By Spencer Kimball

Copyright cnbc

Oklo shares have soared more than 470% this year as investors have grown enthusiastic about the role nuclear power could play in supplying electricity for artificial intelligence data centers.

But Oklo does not yet have the license it needs from the Nuclear Regulatory Commission to build and operate its first 75-megawatt power plant, called an Aurora Powerhouse. It expects to file its application for the license this year. Oklo is also not generating any revenue yet, has not signed a finalized power purchase agreement, and won’t launch commercial operations until late 2027 or early 2028.

“Over the past year, OKLO has been a catalyst-driven stock, and while we see a path for continued near-term catalysts, we believe the company needs to secure finalized customer agreements,” Goldman analyst Brian Lee told clients Wednesday.

Goldman also views Oklo’s business model of owning and operating its power plants as a “heavy capital burden” that presents a “meaningful risk to OKLO’s success.”

Investors have viewed Oklo as major beneficiary of President Donald Trump’s executive orders to speed the deployment of new nuclear, particularly his demand that the NRC approve plants faster. DeWitte attended Trump’s signing ceremony and Energy Secretary Chris Wright served as a member of Oklo’s board before joining the administration.