Oklo, a nuclear fission startup chaired by OpenAI CEO Sam Altman, has entered into an agreement to sell up to $1 billion in Class A common stock. The company will distribute these shares through a consortium of ten investment banks.
This new at-the-market program, announced on May 13, replaces a previous facility established on December 4, 2025. The earlier program was fully utilized, generating approximately $1.5 billion from the sale of about 15.77 million shares over five months.
Under the terms of the new agreement, the ten banks will act as selling agents and earn commissions of up to 1.5% on gross proceeds. The shares will be sold gradually at prevailing market prices on the NYSE or other trading venues.
Oklo is currently in the pre-revenue stage and relies on capital markets to fund its operations. The company is developing small modular reactors intended for energy-intensive applications, such as AI data centers.
The company previously faced regulatory challenges when the Nuclear Regulatory Commission denied its initial license application in 2022. Oklo continues to work through the regulatory process to bring its reactor technology to market.
