Oklo Stock Surges 16% on Nvidia Partnership and HSBC Buy Rating

TLDR

• Oklo announced a partnership with Nvidia to use AI for nuclear fuel modeling and simulations at Los Alamos National Laboratory.
• HSBC initiated coverage on Oklo with a Buy rating and a $96 price target, citing its accelerated small modular reactor timeline.
• Oklo’s Pluto reactor, selected by the DOE’s Reactor Pilot Program, recycles nuclear waste using surplus Cold War-era plutonium.
• The company holds approximately $2.5 billion in cash, no debt, and expects its first revenue later this year from the Idaho Radiochemistry Laboratory.
• Oklo targets commercial power from its Aurora powerhouse by end of 2027, with 150 MW operational around 2030 for a Meta Platforms campus.

Oklo stock jumped 15.65% on Thursday after the nuclear start-up announced a new partnership with Nvidia and received a fresh Buy rating from HSBC.

Oklo Inc., OKLO

The stock was trading at $72.41 as of Thursday morning. HSBC set a price target of $96, joining a range of analyst targets that span from $14 to $168 — a spread that reflects how divided Wall Street is on this one.

The Nvidia deal centers on using AI infrastructure for modeling and simulations to support nuclear fuel research and development at Los Alamos National Laboratory. CEO Jacob DeWitte said the collaboration would “significantly accelerate” work on Oklo’s Pluto reactor.

The Pluto reactor was selected by the Department of Energy’s Reactor Pilot Program in May 2025. It recycles nuclear waste into energy using surplus plutonium from the Cold War era. Oklo has been working with LANL to verify the reactor’s design.

The agreement also connects Oklo to the Genesis Mission, a government initiative across 17 national labs aimed at fast-tracking new energy solutions using advanced computing tools, including AI and quantum technology.

Nvidia Partnership Adds to Growing Roster of Big-Name Deals

This is not Oklo’s first high-profile partnership. The company previously announced a collaboration with Meta Platforms, and it is targeting 150 MW of power for a 1.2 GW Meta power campus by around 2030.

Oklo confirmed in March that the DOE approved its safety design agreement for its Aurora powerhouse at Idaho National Laboratory. The company’s first commercial nuclear facility is expected to deliver power by end of 2027.

Oklo also expects to meet or beat the DOE’s July 4, 2026 target for achieving criticality at the Aurora-INL and Groves isotope projects.

On the financial side, the company has no debt and holds roughly $2.5 billion in cash and equivalents. It expects to book its first revenue later this year from the Idaho Radiochemistry Laboratory.

To fund growth, Oklo is guiding to $400 million in annual capital expenditure over the next two years, offset by customer pre-payments and third-party investment.

Analyst Coverage Mixed but Trending Constructive

Not everyone is piling in. UBS lowered its price target from $95 to $60, maintaining a Neutral rating, citing execution risk and cost concerns. Craig-Hallum also cut its target from $87 to $71, keeping a Hold rating while pointing to capital needs.

Citi analyst Vikram Bagri, who rates the stock at Hold, has been incrementally positive. He noted that Oklo’s recent board expansion — four new independent directors added earlier this month — signals the company is moving from concept stage toward actual reactor development.

Oklo’s CEO Jacob DeWitte was also appointed to the President’s Council of Advisors on Science and Technology.

In a separate move, Oklo expanded its partnership with Swedish nuclear firm Blykalla AB, with planned investments of $100 to $200 million and 30 to 40 engineers committed to advancing fast reactor commercialization in the U.S. and Europe.

Analysts do not expect Oklo to reach profitability this year.

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