On Dec. 2, 1942, scientists achieved the world’s first controlled nuclear chain reaction, under the stands of a college football stadium at the University of Chicago. The reactor looked nothing like the nuclear power plants of today: no hourglass-shaped cooling towers, no transmission lines, no yellow trefoils on the doors and gates. It was essentially a pile of blocks, some uranium, and much more graphite, assembled to a height of about 20 feet. Somehow it worked; the group drank Chianti to celebrate.
More than 80 years on, and the U.S. still leads the world in nuclear power. And yet that leadership comes with a big garish asterisk. Most of America’s nuclear fleet was built for a different era, when power demands were steadier and utilities could justify massive, centralized power plants. These days, with the lightning-fast expansion of data centers putting new strain on an old grid, the years-long construction of a nuclear power plant looks painfully slow.
That may be true for conventional nuclear power plants. But not every nuclear company today is developing a conventional reactor. Oklo (OKLO +0.01%), in particular, is trying to build a smaller advanced reactor that could, in theory, put nuclear power on a timeline nearer to what data centers need.
Image source: Oklo.
A multitrillion-dollar market opportunity, a strong pipeline of customers
In a nutshell, Oklo is trying to deploy small nuclear power reactors and sell the electricity that they produce. Its reactors — called Aurora powerhouses — can run nonstop for years and don’t emit carbon. Their clean, reliable energy makes them especially compatible with data centers, which need round-the-clock power to keep their servers running.
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That’s the elevator pitch, but Oklo’s technology also has a few other advantages. It uses liquid sodium coolant, which allows it to operate at higher temperatures than traditional water-cooled reactors, potentially making them safer and more compact. They’re engineered to take both high-assay low-enriched uranium (HALEU) and recycled nuclear material. In this regard, Oklo is developing a nuclear fuel recycling program in tandem with its reactor technology, which could give it greater control over its fuel cycle.
Oklo doesn’t have regulatory approval to operate its reactor commercially, and it has yet to demonstrate criticality for its Aurora powerhouse design (that is, show a self-sustaining nuclear chain reaction). The company is, however, moving through the Nuclear Regulatory Commission’s (NRC) regulatory process.
Despite Oklo lacking an operating reactor, several companies have been knocking on Oklo’s door. Earlier in 2026, for example, Meta and Oklo partnered to develop up to 1.2 gigawatts of nuclear power for Meta’s data centers. Pre-construction work is expected to start this year, and its first phase of reactors could come online as early as 2030.
The market Oklo is chasing could be enormous. The Department of Energy expects U.S. data centers alone to add roughly 20 gigawatts of new load by 2030. Even if a fraction of that demand turns to small nuclear power, it could represent hundreds of Aurora-sized reactors, depending on configuration. These power demand forecasts are one reason Bank of America has described nuclear power as a potential multitrillion-dollar opportunity.
For Oklo, the hard part is still ahead: getting regulatory approval and deploying its first reactor. For aggressive investors with a long-term perspective, however, now might be the chance to buy and hold Oklo before it does so.
