{"slug":"oklo","name":"Oklo","name_en":"Oklo","ticker":"OKLO","updated_at":"2026-07-12T08:28:47.294143+00:00","canonical":"https://valuechain.wiki/oklo","same_as":["https://finance.yahoo.com/quote/OKLO","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1849056"],"citable":"밸류체인 그래프 기준 Oklo의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 4곳에 닿는다. 링크의 근거 출처는 6건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Oklo is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 4 companies within two hops; the links are backed by 6 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"뉴욕상장 · SMR · AI 데이터센터 전력","kicker_en":"NYSE · SMR · AI-datacenter power","lead":"소형모듈원자로(SMR) 기업. 오로라 파워하우스(75MWe 소듐냉각 고속로)로 AI 데이터센터 전력을 노린다. 약 14GW 수주 파이프라인(업계 최대급), 메타·Equinix·Switch와 계약, DOE 원자로 시범사업 선정. 샘 알트먼이 이해상충 회피로 의장직은 내려놨으나 약 4% 지분 보유. 시총 $110억+. 전력 병목의 차세대 발전 축.","lead_en":"A small modular reactor (SMR) firm. Its Aurora Powerhouse (75MWe sodium-cooled fast reactor) targets AI-datacenter power. A ~14GW pipeline (among the largest), deals with Meta, Equinix and Switch, and a DOE pilot selection. Sam Altman stepped down as chair (conflict of interest) but holds ~4%. Market cap $11B+. The next-gen generation axis of the power bottleneck.","segments":{"parts":[{"desc":"75MWe 소듐냉각 고속로. AI 데이터센터 무탄소 전력 겨냥, 상업가동 전.","name":"SMR 발전(오로라)"},{"desc":"의료·산업용 방사성동위원소 사업 옵션.","name":"라디오아이소토프"}],"total":"수주 파이프라인 ~14GW","concentration":"메타·Equinix·Switch. 상업가동 전."},"segments_en":{"parts":[{"name":"SMR power (Aurora)"},{"name":"Radioisotopes"}],"total":"~14GW pipeline","concentration":"Meta, Equinix, Switch; pre-commercial."},"returns_yearly":{"2022":0.7,"2023":6.5,"2024":101,"2025":238,"2026":-31.9},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"starbucks","name":"Starbucks Corp","name_en":"Starbucks Corp","tier":3,"returns_yearly":{"2021":11.1,"2022":-13.2,"2023":-1.2,"2024":-2.5,"2025":-5.3,"2026":27.4}},{"slug":"johnson-controls","name":"존슨 컨트롤스","name_en":"Johnson Controls","tier":3,"returns_yearly":{"2021":77.4,"2022":-19.3,"2023":-7.6,"2024":39.8,"2025":53,"2026":20}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":3,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":3,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":3,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"servicenow","name":"ServiceNow","name_en":"ServiceNow","tier":3,"returns_yearly":{"2021":17.9,"2022":-40.2,"2023":82,"2024":50.1,"2025":-27.7,"2026":-29.7}},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":2,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"microsoft","name":"마이크로소프트","name_en":"Microsoft","tier":2,"returns_yearly":{"2021":52.5,"2022":-28,"2023":58.2,"2024":12.9,"2025":15.6,"2026":-20}},{"slug":"equinix","name":"Equinix","name_en":"Equinix","tier":1,"returns_yearly":{"2021":20.3,"2022":-21.1,"2023":25.4,"2024":19.5,"2025":-16.9,"2026":38.6}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":1,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}}],"benefiting":[],"analysis":"오클로의 논점은 '전력 병목을 파는 상업가동 전 SMR'이다. 오로라 파워하우스(75MWe 소듐냉각 고속로)로 AI 데이터센터의 24시간 무탄소 전력을 겨냥하는데, 아직 매출 없는 개발 단계라 밸류는 약 14GW 수주 파이프라인(업계 최대급)과 메타·Equinix·Switch 약정, DOE 시범사업 같은 '옵션'에 기댄다. 전력이 AI 확장의 진짜 병목이 되면서 발전 측 SMR이 재평가받는 서사가 핵심이고, 샘 알트먼(약 4% 지분)이라는 상징도 얹혔다. 리스크는 규제 인허가(NRC)·건설·HALEU 연료 확보와 상업가동 지연, 그리고 파이프라인의 계약 전환. 그래프 파급: 메타·Equinix·Switch가 전력 수요처(약정), HALEU 연료·건설이 상류 병목.","analysis_en":"Oklo's thesis is selling the power bottleneck as a pre-commercial SMR. Its Aurora Powerhouse (75MWe sodium-cooled fast reactor) targets 24/7 carbon-free power for AI datacenters, but as a pre-revenue developer, value rests on options — a ~14GW order pipeline (among the largest), Meta/Equinix/Switch commitments and a DOE pilot. As power becomes the real bottleneck to AI scaling, the narrative of re-rating generation-side SMRs is central, augmented by the Sam Altman (~4% stake) symbol. Risks are NRC licensing, construction, HALEU fuel supply, commercial-startup delays and converting the pipeline to contracts. Graph propagation: Meta, Equinix and Switch are power demand (commitments), while HALEU fuel and construction are the upstream bottleneck.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"데이터센터·Equinix·Switch (SMR 전력)","counterparty_slug":null,"confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Equinix·Switch 등 데이터센터에 SMR 전력·라디오아이소토프를 약정 — 전력난이 발전 측 SMR 수요로 전이되는 대표 파이프라인(상업가동 전).","note_en":"Commits SMR power and radioisotopes to datacenters like Equinix and Switch — a key pipeline where power scarcity flows into generation-side SMR demand (pre-commercial).","sources":[{"stance":"mentions","publisher":"consensus (via MarketBeat)","publisher_en":"consensus (via MarketBeat)","kind":"research","lang":"en","published_at":"2026-06-01","url":"https://www.marketbeat.com/stocks/NYSE/OKLO/forecast/","title":"오클로 애널리스트 매수·목표가 ~$89(2026)","title_en":"Oklo analyst Buy, consensus target ~$89 (2026)","excerpt":"Analyst consensus Buy on Oklo (~$89 target), on a ~14GW pipeline and vertically integrated SMR model; pre-commercial, long runway to positive FCF.","excerpt_en":"Analyst consensus Buy on Oklo (~$89 target), on a ~14GW pipeline and vertically integrated SMR model; pre-commercial, long runway to positive FCF."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-03-24","url":"https://www.sec.gov/Archives/edgar/data/0001849056/000110465925027276/tm2510004d1_ex99-1.htm","title":"Oklo 실적·사업현황(8-K)","title_en":"Oklo results/business update (8-K)","excerpt":"~14GW 파이프라인, INL 첫 상업부지.","excerpt_en":"~14GW pipeline; first commercial site at INL."}]},{"direction":"investor","counterparty":"샘 알트먼·전략 투자자 (지분)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"창업 후원자 샘 알트먼은 2024년 6월 공시 기준 약 2.6% 지분을 보유한 주요 주주였으나, 2025년 4월 OpenAI-Oklo 전력공급 협상 이해상충을 이유로 이사회 의장직에서 사임했다. 지분은 유지.","note_en":"Founding backer Sam Altman held a ~2.6% stake per a June 2024 filing and was a major shareholder, but stepped down as board chair in April 2025 over a conflict of interest ahead of OpenAI-Oklo energy-supply talks; he retains his stake.","sources":[{"stance":"confirms","publisher":"ANS Nuclear Newswire","publisher_en":"ANS Nuclear Newswire","kind":"news","lang":"en","published_at":"2025-04-24","url":"https://www.ans.org/news/2025-04-24/article-6979/sam-altman-steps-down-as-oklo-board-chair/","title":"샘 알트먼, Oklo 이사회 의장직 사임","title_en":"Sam Altman steps down as Oklo board chair","excerpt":"샘 알트먼이 2025년 4월 이해상충(OpenAI-Oklo 전력 협상)으로 Oklo 이사회 의장직 사임, 주요 주주 지위는 유지.","excerpt_en":"Sam Altman stepped down as Oklo board chair in April 2025 over a conflict of interest (OpenAI-Oklo power talks); he remains a major shareholder."}]},{"direction":"revenue","counterparty":"메타 플랫폼스","counterparty_slug":"meta","confidence":"mid","metric":{"qualifier":"smr_power_customer_pre_commercial"},"note":"메타 등 하이퍼스케일러에 SMR 전력 공급 약정(차세대 원전 대형 조달의 일부) — AI 전력난이 발전 측 SMR 수요로 전이됨을 보여주는 신호.","note_en":"Commits SMR power to hyperscalers like Meta (part of large next-gen nuclear procurement) — a signal of AI power scarcity flowing into generation-side SMR demand.","sources":[{"stance":"confirms","publisher":"Fortune","publisher_en":"Fortune","kind":"news","lang":"en","published_at":"2026-02-07","url":"https://fortune.com/2026/02/07/next-gen-nuclear-tipping-point-meta-hyperscalers-bill-gates-terrapower-sam-altman-oklo/","title":"메타·하이퍼스케일러, 차세대 원전(Oklo·TerraPower 등) 계약","title_en":"Meta and hyperscalers deal with next-gen nuclear (Oklo, TerraPower)","excerpt":"메타 등 하이퍼스케일러에 SMR 전력 공급 계약(차세대 원전 6.6GW 중 일부).","excerpt_en":"SMR power deals with Meta and hyperscalers (part of 6.6GW next-gen nuclear)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-03-24","url":"https://www.sec.gov/Archives/edgar/data/0001849056/000110465925027276/tm2510004d1_ex99-1.htm","title":"Oklo 실적·사업현황(8-K)","title_en":"Oklo results/business update (8-K)","excerpt":"메타 등 하이퍼스케일러에 SMR 전력 공급 계약(차세대 원전 6.6GW 중 일부).","excerpt_en":"SMR power deals with Meta and hyperscalers (part of 6.6GW next-gen nuclear)."}]},{"direction":"revenue","counterparty":"Equinix","counterparty_slug":"equinix","confidence":"mid","metric":{"qualifier":"smr_power_customer"},"note":"에퀴닉스 데이터센터에 SMR 전력을 상업 약정으로 공급 — 상업가동 전이라 매출이 아닌 파이프라인 근거이자, 전력이 데이터센터 입지의 제약임을 보여주는 관계.","note_en":"Commits SMR power to Equinix datacenters — pre-commercial, so pipeline evidence not revenue, and shows power as a constraint on datacenter siting.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-03-24","url":"https://www.sec.gov/Archives/edgar/data/0001849056/000110465925027276/tm2510004d1_ex99-1.htm","title":"Oklo 실적·사업현황(8-K)","title_en":"Oklo results/business update (8-K)","excerpt":"Oklo·Equinix 상업 원전 약정.","excerpt_en":"Oklo·Equinix commercial nuclear-power commitment."}]},{"direction":"cost","counterparty":"HALEU 연료·건설·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"HALEU 금속연료·원자로 건설·R&D.","note_en":"HALEU metallic fuel, reactor construction and R&D.","sources":[{"stance":"confirms","publisher":"Nuclear Engineering International","publisher_en":"Nuclear Engineering International","kind":"news","lang":"en","published_at":"2025-04-24","url":"https://www.neimagazine.com/news/sam-altman-steps-down-as-oklo-chair/","title":"Oklo Aurora, 금속 HALEU 연료 사용","title_en":"Oklo Aurora reactor uses metallic HALEU fuel","excerpt":"Oklo의 Aurora(75MWe 나트륨냉각 고속로, EBR-II 기반)는 금속 HALEU(고순도 저농축우라늄) 연료를 사용하며, DOE가 오로라 연료제조시설 안전설계를 승인.","excerpt_en":"Oklo's Aurora (a 75MWe sodium-cooled fast reactor modeled on EBR-II) uses metallic HALEU fuel; the DOE has approved the Aurora Fuel Fabrication Facility safety design."}]},{"direction":"cost","counterparty":"부지·건설·연료 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"원자로 건설·HALEU 연료·부지 개발.","note_en":"Reactor construction, HALEU fuel and site development.","sources":[{"stance":"confirms","publisher":"Oklo","publisher_en":"Oklo","kind":"ir","lang":"en","published_at":"2026-01-01","url":"https://oklo.com/","title":"Oklo","title_en":"Oklo","excerpt":"원자로 건설·HALEU 연료·부지 개발.","excerpt_en":"Reactor construction, HALEU fuel and site development."}]}]}