Sam Altman’s Oklo Debuts on NYSE Amidst SPAC Challenges and Nuclear Energy Ambitions

NEW YORK, NEW YORK — On Friday, Oklo, an advanced nuclear fission company chaired by Sam Altman, commenced trading on the New York Stock Exchange under the ticker “OKLO.” Despite the excitement surrounding its debut, shares plummeted by 54%, closing at $8.45 and valuing the company at approximately $364 million. The company raised roughly $306 million through a special purpose acquisition company (SPAC) called AltC Acquisition Corp., founded by Altman.

Oklo’s innovative approach involves commercializing nuclear fission through small-scale reactors housed in A-frame structures, targeting energy sales to entities like the U.S. Air Force and major tech companies. This technology could potentially power data centers essential for AI operations, including those of OpenAI, where Altman serves as CEO.

The company is currently working on its first small-scale reactor in Idaho, with a target operational date in 2027. Oklo CEO Jacob DeWitte confirmed that while the company has not yet generated revenue or deployed any nuclear plants, they are actively developing the technology and preparing a new application for the U.S. Nuclear Regulatory Commission (NRC) following a previous denial in 2022.

Altman, a strong advocate for nuclear energy, sees it as crucial for meeting the growing energy demands of AI technologies without relying on fossil fuels. “I don’t see a way for us to get there without nuclear,” Altman told CNBC in 2023, emphasizing nuclear energy’s potential to complement solar and storage solutions.

Despite the risks associated with SPACs, particularly following their decline in popularity since 2022, DeWitte remains optimistic about Oklo’s prospects. “SPACs haven’t exactly had the best performances in the past couple of years, so for us to have sort of the outcome that we’ve had here is obviously a function of the work we put in, but also what we’re building and also the fact that the market sees the opportunity sets here,” DeWitte said. He highlighted the promising intersections of nuclear technology, AI, data centers, and the broader energy transition.

Oklo’s journey has not been without challenges. Regulatory setbacks have delayed their progress, but the company is in active “pre-application engagement” with the NRC and plans to submit a new application early next year.

Altman’s involvement with Oklo dates back to its time in the Y Combinator startup incubator in 2014, where he first met DeWitte. He invested in the company in 2015 and has been its chairman since. Beyond Oklo, Altman has also invested in other clean energy ventures, including Helion, a company focused on nuclear fusion, and has been actively investing in AI infrastructure, including a chip venture aimed at competing with Nvidia.

DeWitte noted the growing interest in AI and the significant compute needs it presents, viewing it as a “pretty exciting opportunity” for Oklo’s technology. He emphasized the potential for innovative AI infrastructure designs powered by Oklo’s nuclear solutions.

As Oklo navigates the complexities of developing and commercializing its nuclear technology, its focus on addressing the energy needs of AI and other high-demand sectors positions it as a unique player in the evolving energy landscape.