A pair of MIT-trained founders have quietly joined the billionaire ranks amid the AI mania, even as their company burns through tens of millions in red ink.
Nuclear start-up Oklo (OKLO), widely hailed as a darling of the AI-energy narrative, posted a $25 million loss in its latest quarter and $55 million in operating losses for the year ending June, all while generating zero revenue, reports Forbes.
Still, investor enthusiasm tied to AI’s insatiable power needs helped Oklo’s valuation surge to about $21 billion. The company is positioning itself as the nuclear backbone for data centers. Its long-term plan is to build and operate small, fast fission reactors that generate nuclear power more efficiently than traditional designs, selling electricity directly to customers through power purchase agreements rather than relying on large utilities.
The company is currently raising $1 billion in additional capital to fund its goal, but regulatory filings show that Oklo does not have a “binding contract with any customer to operate a plant or deliver electricity or heat.”
The firm’s massive valuation has elevated its co-founders, Jacob DeWitte and Caroline Cochran, into billionaire status. The husband-and-wife duo has around $1.7 billion apiece, reflecting their combined 16% stake in the company plus some share sales.
But despite having zero revenue while burning through cash, Wall Street is bullish on OKLO. Analysts covering the stock gave OKLO a Buy rating, with nine out of ten retail investors owning the name.
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