately $275.3 million in cash and marketable securities, primarily fueled by proceeds from its merger with AltC. Oklo plans to use these funds to support the deployment of its first powerhouse at Idaho National Laboratory (INL), cover licensing fees, advance its fuel recycling efforts, and fund operations for its newly acquired Atomic Alchemy business.
While Oklo pushes ahead, it is also important to acknowledge that commercialization remains years away. Its first reactor isn’t expected to generate power until late 2027 at the earliest, assuming regulatory approval. Yet, despite the long road ahead, CEO Jacob DeWitte remained upbeat, pointing to rising government support for nuclear energy and calling AI a “Sputnik moment” that is driving surging demand for reliable, domestic power. However, investors weren’t convinced, resulting in a 6.4% decline in Oklo’s shares on March 25.
What Do Analysts Expect for Oklo Stock?
While investors weren’t happy with Oklo’s year-end results, analysts remain cautiously optimistic about its long-term potential. For instance, on March 25, Citi’s Vikram Bagi maintained a “Neutral” rating but trimmed his price target slightly to $30 from $31, citing expectations of higher cash burn ahead of the company’s first reactor deployment.
Bagi highlighted Oklo’s decision to expand its Aurora reactor capacity to 75 MW, up from 50 MW, driven by rising data center demand. While the larger design will require more upfront capital, he believes it could lead to better overall plant economics. The analyst also pointed to Oklo’s recent acquisition of radioisotope producer Atomic Alchemy, predicting it will start contributing to revenue by early 2026, boosting the company’s growth prospects.
Meanwhile, Wedbush’s Dan Ives struck an even more bullish tone, reiterating an “Outperform” rating with a $45 price target. He believes Oklo’s 75-MW model could be a game-changer, noting that the upgrade strengthens the company’s ability to power data centers without altering its small modular reactor design, giving it a competitive edge in the nuclear race.
Overall, Wall Street remains optimistic about OKLO, maintaining a consensus “Moderate Buy” rating. Of the five analysts offering recommendations, three back it with “Strong Buy,” and the remaining two maintain “Hold.” The average analyst price target of $44.50 indicates 70% potential upside from the current price levels, while the Street-high price target of $58 suggests that OKLO could rally as much as 122% from here.
