Energy and renewables company Oklo officially started trading on the New York Stock Exchange (NYSE) on May 10, 2024. This significant development makes Sam Altman a chairman of a public company.
Oklo goes public
Oklo went public earlier this month through a special-purpose acquisition company. It merged with AltC Acquisition Corp., Altman’s SPAC, according to the press release. It now trades on the NYSE under the “OKLO” ticker symbol.
“We are excited to complete our business combination with AltC and we look forward to advancing our mission to provide clean, reliable, and affordable energy through the design and deployment of advanced reactor technology.”
Jacob DeWitte, Oklo Co-Founder and CEO
Oklo Chairman and OpenAI Chief Executive Sam Altman also congratulated the nuclear power company on its successful NYSE debut on social media platform X.
“congratulations to @oklo on going public, especially @jakedewitte and @caorilne, who i have worked with for a decade.
energy is one of the most important things to work on and i’m excited to help support that mission. onward!”
Sam Altman
Oklo has yet to generate any revenue and deploy nuclear power plants. According to CNBC, shares plunged 54% to $8.45 on its first trading day. It gained a valuation of about $364 million and approximately $306 million in gross proceeds.
Oklo’s business model
Oklo’s business model revolves around commercializing nuclear fission. For context, it is the reaction that powers nuclear power plants.
Oklo utilizes mini-nuclear reactors lodged in A-frame structures rather than traditional reactors. It aims to supply the energy to end users, including the US Air Force and other tech giants.
The company has kicked off the development of its inaugural small-scale reactor in Idaho. According to the report, it could potentially power the data centers that Sam Altman’s OpenAI and other AI firms need to operate their models and services.
Its next-gen fission reactors will produce advanced technology, including the Aurora Powerhouse microreactor. It reportedly generates 15 MW of electrical power, scalable to 50 MWe. Each unit can function for at least ten years before refueling.
Nuclear energy’s role in AI advancement
Chairman Sam Altman predicts that nuclear energy will emerge as a key solution to the growing demand for AI and its energy needs without relying on fossil fuels.
In fact, Microsoft Co-Founder Bill Gates and Amazon founder Jeff Bezos have already invested in nuclear plants in the past few years.
“I don’t see a way for us to get there without nuclear.I mean, maybe we could get there just with solar and storage. But from my vantage point, I feel like this is the most likely and the best way to get there.”
Sam Altman said last year (via CNBC)
Oklo CEO Jacob DeWitte recently said in an exclusive interview with CNBC that the company aims to officially launch its first-ever plant in 2027.
Oklo is set to ring the opening bell at the NYSE in New York City on May 24, 2024, to celebrate the company’s initial public offering.
