Shares of the compact nuclear power plant builder, backed by Altman's investment, rose 23%. What's driving this?

Shares of Oklo, a company that builds compact nuclear power plants, soared 23% on November 6. The company’s quarterly financial results beat Wall Street’s forecasts, but Barron’s believes the main reason for the rally was not this, but rather an agreement with steel manufacturer US Forged Rings. Analysts see further upside potential for Oklo’s stock.

Oklo's stock rose nearly 23% on the New York Stock Exchange on November 6, reaching $23.55.

The company reported that, for the third quarter, its revenue totaled $1.86 million (there was no revenue in July–September 2025), with a loss per share of $0.22. Wall Street had forecast revenue of $1 million and EPS of minus $0.27.

But since Oklo does not yet sell electricity from its reactors—its flagship nuclear reactor, Aurora, will not come online until at least 2028—that is not what sparked investor enthusiasm, according to Barron’s.

First, the company has made progress on the construction of its first power plant in Idaho by beginning the installation of steel structures.

Second, on the day its financial results were released, Oklo announced an agreement with US Forged Rings regarding the supply of critical steel components for its future reactors. The goal of the agreement is to address a potential capacity shortage by securing capacity in advance, according to the press release. The first deliveries are scheduled for 2030, and capacity has been secured through 2035, with the possibility of expansion.

Oklo confirmed in its quarterly report that it is developing a nuclear power complex in Ohio with a capacity of up to 1.2 GW to supply data centers for Meta, the owner of Facebook and Instagram, Barron’s reports. The company expects to launch the first phase no earlier than 2030. The publication notes that the company has more than $3 billion in cash (as well as cash equivalents and marketable debt securities) on hand—meaning it has sufficient resources to continue its development.

“Oklo is building a unique platform capable of realizing the potential of next-generation nuclear energy,” says Nate Pendleton, vice president of sales and trading at Texas Capital (as quoted by Barron’s).

Analysts at the financial holding company Truist also highlight the company's progress toward supporting the future deployment of small modular reactors, but note that it still has significant work ahead to bring the project to fruition.

In total, Oklo’s stock has 13 “buy” recommendations from Wall Street analysts, with nine more advising to “hold” and one to “sell.” The average price target is $53.95, which represents 129% upside potential relative to the closing price on November 6.

Oklo was founded in 2013 by Jacob DeWitt and Caroline Cochrane. They decided to focus on developing small modular reactors because the large reactors that dominate the industry delay the construction of power plants by decades.

Among the company's first major investors was OpenAI CEO Sam Altman. In 2015, he became chairman of Oklo’s board of directors, and in 2024, he helped the company go public through a merger with his SPAC. In April 2025, he stepped down as chairman of the board of directors, and Cochrane “hinted at the potential for collaboration with OpenAI,” Barron’s reported.