Oklo up as analysts spotlight “permits progress”
Oklo shares crept up early Wednesday after reporting a wider-than-expected full-year loss Tuesday after the close.
The company isn’t well covered on Wall Street, but a smattering of analysts spotlighted growing capex plans by the company — which not only has no profits, but no revenues — as a potential issue. On the other hand, they gave credit to the nuclear power startup for progress in securing key government permits and approvals.
Barclays (price target: $82, rating: “overweight”): “Oklo advanced its momentum with DOE approval of a nuclear safety design agreement for Aurora at INL [Idaho National Laboratory], paving the way for 2028 operations. Management guided higher 2026-27 capex, strengthened fuel supply investments, and enters 2026 with an increase in liquidity.”
Citi (price target: $73.50, rating: “neutral/high risk”): “Despite strong execution, reaction may skew negative given higher than anticipated 4Q Opex, continued capital raise in Jan, and robust 2026 capex.”
Needham & Co. (price target: $73, rating: “buy”): “The company did not disclose Aurora unit costs, FY2026 CapEx ($350–450MM) came in above expectations, and [Aurora/Idaho National Laboratory] timing shifted modestly to 2028. We lower our PT to $73 (from $135) on reduced outer-year deployment (~3 GW by 2035) and a lower multiple, but maintain Buy. Execution, cost visibility, and fuel supply remain key gating factors.”
As of December 31, 2025, the company was well capitalized to continue burning cash, reporting cash and marketable securities worth some ~$1.4 billion.
Barclays (price target: $82, rating: “overweight”): “Oklo advanced its momentum with DOE approval of a nuclear safety design agreement for Aurora at INL [Idaho National Laboratory], paving the way for 2028 operations. Management guided higher 2026-27 capex, strengthened fuel supply investments, and enters 2026 with an increase in liquidity.”
Citi (price target: $73.50, rating: “neutral/high risk”): “Despite strong execution, reaction may skew negative given higher than anticipated 4Q Opex, continued capital raise in Jan, and robust 2026 capex.”
Needham & Co. (price target: $73, rating: “buy”): “The company did not disclose Aurora unit costs, FY2026 CapEx ($350–450MM) came in above expectations, and [Aurora/Idaho National Laboratory] timing shifted modestly to 2028. We lower our PT to $73 (from $135) on reduced outer-year deployment (~3 GW by 2035) and a lower multiple, but maintain Buy. Execution, cost visibility, and fuel supply remain key gating factors.”
As of December 31, 2025, the company was well capitalized to continue burning cash, reporting cash and marketable securities worth some ~$1.4 billion.
