By Mackenzie Tatananni

Just over a year after going public, it seems investors can't get enough of Oklo.

The nuclear energy start-up has only been publicly traded since May 2024, when it merged with a special purpose acquisition company headed by OpenAI CEO Sam Altman.

Oklo is targeting deployment of its first nuclear powerhouse by the end of 2027 -- a lofty goal. Still, it appears to have earned Wall Street's admiration, with the stock trading near an all-time high.

Shares surged 10% to $53.92 on Tuesday while the benchmark S&P 500 rose 2%. The stock has gained 154% this year and 431% over the past 12 months.

Recent developments have only driven the price higher, including the signing of executive orders on Friday that aim to speed up permitting for nuclear reactors and strengthen supply chains.

Speaking to Barron's ahead of the signing, Oklo CEO Jacob DeWitte indicated that the efforts to ease nuclear regulations during President Donald Trump's second term -- and by previous administrations -- have been a long time coming.

"We make it incredibly difficult for us and our companies to lead on the global stage and, as a result, create a vacuum that Russia and China are more than happy to fill," DeWitte said. "Which is pretty dumb strategically."

Centrus Energy and Lightbridge are two other nuclear pure-plays vying for time in the spotlight, but in DeWitte's view, rivalry breeds innovation. When asked why the current competitive landscape didn't take shape earlier, the CEO responded that the market simply "wasn't ready."

"I think that's maybe contrarian to a degree, but the world now wants this, needs this," DeWitte continued. "You see private money flowing into the space. Everything before this was built on government funding."

It remains to be seen how the latest directives will lend themselves to Oklo's pursuit of a combined operating license from the NRC, which will allow the start-up to operate its own nuclear plants.

Citi Research analyst Vikram Bagri noted Tuesday that much of the good news has been priced into the stock. Investors will likely shift focus to tangible catalysts like the application submission in the near future.

Oklo's 2027 deployment target has also been a point of contention for investors. It is submitting its design and operating information in one go, putting the company on course to get its powerhouse up and running sooner than they would otherwise.

DeWitte conceded that, while power may be produced by the end of 2027, the first invoicing likely won't happen until 2028. (Management previously provided both timelines, with 2027 being the more ambitious target.)

The situation is in flux, but Oklo continues to establish itself as an industry leader. Of eight firms polled by FactSet, six rate the stock at Buy or the equivalent, while two rate it at Hold.

Bagri wrote at the time of Oklo's latest earnings report that the company made progress on all fronts, but "there were no large customer wins, which may weigh on the stock given the recent outperformance."

DeWitte is confident the start-up can rise to the challenge against a friendly regulatory backdrop.

"It's go time," DeWitte said. "You have a president that's very committed to energy dominance -- that has been a consistent thematic -- and nuclear is going to play a big role in that."

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com

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May 27, 2025 15:31 ET (19:31 GMT)

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