OKLO stock fell 86% from its 2025 peak, then jumped 23% around Q3
By Maya Koeva · November 11, 2026 · 6 min read
| What it does | Designs and plans to run small "Aurora" nuclear plants that sell power to customers such as data centers |
|---|---|
| Ticker | OKLO, on the New York Stock Exchange since May 10, 2024 |
| OKLO close | $25.09 on November 10, 2026 |
| 52-week range | $19.20 to $111.65 (closing, November 5, 2026 and December 4, 2025) |
| Q3 2026 | Revenue $1.86 million; net loss $41.7 million; cash and securities $3.13 billion |
| 7-day score | 50 on the morning of November 11, 2026 |
What happened to OKLO stock
| Date | OKLO close | Move |
|---|---|---|
| October 14, 2025 | $174.14 | all-time closing high |
| December 4, 2025 | $111.65 | 52-week closing high |
| December 31, 2025 | $71.76 | 2025 close |
| July 1, 2026 | $52.45 | 27% in the first half |
| August 27, 2026 | $42.53 | |
| October 1, 2026 | $36.14 | |
| November 5, 2026 | $19.20 | 52-week closing low |
| November 6, 2026 | $23.55 | 23% in a day |
| November 10, 2026 | $25.09 | 65% this year |
OKLO ran from $19.80 in April 2025 to $174.14 in October 2025 on the case that AI data centers will need new sources of steady power. Since then it has given back 86%. The slide came while Oklo sold large amounts of new stock to fund its first plant, and while its own founders sold shares every month.
The stock found a low of $19.20 on November 5, then rose 22.7% the next day around its third-quarter report.
What Oklo does
Oklo is designing small fast-reactor nuclear plants, which it calls Aurora "powerhouses", and plans to own them and sell the power and heat, rather than sell the reactors. It is also planning a business that recycles used nuclear fuel. Sam Altman, the OpenAI CEO, chaired its board until April 2025.
None of the plants run yet. The first Aurora plant, at Idaho National Laboratory, is going through the US Department of Energy's reactor pilot program. Recent coverage puts its start-up in 2028 to 2029, later than the earlier 2028 target. A smaller test reactor in Texas reached first criticality on August 5, 2026.
Oklo has signed power deals with data-center companies, including a prepayment agreement with Meta for a planned campus in Ohio. Several other agreements, including those with Equinix and Diamondback, are non-binding letters of intent.
Oklo's Q3 2026 numbers
From Oklo's third-quarter 10-Q:
| Q3 2026 | |
|---|---|
| Revenue | $1.86 million |
| Net loss | $41.7 million |
| Cash and marketable securities (September 30) | $3.13 billion |
| 2026 guidance: operating cash use | $120 to $150 million |
| 2026 guidance: plant and equipment spending | $400 to $500 million |
The revenue comes from engineering and manufacturing businesses Oklo has bought, not from selling power. The $3.13 billion of cash is the number bulls point to: at about 195 million shares, it works out to roughly $16 a share.
Dilution and insider sales
Oklo has raised about $2.25 billion this year by selling roughly 32.6 million new shares into the market, per the 10-Q. That pays for the plants, and it also means each existing share owns less of the company.
Oklo's insiders have filed only sales this year. Through October, they sold about $340 million of stock, most of it by co-founders Jacob DeWitte and Caroline Cochran under pre-arranged 10b5-1 trading plans. Quantral shows open-market insider buys, and Oklo has had none in 2026. Why CEO and director buys matter covers what these filings can and can't tell you.
The bull case
- Cash. $3.13 billion covers several years of the company's guided spending.
- The plan is moving. The Texas test reactor went critical in August, the Department of Energy has approved the Idaho plant's safety analysis, and Meta's prepayment is paying for fuel for the first plants.
- Power demand. Data centers need firm power, and Oklo is one of the few listed companies building small reactors for them. Our AI infrastructure stocks list covers the power names that sell to data centers today.
- Analysts still see upside. Wedbush started coverage on November 3 with an Outperform rating and a $36 target.
The bear case
- No power revenue before 2028 at the earliest, and first-of-a-kind reactors tend to slip.
- Dilution. Oklo sold about 32.6 million new shares this year and had about 195 million in total on November 4. More raises are likely before the plants earn anything.
- Soft contracts. Most of the headline deals are letters of intent, not binding orders.
- Cheaper competition for the same customers. On November 9, @TheValueist, who ranks 8th in our track-record ranking, argued that cheap upgrades to existing nuclear plants reduce how urgently utilities and data centers need first-of-a-kind reactors.
What the accounts we track said
Graded accounts we track turned on Oklo early. On August 27, with OKLO at $42.53, @DeepValueBagger, a graded account, told followers to avoid it, citing years of building and fundraising before the first plant. The account exited its own position on September 11 at $36.22. @Kaizen_Investor, 16th in our ranking, listed it on October 13 among former retail favourites that "seem to have no future", at $31.78. OKLO closed at $25.09 on November 10.
Most of the crowd turned later. In the last 30 days the accounts we track posted 62 mentions of Oklo, 46 bearish and 10 bullish, almost all on Reddit, and most of them on October 15 and October 20 as the stock fell through $30.
Quantral's 7-day score for Oklo was 50 on the morning of November 11, a neutral read. The score gives more weight to authors with a proven track record, so the burst of bearish Reddit posts in October did not set it.
What to watch
- The Aurora-ID start-up date. Any further slip pushes revenue out again.
- New share sales. Watch the next 10-Q for how much more stock Oklo sold.
- Binding contracts. A signed power purchase agreement would answer the soft-deals point.
- Founder sales. The co-founders' monthly plan sales have run all year.
Common questions
What is the OKLO stock price?
OKLO closed at $25.09 on November 10, 2026. Its 52-week closing range runs from $19.20 (November 5, 2026) to $111.65 (December 4, 2025).
Does Oklo make money?
Not yet. It reported $1.86 million of revenue and a $41.7 million net loss in the third quarter of 2026, and its first power plant is expected to start in 2028 or later.
Why is Oklo stock down?
OKLO is down 65% in 2026 and 86% from its October 2025 peak. The company sold about $2.25 billion of new stock, its first plant's start-up moved later, and its insiders sold about $340 million of shares. We don't give buy or sell advice.
Who owns Oklo?
It is a public company. Co-founders Jacob DeWitte and Caroline Cochran are each 10% owners, per their SEC filings.
Try it
See Oklo's score in Quantral with every call behind it, any insider buys and the record of the account that made each call. Quantral is an investment ideas app built on alternative data, on the web at app.quantral.com, on iOS and on Android, with a 7-day free trial on the yearly plan.
Mention counts cover the accounts Quantral tracks. Positions attributed to accounts are their views, not Quantral's.
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