Jacob DeWitte, Co-Founder and CEO of Oklo, speaks in the Oval Office as he attends the signing of an executive order by U.S. President Donald Trump, at the White House in Washington, D.C., U.S., May 23, 2025.
Kent Nishimura | Reuters
Nuclear power startup Oklo has tumbled 15% over the past two days, after several executives unloaded shares and Goldman Sachs told investors to approach the stock with caution.
Goldman initiated coverage of Oklo on Wednesday with a neutral rating, warning investors that its valuation appears full and its business strategy needs de-risking. The bank sees Oklo shares pulling back about 11% over the next 12 months to $117 per share.
Oklo has also seen a cluster of insider selling over the past few days. CEO Jacob DeWitte unloaded $3 million of stock in the form of a gift this week and Oklo director Michael Klein dumped $6.7 million worth of shares, according to Verity data. CFO Craig Bealmear sold $9.4 million of stock at the end of last week, according to Verity.
Oklo shares year to date
Oklo shares have soared more than 470% this year as investors have grown enthusiastic about the role nuclear power could play in supplying electricity for artificial intelligence data centers.
But Oklo does not yet have the license it needs from the Nuclear Regulatory Commission to build and operate its first 75-megawatt power plant, called an Aurora Powerhouse. It expects to file its application for the license this year. Oklo is also not generating any revenue yet, has not signed a finalized power purchase agreement, and won’t launch commercial operations until late 2027 or early 2028.
“Over the past year, OKLO has been a catalyst-driven stock, and while we see a path for continued near-term catalysts, we believe the company needs to secure finalized customer agreements,” Goldman analyst Brian Lee told clients Wednesday.
Goldman also views Oklo’s business model of owning and operating its power plants as a “heavy capital burden” that presents a “meaningful risk to OKLO’s success.”
Investors have viewed Oklo as major beneficiary of President Donald Trump’s executive orders to speed the deployment of new nuclear, particularly his demand that the NRC approve plants faster. DeWitte attended Trump’s signing ceremony and Energy Secretary Chris Wright served as a member of Oklo’s board before joining the administration.