Oklo: Priced Beyond Perfection Despite Capital Intensity And Fuel Constraints

2026-03-06 09:20:28 ET

We present our note on OKLO, a nuclear energy company, with a Sell rating. We are constructive on the nuclear renaissance and the rise of small modular reactors amid growing demand for clean baseload power, and we find OKLO and its reactor design promising. However, we believe the company is priced beyond perfection, driven by investor hype, and even if it is successful in gaining regulatory approval and achieving commercial adoption, the stock is still likely to underperform going forward....

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