Oklo Inc. shares climbed in a shortened trading week after the advanced nuclear company signed a fuel supply letter with Centrus Energy, a move investors viewed as progress in addressing the fuel supply challenge for next-generation reactors. The stock finished Thursday at $61.17, up 4.0% for the day and approximately 6.4% above last Friday's close. U.S. markets were closed Friday for Juneteenth and will remain shut through the weekend.
The focus for Oklo is now shifting from policy discussions to tangible supply chain developments. High-assay low-enriched uranium (HALEU), which is enriched between 5% and 20% uranium-235, is a key fuel for many advanced reactor designs, allowing them to extract more energy from smaller cores. The Centrus agreement, formalized in a June 18 letter of intent, provides for enough HALEU from the American Centrifuge Plant in Ohio to fuel up to five Oklo Aurora powerhouses over several years, with deliveries expected to begin in 2029.
In addition to the fuel deal, Oklo separately announced that Kiewit Nuclear Solutions has signed a memorandum of understanding for engineering, procurement, and construction planning related to the first Aurora units in southern Ohio. Oklo CEO Jacob DeWitte characterized the Centrus deal as linking "power generation, fuel, and customer demand," while Centrus CEO Amir Vexler described it as a step toward "reliable HALEU supply." This narrative is central to investor confidence, as market participants are looking for concrete evidence that nuclear projects can secure fuel supply before committing to large-scale power campus plans.
The positive sentiment extended beyond Oklo. Centrus Energy shares surged 12.4% on Thursday, while NuScale Power gained 13.5% and Nano Nuclear Energy rose 11.6%. The fuel news lifted much of the speculative nuclear group, reflecting broader market optimism about the sector's supply chain progress.
Oklo also announced a separate MOU with Standard Nuclear earlier this week to explore recycling used nuclear fuel and using U.S. surplus plutonium for new advanced reactor fuel. DeWitte stated that the company aims to convert used fuel and surplus material into reactor fuel. Standard Nuclear CEO Kurt Terrani noted the agreement could supply his company with feedstock for TRISO fuel and radioisotope power systems.
Despite the positive developments, significant hurdles remain. Oklo must still finalize definitive contracts, secure permits, achieve fuel production milestones, complete construction, and find long-term customers willing to commit capital. The company's most recent quarterly filing showed $2.54 billion in cash, cash equivalents, and marketable debt securities as of March 31, but also reported a net loss of $33.1 million and ongoing operating losses.
A deeper risk emerged this week amid the fuel headlines. Reuters reported on Monday that U.S. plans to convert Cold War-era plutonium into nuclear fuel could entail heavy security costs and potential delays. Ross Matzkin-Bridger, a former Energy Department and National Nuclear Security Administration official, described the material as "weapons-usable plutonium," while former Energy Secretary Ernest Moniz told Reuters he expected the government would pay "a hell of a lot" to secure it.
Looking ahead, investors are eager for tangible progress on the Centrus and Standard Nuclear deals. They are watching for a signed fuel contract, prepayment details, regulatory filings, or fresh information about the southern Ohio site linked to Meta's data center. Oklo has stated that its 1.2-gigawatt Ohio project targets Meta's local data centers and plans to seek a Nuclear Regulatory Commission commercial license for the Aurora builds at that location. The stock's next leg will likely depend on the company's ability to execute on these fronts and move from letters of intent to binding agreements.
