Is Oklo Stock Your Ticket to Becoming a Millionaire?
Is Oklo Stock Your Ticket to Becoming a Millionaire?
Steven Porrello, The Motley FoolMon, June 1, 2026 at 9:36 AM UTC
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Key Points -
Oklo is developing small nuclear reactors.
The company wants to sell power to customers, but the cost of generating it is still unknown.
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For some investors, start-up Oklo (NYSE: OKLO) has already been a millionaire maker. The nuclear energy stock has more than quadrupled since coming to the market two years ago. Indeed, at one point in 2025, Oklo stock had risen more than 700% year to date, enough to turn a six-figure investment into $1 million or more.
Since hitting an all-time high in mid-October of last year, Oklo has had more sobering market days. Its valuation had gotten absurdly high -- its market cap pushed above $30 billion with no revenue -- and anxiety around its future has brought the share price down to sub-$70 a pop.
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That's still a lot for a company that doesn't have regulatory approval to operate its reactor commercially. Yet, the sell-off will likely make investors wonder whether Oklo's best days are still ahead or if its millionaire-making magic has vanished.
Promising partnerships, but the company's economics are still unknown
Oklo could be on the cusp of reinventing how nuclear power is generated and sold. That might be overstating it a bit -- the liquid-metal fast reactor technology has been around for decades -- but its business model has yet to be tried commercially.
In a nutshell, Oklo wants to deploy small nuclear reactors for on-site power generation. "Deploy" is the keyword there: It doesn't want to sell reactors to clients. It wants to set up the reactors itself and sell power under long-term agreements. This would create recurring revenue, similar to how a utility companies make money month after month. The difference, of course, is that Oklo wouldn't be servicing neighborhoods but large customers, potentially data centers, for reliable, always-on power.
A rendering of an Oklo Powerhouse at sunset.
A rendering of an Oklo powerhouse. Image source: Oklo.
It's unclear how much revenue Oklo's reactors could generate, but the company has offered some glimpses into its potential economics. In 2024, CEO Jacob DeWitte told Reuters that Oklo's 15-megawatt Aurora powerhouse could cost about $70 million, with a levelized cost of energy (LCOE) of between $80 and $130 per megawatt-hour (MWh), depending on location and use. In simplest terms, that is roughly the average price Oklo would need to make to cover the costs of construction and ongoing operation.
That range isn't dirt cheap (Reuters said financial services firm Lazard put utility-scale solar at roughly $38 to $78 per MWh), but if Oklo's pitch of always-on power is more valuable, clients might be willing to pay extra for the reliability.
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To date, Oklo has secured important partnerships with Meta (NASDAQ: META), Switch, and Equinix (NASDAQ: EQIX) and has a potential customer pipeline of 14 gigawatts. Of course, revenue-wise, this means nothing until Oklo has an operating reactor in place. And it could be another two years before commercial operations can actually start.
Since Oklo is such a young company -- and in the nascent industry of microreactors -- it could be several years before it finds its footing. Even when it does have reactors operating, there's no telling how much it will cost -- or charge customers -- to generate power or whether its LCOE will be competitive enough to grow this company into a profitable enterprise.
In short, this company has a long way to go before those who buy in at its current share price will be millionaires, and there's no guarantee that will happen. At this point, investors seeking less risk might want to gain exposure to Oklo indirectly through a nuclear energy exchange-traded fund (ETF) rather than invest in the company outright.
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Steven Porrello has positions in Oklo. The Motley Fool has positions in and recommends Equinix and Meta Platforms. The Motley Fool has a disclosure policy.
Source: “AOL Money”
