Nuclear energy has been making a powerful comeback. As countries race to modernize aging power grids and secure reliable, clean energy, the explosive electricity demands driven by artificial intelligence (AI) are putting nuclear technology back at the center of the conversation. And few companies have captured that excitement quite like Oklo (OKLO). The advanced nuclear startup, which went public through a SPAC merger in 2024, quickly became one of Wall Street’s most closely watched next-generation energy plays.
Investors have piled into the stock on hopes that small modular reactors (SMRs) could play a critical role in powering the AI era, helping fuel a massive rally in OKLO shares over the past year. Still, the enthusiasm has cooled somewhat in 2026. Despite its long-term promise, Oklo remains a pre-revenue company, and rising operating expenses are beginning to test investor patience. The pressure intensified after the company reported a steeper-than-expected first-quarter loss, reflecting higher spending tied to reactor development and fuel-cycle expansion.
