Oklo shares trade at $27, down 86% from an all-time high of roughly $194, after surging in 2025 on enthusiasm for nuclear power to meet AI demand. The company is developing the small modular Aurora reactor but is still awaiting regulatory approval, a process that has been ongoing since 2016, and it has generated little revenue. The author argues that at $27 the company is in much the same position it was at $194, with no approval and no operating plant, though the price is lower. With a market valuation of roughly $5 billion, the author does not consider it a bargain and suggests investors may prefer to wait for the story to play out, since meaningful revenue is probably years away.
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