Is Oklo Stock a Buy Now?

Last year, Oklo (NYSE: OKLO) had one of the more volatile runs of any stock. At one point, Oklo surged more than 230% before abruptly declining from its peak. Now, shares are well below their all-time high of $193. As of March 26, the stock is trading around $52 per share.

Investors who witnessed this whiplash are asking whether the nuclear company is worth buying now. So, is it?

Closing in on commercial viability

Oklo is diversifying its business beyond just small modular reactors (SMRs). First, the company acquired Atomic Alchemy in a $25 million stock deal. Atomic Alchemy was just granted a license from the U.S. Nuclear Regulatory Commission (NRC) for isotope material. This acquisition will bolster Oklo's capabilities in nuclear fuel recycling and radioisotope production.

Image source: Getty Images.

Oklo has also recently signed partnerships with Newcleo and, most notably, Meta Platforms. The deal with Meta is to develop a 1.2 gigawatt (GW) campus in Ohio to support Meta's regional data centers. The agreement allows for Meta to prepay for power and provide funding to advance project certainty for Oklo's Aurora powerhouse deployment, according to an Oklo press release. This marks Oklo's first major commercial deal.

The company is also working with the U.S. Department of Energy to demonstrate its technology through a new Reactor Pilot Program. If successful, this could move Oklo closer to securing the licensing needed to move into commercial production.

The Oklo rollercoaster continues

The stock remains extraordinarily speculative and doesn't move based on fundamentals because Oklo is still considered pre-revenue. The enthusiasm for Oklo's technology and future demand sent it skyrocketing last year, but concerns over high capital expenditures and rising costs sent it spiraling back down. Oklo's daily market movements are not appropriate for risk-averse investors.

Oklo's shares are currently trading below the average analyst price target of $97 as well. Oklo's financials reflect that it hasn't yet moved into commercial production. The company's latest report showed that total operating expenses for 2025 reached $139 million, up from $52 million the year prior.

Should you buy Oklo?

The company's future hinges upon acquiring an NRC commercial operating license. Until then, everything about Oklo will remain speculative. Should the NRC grant the license in 2026 and Oklo can execute on its commitments, the stock should see a significant shift upward.

The bear case for Oklo directly contradicts the paragraph above. A failure to gain an NRC license means no revenue and more cash burn. This would be catastrophic for the stock.

All told, this is an exciting company that's nearing an inflection point. Oklo stands at the crossroads of the next generation of nuclear energy and immense power demand from artificial intelligence. Even in the most bullish case, profitability won't happen overnight, though. Optimistic investors should still have a high risk tolerance and a longer time horizon.

Catie Hogan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.