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    Assessing Oklo’s Valuation As US Nuclear Fuel Support Reduces Reactor Development Risks

    Simply Wall St·01/07/2026 08:24:18
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    Oklo (OKLO) is back in focus after the U.S. Energy Department approved US$2.7b in uranium enrichment funding, a move aimed at easing fuel constraints for next generation reactors that Oklo relies on.

    See our latest analysis for Oklo.

    That government fuel support comes on top of a sharp short term swing, with a 7 day share price return of 33.48% and a 30 day share price return with an 8.67% decline, against a 1 year total shareholder return of 224.07% that suggests strong but volatile momentum.

    If the nuclear theme has caught your attention, it could be a good moment to scan other aerospace and defense stocks that are tied to long term defense and energy security trends.

    With Oklo still prerevenue, carrying a US$11.2b market cap and trading at US$95.60 against an average analyst target near US$115.83, you have to ask: is this a genuine opening, or is future growth already priced in?

    Price to Book of 12.4x: Is It Justified?

    Oklo last closed at US$95.60, and at that price the company trades on a P/B of 12.4x, which is far higher than peers.

    The P/B ratio compares a company’s market value to its book value. A higher figure usually indicates that investors are paying more relative to current net assets, and often reflects expectations about future potential rather than current assets or earnings. For a prerevenue, loss-making business like Oklo, that places more attention on what investors expect for the future than on what the balance sheet shows today.

    Oklo’s 12.4x P/B is significantly above both its direct peer average of 1.8x and the broader US Electric Utilities industry average of 1.9x. This wide gap indicates that the market is valuing Oklo at a substantially higher multiple than a typical utility, even though Oklo currently reports no revenue and a net loss of US$76.56m.

    With no clearly defined fair ratio available as a reference point, there is no regression-based level to compare to, only the contrast with sector norms. On these numbers, Oklo trades at a premium valuation relative to both its peer set and the wider industry on a pure P/B basis.

    See what the numbers say about this price — find out in our valuation breakdown.

    Result: Price to Book of 12.4x

    However, the story can change quickly if government fuel funding priorities shift or if Oklo’s prerevenue status and US$76.56m loss start to weigh more heavily on sentiment.

    Find out about the key risks to this Oklo narrative.

    Build Your Own Oklo Narrative

    If you see the numbers differently or prefer to weigh the assumptions yourself, you can test the data and build a custom view in minutes: Do it your way

    A great starting point for your Oklo research is our analysis highlighting 4 important warning signs that could impact your investment decision.

    Looking for more investment ideas?

    If Oklo has you thinking bigger about your portfolio, do not stop here. Fresh opportunities often show up where most people are not looking.

    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.