Oklo Stock Surges 20% After Teaming Up With Nvidia on Nuclear Power

TLDR

• Oklo announced a three-way collaboration with Nvidia and Los Alamos National Laboratory (LANL) focused on nuclear infrastructure and AI-enabled research.
• OKLO stock jumped 8% in premarket trading Thursday, following a 15.65% rally the day before.
• The partnership will cover AI models for fuel validation, materials science R&D, and power generation studies for nuclear-powered AI facilities.
• HSBC initiated coverage on Oklo with a Buy rating and a $96 price target, citing strong AI data center demand as a key growth driver.
• Oklo holds around $2.5 billion in cash with no debt, and expects to generate its first revenue in 2026 through radiochemistry operations.

Oklo stock climbed 8% in premarket trading on Thursday after the company revealed a new three-way collaboration with Nvidia and Los Alamos National Laboratory (LANL).

The deal follows a 15.65% rally on Wednesday, pushing OKLO to a 197.74% gain over the past 12 months.

Oklo Inc., OKLO

The collaboration centers on advancing nuclear infrastructure and AI-enabled research at LANL. It covers physics- and chemistry-based AI models, materials science R&D for plutonium-bearing fuels, and power generation studies for nuclear-powered AI factories.

He said the work will advance Oklo’s Pluto reactor — selected under the DOE’s Reactor Pilot Program — and support what the company calls the Genesis Mission.

HSBC Initiates Coverage With Buy Rating

The same day, HSBC kicked off coverage on Oklo with a Buy rating and a $96 price target.

The bank highlighted Oklo’s positioning to meet rising electricity demand from AI data centers. Around 95% of its planned 15 gigawatts of capacity is tied to data center clients in the United States.

HSBC analysts pointed to strong federal backing and regulatory reforms as factors that could speed up deployment of advanced nuclear technologies.

Oklo is currently part of multiple DOE pilot programs aimed at fast-tracking reactor licensing. The company says it could reach reactor “criticality” as early as July 2026.

The Wall Street consensus sits at Moderate Buy, based on nine Buy and five Hold ratings over the past three months. The average price target is $91.50, implying around 26% upside from current levels.

Projects, Pipeline, and Financials

Oklo is running six major projects across its power, fuel, and isotope divisions.

Its first commercial-scale reactor is expected to come online around 2030, initially at 150 megawatts with potential expansion to a 1.2 gigawatt campus for a major data center client.

The company is pre-revenue but well-funded — it holds approximately $2.5 billion in cash and carries no debt.

Oklo expects to log its first revenue in 2026 through its radiochemistry operations. Capital expenditures are projected at around $400 million annually in the near term.

HSBC’s valuation model puts Oklo’s fair value somewhere between $51 and $249 per share, a wide range that reflects execution risk and capital cost uncertainty.

Premarket volume on Thursday reached around 3.9 million OKLO shares against a three-month daily average of 9.58 million.

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