Behind the Money The $17bn nuclear start-up without any revenue
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Nov 5, 2025 Jamie Smyth, the U.S. energy editor at the Financial Times, delves into the intriguing world of Oklo, a nuclear start-up valued at $17 billion yet with no revenue. He discusses its meteoric rise, fueled by AI demands and links to the Trump administration. Smyth uncovers Oklo's unconventional business model, where they plan to sell power directly, bypassing utilities. He also addresses the regulatory challenges and investor concerns regarding safety and timelines, revealing the fragility of Oklo's valuation amidst rising skepticism.
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Oval Office Moment Fueled The Rally
- The White House Oval Office appearance with President Trump massively boosted investor sentiment and Oklo's stock price.
- That publicity helped make the DeWitts paper billionaires and catalysed a surge in market value.
AI Demand Meets Nuclear Hype
- Oklo sits at the intersection of AI-driven data center power demand and a broader nuclear revival, attracting investor interest.
- Big tech's huge electricity needs make nuclear an appealing clean, reliable option for AI expansion.
Policy Support Amplified Valuation
- Political backing from the Trump administration and fast-track programmes materially boosted investor confidence in Oklo.
- Department of Energy support, fuel access, and regulatory prioritization gave the company perceived advantages.