Why this name is on the tape
Oklo Inc. (NYSE: OKLO) is a Santa Clara, California advanced-fission company. The product it describes is the Aurora powerhouse: a metal-fueled, sodium-cooled fast reactor sized at 15–75 megawatts electric, owned by Oklo, selling electricity under long-term power purchase agreements. That is an independent-power-producer pitch, not a reactor-vendor pitch. No Aurora is selling power.
The tape prints OKLO when a data-center offtake clip or an NRC headline lands. Those are different clocks from Q2’s $1.21 million of services. This article keeps printed engineering revenue and a cash pile apart from a 2028 Idaho startup target. It is not a ranking of the stock and not a trade instruction.
What has actually printed
For the quarter ended 30 June 2026 Oklo reported $1.21 million of revenue — $800,000 of engineering and consulting, $168,000 of manufacturing and fabrication, $242,000 of other — versus none a year earlier. GAAP net loss was $48.5 million. First-half net loss was $81.6 million. Cash, cash equivalents, and marketable securities were $3.0 billion at quarter-end, after about $1.9 billion raised through at-the-market equity programs in 2026.
Management raised 2026 operating cash-use guidance to $120–$150 million and property-and-equipment spending to $400–$500 million, weighted to the second half, largely for Aurora-INL procurement and interconnection. Those are spend targets, not power sales.
Aurora-INL is construction and licensing, not electrons
The first planned powerhouse is a 75 MWe Aurora at Idaho National Laboratory, with Kiewit as constructor. Ground was broken in September 2025. On the Q2 call, management said DOE had approved a Preliminary Documented Safety Analysis so final design and construction could advance, and that excavation for the reactor area was nearing completion. The company still pointed to a 2028 startup. A PDSA and a hole in the ground are not a combined operating license and not megawatt-hours on the grid.
The NRC path is still pre-application for the Aurora Powerhouse. In May 2026 the NRC approved a Principal Design Criteria topical report. Oklo’s original combined-license application was rejected in 2022; the company restarted. A topical-report approval is not a license to operate.
- Groves isotope test reactor: reached first criticality in early August 2026, after quarter-end. Management described it as a fast greenfield-to-critical build. Groves is an isotope machine. It is not Aurora-INL, and first isotope revenue was described as more likely from the Idaho radiochemistry lab, possibly in early 2027.
- Fuel: a letter of intent with Centrus for HALEU enough for initial cores and reloads on up to five Aurora plants, with deliveries pointed at 2029. An LOI for 2029 fuel is not a loaded core.
- Data-center offtake: announcements and master agreements are not Aurora plants running behind a hyperscale campus. Until a unit is licensed, built, and delivering, those seats are later clocks.
What this does not tell you
A $1.21 million services quarter and $3.0 billion of cash are evidence that Oklo can fund first-of-a-kind work. They are not proof that Aurora-INL starts in 2028, that the NRC issues an operating license, that Groves criticality becomes isotope revenue in 2027, or that any data-center PPA is currently billing megawatt-hours. Hydrogen fuel cells on the same AI-power tape (Bloom, Plug) are a different chemistry and a different clock.
On MarketNeon, OKLO is a ticker like any other: price, volume, crowd mentions, and headlines can run hot on a nuclear-for-AI clip while the billed line is still consulting. This article is context for those prints. It does not rank the name, and it does not tell anyone to buy or sell.