NYSE · SMR · AI-datacenter power
Oklo
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.
OKLO Updated Jul 12, 2026 3 AI consumers· 1 recurring
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).
Financials & Segments
- Total revenue · ~14GW pipeline
- Customer concentration · Meta, Equinix, Switch; pre-commercial.
- Segments · SMR power (Aurora) · Radioisotopes
Revenue from
- datacenter · Equinix · Switch (SMR power) High confidence
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).Mentions EN consensus (via MarketBeat) Published Jun 1, 2026: Oklo analyst Buy, consensus target ~$89 (2026) - Meta Platforms Medium confidence
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. - Equinix Medium confidence
Commits SMR power to Equinix datacenters — pre-commercial, so pipeline evidence not revenue, and shows power as a constraint on datacenter siting.
Pays to
- HALEU fuel · construction · R&D (undisclosed) Low confidence
HALEU metallic fuel, reactor construction and R&D.Confirms EN Nuclear Engineering International Published Apr 24, 2025: Oklo Aurora reactor uses metallic HALEU fuel - Sites · construction · fuel (undisclosed) Low confidence
Reactor construction, HALEU fuel and site development.
Investors
- Sam Altman · strategic investors (equity) Medium confidence
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.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.1 |
| Microsoft | lead2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | -20 |
| Equinix | lead1 | +20.3 | -21.1 | +25.4 | +19.5 | -16.9 | +38.6 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | +1.6 |
| Oklo | node | · | +0.7 | +6.5 | +101 | +238 | -31.9 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target $91 · Price $48.85 (07-11) · Upside +86%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| B. Riley Securities · Ryan Pfingst | Buy | $92 | Jun 11, 2026 | Report ↗ |
| UBS · Jon Windham | Neutral | $55 | Jun 11, 2026 | Report ↗ |
| Canaccord Genuity · George Gianarikas | Buy | $125 | May 28, 2026 | Report ↗ |
Views split on the SMR story: B. Riley and Canaccord are firmly bullish while UBS and Goldman stay neutral on valuation.
Analyses covering this node
- The money enters through one door: AI demand converges on hyperscaler capex Jun 23, 2026
- Power is the next bottleneck: where the chain crosses into the clock of generation, transmission and cooling Jun 23, 2026