Is Oklo Stock Yesterday's News?

Core Insights - The data center market is projected to see an investment of $61 billion by 2025, with U.S. data centers expected to consume 430 trillion watt-hours by 2030, enough to power 16 Chicagos [1][2]. Company Overview - Oklo is a nuclear energy company designing a fast-spectrum nuclear reactor with fuel recycling capabilities, specifically its Aurora powerhouse, which can generate up to 75 megawatts (MWe) [4][6]. - The Aurora reactor is designed to use high-assay low-enriched uranium (HALEU), allowing it to operate for a decade or longer without refueling, targeting data centers and other applications needing gridless power [6]. Market Position - Oklo's market capitalization was approximately $12 billion, with a peak valuation between $24 and $25 billion within the last year, despite having no revenue and a projected two-year gap before generating any [8][10]. - The stock is trading at about 10 times its book value, significantly higher than the average for the energy sector, indicating that growth expectations are already factored into its current valuation [10]. Investment Sentiment - While Oklo has garnered attention and investment from notable figures and has a substantial cash reserve of $1.2 billion and a backlog of 14 gigawatts, concerns about its high valuation relative to its revenue potential are emerging [10][11].