From Approval to Ambition: The Clear Divide Between NuScale & OKLO

Core Insights - NuScale Power Corporation (SMR) is a leading firm in the nuclear energy sector, while Oklo Inc. (OKLO) is an emerging player with significant growth, having increased by 701.5% over the past year compared to SMR's 413.3% rise [1] Regulatory Readiness - NuScale Power has received approval from the U.S. Nuclear Regulatory Commission (NRC) for its reactor design, which is crucial for construction and deployment, a process that took over a decade and concluded in 2020 [4] - Oklo's business model heavily relies on U.S. government support, requiring favorable policies and NRC approval, which is currently in a slow and complex pre-application stage [5] Commercial Readiness - NuScale's reactor design is approved, targeting industries such as data centers, hydrogen production, and water desalination, with established customer interest and readiness for construction [7][8] - Oklo, while aiming for similar markets, is still in early development stages and has not yet built or delivered any power plants, with no revenues reported as of early 2025 [9] Valuation and Investor Sentiment - Despite its lack of earnings, Oklo is trading at a high price-to-book (P/B) ratio of 36.79, indicating investor optimism about its future potential, compared to NuScale's P/B of 26.30 [10] - Oklo's current valuation does not align with its fundamentals, leading to a recommendation against investment, while NuScale is suggested to be held due to lower execution risk and better near-term visibility [11][14]