OKLO Stock Soars 175% in 22 Days, on the Back of Altman
Ryan_Z0528: +175% on $OKLO in 22 Days , The electricity value train：https://x.com/EricFlaningam/status/1848009956961685536
Investors are flocking to power-related stocks, and California-based advanced nuclear systems developer $Oklo Inc.(OKLO)$ has seen its stock price double, skyrocketing by 115% to a record high of $19.72, peaking at $20.64 and giving it a market cap of over $2.4 billion.
Oklo went public in May through a merger with the special purpose acquisition company (SPAC) AltC Acquisition, experiencing volatile stock movements since then. The nuclear stock had fallen to a low of $5.35 on September 9 but has jumped over 200% in the past six weeks.
Oklo is working on developing small modular reactors (SMRs) and plans to deliver its first reactor in Idaho and Ohio, although this goal might take several more years, likely before 2030. The company is collaborating with the U.S. Department of Energy and national laboratories to develop advanced nuclear fuel recycling technologies for its reactors and others in the market.
Sam Altman’s Influence
The company is supported by technical experts and decarbonization investors, including Sam Altman, who has been serving as Chairman since 2015. Altman is also a co-founder and CEO of AltC, but he is best known as the co-founder and CEO of OpenAI, the company behind the popular AI tool ChatGPT.
Oklo is benefiting from the rapid advancement in AI and other computing technologies, which are driving a surge in energy demand, especially from energy-intensive data centers. Altman has noted that future AI systems will require substantial energy, and both fission and fusion can help meet these energy needs. Furthermore, nuclear power offers a cost-effective solution that aligns with the goal of making AI and energy affordable and abundant.
The significant rise in Oklo's stock has also boosted the paper fortunes of Altman, Klein, and executives Jacob DeWitte and Caroline Cochran. Reports indicate that Altman holds about 3.2 million shares, valued at approximately $60 million based on last Friday's trading price. Klein's nearly 14 million shares, acquired through the SPAC deal, are worth over $260 million, while DeWitte and Cochran hold about 24 million shares, valued at over $460 million.
Lock-Up Period Challenges
However, under the current SPAC transaction terms, these four investors face a three-year lock-up period on their shares. Within 60 trading days, if Oklo's stock price can stay above a predetermined range ($12-16) for 20 days, some holdings can be liquidated.
Additionally, large venture capital investors who previously served on the company's board can begin to offload shares starting in early November.
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