Oklo Stock Soars After SPAC Merger Approval—Is It Too Late to Buy?

Shares of Oklo Inc. (NYSE: OKLO) continued their meteoric climb on Wednesday, touching an intraday high of $185.34 after jumping another 6 % at the opening bell. The micro-reactor developer is now up more than 1,100 % year-to-date, vaulting its market capitalization past $26 billion and making Oklo one of 2025’s most talked-about energy names. Why the surge? • Department of Energy pilot selection – Earlier this month, the DOE tapped Oklo for a fast-fission demonstration program, validating its Aurora Powerhouse design and opening the door to future federal funding. • New Wall Street coverage – Canaccord Genuity initiated coverage with a “Buy” rating and a Street-high $225 price target, citing Oklo’s first-mover advantage in commercial micro-reactors. • Rising uranium sentiment – With uranium spot prices hovering near 15-year highs, nuclear-centric ETFs have been adding OKLO, driving incremental index demand. Business fundamentals Oklo’s 15-MW Aurora micro-reactor is designed to run on HALEU (high-assay low-enriched uranium) fuel for up to ten years without refueling. Management targets first power by 2027 at Idaho National Laboratory, followed by a fleet-based rollout aimed at data centers, remote communities, and defense installations. The company projects levelized cost of energy below $45/MWh—competitive with utility-scale solar plus storage—thanks to factory-built modules and heat-reuse partnerships. Valuation check After multiplying seven-fold since July, Oklo now trades at roughly 85× projected 2029 EBITDA. Bulls argue that comparable clean-tech disrupters commanded triple-digit multiples during their hyper-growth phase; bears counter that Oklo has no commercial revenue and must still clear Nuclear Regulatory Commission licensing hurdles. Last week’s short interest edged up to 11 % of the free float, suggesting traders are betting on volatility ahead. Key catalysts to watch 1. NRC Part 53 licensing progress: a draft safety evaluation is expected in early 2026. 2. DOE cost-share award decision, potentially worth up to $500 million, due this quarter. 3. First HALEU fuel contract: management says negotiations with Centrus Energy are “advanced.” 4. Third-party offtake agreements: hyperscale cloud providers are rumored to be evaluating 24/7 carbon-free power purchase agreements. Takeaway Oklo stock has entered rarefied air, powered by regulatory wins, bullish analyst coverage, and speculative enthusiasm for next-generation nuclear. For investors, the opportunity is as outsized as the risks: if the company delivers on its technology roadmap, it could unlock a multi-trillion-dollar decarbonization market; if not, today’s valuation may prove radioactive. With pivotal milestones on the horizon, expect the OKLO ticker to remain one of Wall Street’s hottest—and most hotly debated—energy plays.