Oklo hits criticality in 229 days as AI power demand surges

Oklo completed its Groves One isotope reactor in 229 days and achieved criticality Aug. 5, the fastest modern U.S. non-military nuclear build, as AI data center power demand accelerates the atomic energy revival.

"We've established a repeatable blueprint covering construction, procurement, authorization, startup, and operating experience," Jacob DeWitte, chief executive officer of Oklo, said. "This allows us to build future reactors at world record speed."

Construction was executed through private capital and commercial suppliers on private land, making Groves One the first DOE Reactor Pilot Program reactor to achieve criticality outside government-owned property. Oklo received Startup Authorization from the DOE last month, permitting fuel loading and formal testing procedures. The company missed the DOE's initial July 4 criticality target, while four competitors — Antares, Valar Atomics, Deployable Energy, and Aalo Atomics — met that deadline.

Oklo's market capitalization sits at $8.3 billion, roughly 149 times the $55 million in revenue analysts project for 2028. The company is expected to remain unprofitable through that period, and its share count has risen more than 50 percent since its public debut in May 2024.

AI Data Centers Drive Nuclear Demand

The Groves One milestone comes as U.S. data center power consumption is projected to rise from about 540 kilowatt-hours per capita in 2024 to 1,200 by 2030, according to the International Energy Agency. Hyperscalers are locking in long-term nuclear supply agreements to secure reliable baseload power. Constellation Energy signed roughly 920 megawatts of long-term nuclear contracts in the second quarter, averaging 18.5 years, including a 176-megawatt agreement with Walmart from its Dresden Clean Energy Center in Illinois. Vistra Energy signed a 2,600-megawatt power purchase agreement with Meta Platforms at its PJM nuclear site and a contract with Amazon Web Services for up to 1,200 megawatts from its Texas plant. In June, Vistra partnered with KKR, Nvidia, and the Kuwait Investment Authority to form Helix Digital Infrastructure, a $10 billion infrastructure development and financing vehicle.

Oklo's commercial pipeline extends well beyond Groves One. The company's Idaho National Laboratory site is targeted for a 2028 deployment, and its Ohio campus, which will supply power to Meta, is not expected to come online until early 2030. First revenue from the isotope business is projected in early 2027 from an Idaho radiochemistry lab. The company's Aurora powerhouse design, its commercial small modular reactor platform, remains further out on the timeline.

Competition Intensifies Across the Sector

The competitive field is crowded. Beyond the four startups that met the July 4 criticality deadline, Bluecore Energy emerged from stealth in July with $10 million in pre-seed funding to develop floating small modular reactors on barges for the Port of Long Beach. London-based Core Power is pursuing ship-based nuclear power plants generating about 300 megawatts. The U.S. Navy has used light-water reactors to power submarines and ships for at least 70 years, and light-water reactors generate about 20 percent of U.S. electricity.

For investors, the nuclear revival carries significant risk. Oklo's valuation at 149 times projected 2028 sales leaves little room for execution error, and the company's dilution history — share count up more than 50 percent since its May 2024 debut — compounds the risk. Constellation and Vistra, both down 32 percent from their 52-week highs, offer more established exposure to the same AI-driven power demand thesis, with existing nuclear fleets and contracted revenue streams.

This article is for informational purposes only and does not constitute investment advice.