New York, July 13, 2026, 12:10 EDT
Oklo Inc. NYSE:OKLO dropped 5.5% to $46.15 in late-morning Monday trading. The stock is still down 76% from its 52-week high of $193.84. Texas Capital Securities kept its Buy rating and $93 price target. Shares remain 52% below the $96.95 average price where Oklo sold 12.4 million shares in Q1, raising $1.18 billion net in an at-the-market deal.
The difference is front and center now as the stock drop makes Oklo’s balance sheet a bigger factor in its equity story, but hasn’t wiped out its execution premium. Oklo reported $2.54 billion in cash and marketable securities and $64.9 million in total liabilities as of March 31. That puts its net liquid assets at 31% of the current market cap. Strip that out, and the market values Oklo’s still pre-revenue business at about $5.39 billion.
| Valuation bridge | Amount |
|---|---|
| Late morning share price | $46.15 |
| Market cap | $7.87 billion |
| Cash and liquid securities as of March 31 | $2.54 billion |
| Minus: total liabilities | $0.06 billion |
| Net liquid assets | $2.47 billion |
| Implied value minus net liquid assets | $5.39 billion |
Oklo’s cash pile softens the hit from reported losses. The company made $21.3 million in interest and dividends in the first quarter, or 42% of its $51.2 million operating loss. Oklo used $17.9 million in cash for operations and put $32.8 million toward plant and equipment. Its forecast for operating and investing cash outflows in 2026 is $430 million to $550 million, about 17% to 22% of its March liquidity.
The debate on Oklo valuation isn’t any closer to resolution. InvestingPro, on Monday, said its September 2025 model had projected a fair value of $55.62 when Oklo traded at $95.83, pointing to an overvalued stock. Texas Capital’s $93 target price now suggests possible gains of about 102%. A 24/7 Wall St. model out Friday priced the shares at $98.56 with a 50% confidence level. A Motley Fool writer said the stock might only be worth a small spot for buyers able to wait ten years. The views don’t line up: one’s a model, another an analyst call, and the last an opinion piece.
Nuclear stocks split during Monday’s session. NuScale Power NYSE:SMR and Nano Nuclear Energy NASDAQ:NNE dropped with Oklo, but Constellation Energy NASDAQ:CEG, which runs the biggest U.S. nuclear fleet, traded higher. Oklo’s implied value comes in at $5.39 billion after netting out liquid assets, 46% above the combined $3.69 billion equity value for NuScale and Nano Nuclear, even though their tech and cash look different.
| Company | Late-morning move | Market value |
|---|---|---|
| Oklo | fell 5.5% | $7.87 billion |
| NuScale Power | dropped 5.3% | $2.74 billion |
| Nano Nuclear Energy | slipped 3.0% | $0.95 billion |
| Constellation Energy | rose 1.4% | $92.02 billion |
Oklo’s next step is with its Groves isotope test reactor in Texas. The U.S. Energy Department signed off on the final safety analysis July 1. Oklo still needs a readiness review and startup signoff before it can load fuel and start a controlled chain reaction. The company has pushed the target to later in July after missing the original July 4 pilot program date. “Groves now moves into the final phase before startup,” CEO Jacob DeWitte said. The site will focus on isotope production and won’t generate power. Oklo
Commercial sales are on a slower track. Oklo landed a deal with Meta Platforms NASDAQ:META in January so Meta can prepay for a 1.2-gigawatt site in Ohio and nuclear fuel. A 2024 master agreement with Switch, which is private, outlines 12 gigawatts. But Oklo says those are still at the MoU stage and it’s working to get binding power-purchase deals in place. The company is aiming for its first Aurora plant in 2028.
William Blair’s Jed Dorsheimer called out the divide after Oklo posted Q1 results. “While we recognize the inherent risks of a pre-revenue business, we view Oklo as a leader among advanced reactors,” he said, keeping an Outperform. Barron’s
But even a solid Groves launch may not move Aurora’s commercial schedule. Oklo still faces key hurdles: approvals, fuel supplies, building costs and signed customers. Its first custom U.S. Nuclear Regulatory Commission license bid was rejected without prejudice in 2022, and the new application is still in the works. If delays drag out or expenses rise, Oklo could need more equity even with its current cash. The company says it is still seeking capital for both the corporate and project sides.
For investors, July is not about revenue, but whether the team can deliver. The next move in valuation probably waits on a running Groves site, a refreshed filing, signed power deals and some real proof the 2028 targets can still make it—even without another big share sale. There’s plenty of cash on hand, but that $5.4 billion at risk is just as big.
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