George Noble
Investment Writer, Former Fund Manager at Fidelity, Former Assistant to Peter Lynch
Oklo builds and sells electricity, which makes it a utility to be valued on earnings, not a tech company. Per Joe Gamble, speaking at a March investor summit, utilities average about 20x profit, yet Oklo sat at a $9 billion valuation with no revenue and no earnings, while management sold shares as fast as it could print them. x.comÂ
Oklo's $8 billion-plus market cap prices in a decade of growth before it has generated a single dollar of revenue. Revenue was essentially zero from 2021 to 2025, net income was about -$105 million, free cash flow is deeply negative and worsening, operating expenses are exploding and shares outstanding spiked in 2025. Even down 73% from its October high, it is a story, not a company. x.comÂ
Oklo has no revenue or operating reactors and is burning $570M in free cash flow. Its executives have also been selling shares; the stock's steep decline looks like capital markets disciplining a speculative business. x.com x.comÂ
Oklo is massively undervalued when Three Mile Island is restarting because of parabolic AI energy demand. The market will pay up front to own long-term positions, and retail investors are better equipped than ever. x.com x.comÂ
Oklo stands out as the most egregious of Sam Altman's many questionable ventures. A company with no products or revenue, run out of a strip mall, somehow reached a $25 billion market cap. @CCM_Brett calls Altman a walking red flag. x.comÂ
Oklo is in a bubble because it produces no revenue and won't anytime soon. The first bubble call came at $190, after an earlier call to short at $131.17. Shares would only be worth buying again below $20 or $10, depending on how things play out. x.comÂ
Oklo is turning its advanced nuclear reactor plans into execution. Its Groves isotope facility in Texas reached criticality on August 5, which Oklo calls the fastest greenfield-to-criticality run for a privately funded reactor in history. Meta signed an agreement letting it prepay for power from a planned 1.2GW Oklo campus in Ohio, the first Aurora powerhouse at Idaho National Laboratory is targeted for 2028, and Oklo holds $3.0B of cash and securities. x.comÂ
Oklo's $13 billion valuation rests on no revenue. It just reported $0 in revenue, in line with guidance; if it sold merchandise to its shareholders, that would count as a beat and raise. x.comÂ
Oklo looks unattractive with further dilution, no revenue and a valuation twice Hims & Hers' market cap. A quoted report of an SEC filing says Oklo entered an agreement for up to $1 billion in at-the-market share sales. x.comÂ
Oklo is a high-conviction play because advanced nuclear is the answer to the AI energy crisis and the company is executing. It reported its first revenue, $1.2M, in Q2 2026, agreed with Meta to develop a 1.2 GW clean-energy campus in Ohio for AI data centers, and signed a letter of intent with Centrus Energy for domestic HALEU fuel for up to five Aurora reactors. The chart shows a higher low after a dip to $36.61, and options gamma clusters at the $50 strike. x.com x.comÂ
Oklo's risk-reward makes no sense because it is a pre-revenue company. x.comÂ
