Oklo (OKLO) is the most polarizing nuclear name on the market. The stock trades near $62 with a 52-week range of $34.88 to $193.84.

That spread tells you everything. This is a pre-revenue advanced reactor developer with a $10.8 billion market cap and zero commercial output.

The thesis is simple. Either Aurora reactors start delivering power to data centers by 2028, or this becomes a cautionary tale about hype outrunning regulatory reality.

What Are SMRs and Oklo’s Commercial Roadmap

Small modular reactors (SMRs) are compact fission units sized between 50 and 300 megawatts. They aim to be factory-built, faster to license, and cheaper than traditional gigawatt-scale plants.

Oklo is not a conventional SMR vendor. It builds liquid-metal-cooled…