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Oklo’s small modular reactor (SMR) technology is positioned as a potential energy solution for the rapidly expanding AI and data center industry. The company’s early backing included Sam Altman, the founder of OpenAI and ChatGPT, who served as Oklo’s chairman as recently as 2025 before stepping down to avoid conflicts of interest.
The conflict of interest cited for Altman’s departure centered on OpenAI’s heavy reliance on data centers to support its growth. As more data centers are built, additional electricity generation and cooling capacity are required to power them. Oklo’s focus on SMRs is intended to address that rising demand for energy.
Oklo also appears to be aiming beyond OpenAI. The company wants to market its technology to AI companies and data center businesses globally, which is part of the rationale for Altman stepping down as chairman so that potential competitors would not be deterred from working with Oklo.
Bank of America analysts estimate the global nuclear opportunity at around $10 trillion. In that framework, SMR technology—matching the form factor Oklo specializes in—is expected to reach growth inflection points between 2030 and 2035. While SMRs are not described as the entire $10 trillion opportunity, the report suggests they could play a key role in meeting future energy needs.
McKinsey & Co. is also cited as projecting $7 trillion in spending over the next few years to build data center infrastructure. The implication is that demand for power could become a binding constraint as capital flows into data center development, with “incumbents” unable to meet demand for electricity.
Oklo’s near-term challenge is not described as a lack of potential customers. The company is said to have a growing sales pipeline that includes several large technology firms with substantial budgets.
Instead, the key issue is real-world validation of its technology. The first Oklo plant is expected to come online by 2027 or 2028. However, the company still lacks critical regulatory approvals, and there is uncertainty about whether the project will meet timing and budget expectations.
With a market capitalization under $20 billion, the article argues that Oklo shares could have significant upside, citing “10x potential.” At the same time, it characterizes the path ahead as likely to be uneven, with regulatory and execution risks that could affect outcomes.
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