Oklo raised $1.85 billion through stock sales during the first half of this year as it financed construction of its first Aurora power reactor without publishing the plant’s total cost. Those at-the-market programs issued new shares straight into the open market, raising cash by diluting existing holders while Oklo’s stock traded far below its peak. The Idaho project is scheduled to precede a much larger fleet for Meta’s data centers.

What Changed

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Financing and losses

Oklo issued 23.1 million shares at an average sale price of $81.44 during the six months through June 30, 2026, raising $1.88 billion gross and $1.85 billion net. The stock now trades near $41, roughly 80% below its October 2025 peak of $193.84.

The sales left Oklo with $3.01 billion in cash, equivalents and marketable securities at the end of June. The same six-month period produced an $81.6 million net loss and a $124.2 million operating loss. Oklo lost $48.5 million, or $0.28 a share, in the second quarter of 2026, a 75% miss against a $0.16 consensus. Its per-share loss widened from $0.18 in the second quarter of 2025. Quarterly revenue was $1.21 million, its first, with most coming from engineering, consulting, manufacturing and fabrication services.

Projected 2026 operating cash use rose to $120 million to $150 million from $80 million to $100 million. Its capital spending range rose by $50 million for accelerated Aurora-INL procurement and construction and an opportunistic fuel purchase. Bealmear said the company was buying hard-to-get equipment early so those items would not hold up construction later.

Oklo has not published a total cost for Aurora-INL and is still negotiating it with construction contractor Kiewit, so no public figure exists against which to measure the company’s $400 million to $500 million 2026 capital budget or its Meta commitment.

“We’re not yet providing full guidance on that partially because we’re still narrowing in on what total cost for the project is going to be with Kiewit,” Chief Financial Officer Craig Bealmear said.

Two different reactors

Oklo missed a Department of Energy deadline to reach criticality by July 4, 2026. The agency authorized startup of the Groves Isotope Test Reactor on July 23, and Groves achieved its first self-sustaining fission reaction on August 5, a little over 11 months after groundbreaking.

Groves is a low-power isotope test reactor, not Aurora-INL, and its criticality does not establish that the commercial power design works. Aurora-INL is a planned 75-megawatt electric plant that remains an excavation site in Idaho, with startup targeted for 2028 after further safety review and construction.

The Meta agreement

The Idaho plant is the template for a much larger agreement with Meta. Oklo plans a 1.2-gigawatt campus on 206 acres in Pike County, Ohio, to support Meta’s Prometheus AI supercluster in New Albany. The first phase is targeted for as early as 2030, with capacity expanding to up to 1.2 gigawatts by 2034. Financial terms were not disclosed.

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At Aurora’s planned 75-megawatt output, the Ohio commitment implies about 16 reactors. The agreement provides a mechanism for Meta to prepay for power and provide funding to advance project certainty, and Oklo says it will use the funds to secure fuel and advance Phase 1.

Industry limits

No developer outside China and Russia has completed a commercial small modular reactor. America’s last two new reactors entered service in 2023 and 2024 about $20 billion over budget and seven years late.

Michael Johnson, a JPMorgan managing director, expects room for three to six SMR companies. “What’s unusual about it is that the market is looking pretty far into the future for cash flow,” he said.

Ray Rothrock, an early investor in several advanced-reactor developers including Oklo, expects fewer survivors. “It’s a single digit. It’s not a double digit,” he said. He also sees a narrower role for small modular reactors as a class: “They’re not going to be the mainstream. There’s no way.”

Frequently Asked Questions

How much did Oklo raise selling stock in the first half of 2026?

Oklo issued 23.1 million shares at an average sale price of $81.44 during the six months through June 30, 2026, raising $1.88 billion gross and $1.85 billion net. The at-the-market programs issued new shares straight into the open market. That left the company with $3.01 billion in cash, equivalents and marketable securities at the end of June.

Has Oklo started generating commercial power?

No. Groves, the reactor that reached first criticality on August 5, is a low-power isotope test reactor, and its criticality does not establish that the commercial power design works. Aurora-INL, the planned 75-megawatt electric plant at Idaho National Laboratory, remains an excavation site with startup targeted for 2028.

What does Oklo's first reactor cost?

Oklo has not published a total cost for Aurora-INL and is still negotiating that figure with construction contractor Kiewit. No public number exists against which to measure the company's $400 million to $500 million 2026 capital budget or its Meta commitment.

What is Oklo's agreement with Meta?

Oklo plans a 1.2-gigawatt campus on 206 acres in Pike County, Ohio, to support Meta's Prometheus AI supercluster in New Albany. At Aurora's planned 75-megawatt output, that implies about 16 reactors. The first phase is targeted for as early as 2030, expanding to up to 1.2 gigawatts by 2034. Financial terms were not disclosed.

How many small modular reactor companies are expected to survive?

JPMorgan managing director Michael Johnson expects room for three to six. Ray Rothrock, an early investor in several advanced-reactor developers including Oklo, expects fewer, saying the number is a single digit rather than a double digit. No developer outside China and Russia has completed a commercial small modular reactor.

AI-generated summary, reviewed by an editor. More on our AI guidelines.

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