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    How Oklo’s (OKLO) First Pluto Fast Reactor Tests Could Recast Its Advanced Fuel Investment Story

    Simply Wall St·12/24/2025 02:29:09
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    • In December 2025, Oklo announced it had completed multi-day uranium fast reactor critical tests with Los Alamos National Laboratory at the U.S. Department of Energy's National Criticality Experiments Research Center, marking the first public technical milestone for its Pluto fast test reactor project.
    • This early validation work on surplus uranium as a potential bridge fuel is a key step toward Oklo’s longer-term plan to power its compact Aurora reactors for data centers and grid customers.
    • We’ll now examine how this progress on Pluto’s reactor testing shapes Oklo’s investment narrative, especially around advanced fuel qualification.

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    What Is Oklo's Investment Narrative?

    To own Oklo today, you mainly have to believe that its tiny, fast-spectrum reactors can move from concept to commercial reality for data centers and remote grid customers before the company runs out of time or dilution headroom. The recent Pluto critical tests with Los Alamos strengthen the technical side of that story by putting real data behind Oklo’s advanced fuel ambitions, but they do little to change the near-term picture: no revenue, ongoing quarterly losses, and heavy reliance on fresh equity, as seen in the US$1.5 billion ATM program. The key catalysts still hinge on licensing progress for Aurora, fuel fabrication milestones at Idaho, and converting MOUs into binding offtake. Pluto’s progress may incrementally reduce technology risk, yet financing, regulatory timing, and valuation remain the dominant swing factors for the stock.

    However, one issue around ongoing dilution and how long cash might last is easy to miss. Upon reviewing our latest valuation report, Oklo's share price might be too optimistic.

    Exploring Other Perspectives

    OKLO 1-Year Stock Price Chart
    OKLO 1-Year Stock Price Chart
    Sixty-nine Simply Wall St Community members see Oklo’s fair value anywhere between about US$11 and US$113 per share, reflecting sharply different expectations. That spread sits against a business still pre-revenue, burning cash and dependent on future licensing milestones, so it pays to compare several viewpoints before deciding how this story fits your portfolio.

    Explore 69 other fair value estimates on Oklo - why the stock might be worth less than half the current price!

    Build Your Own Oklo Narrative

    Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

    • A great starting point for your Oklo research is our analysis highlighting 4 important warning signs that could impact your investment decision.
    • Our free Oklo research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Oklo's overall financial health at a glance.

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.