Shares of Oklo rose by 29% on Wednesday following news that the company is the intended recipient of a major Department of Defence contract to supply clean energy to Eielson Air Force Base in Alaska.
The Defence Logistics Agency Energy issued a Notice of Intent to Award (NOITA), selecting Oklo as the top candidate after a competitive review process.
If finalised, Oklo design, construct, own, and operate an Aurora powerhouse—a compact nuclear microreactor capable of producing both electricity and heat—for the remote military facility.
Headquartered in Santa Clara, California, Oklo was founded in 2013 by Jacob DeWitte and Caroline Cochran, both alumni of MIT. The company specialises in advanced nuclear technology, particularly compact fast reactors, with the mission of delivering clean, safe, and affordable energy on a global scale.
Its core innovation, the Aurora powerhouse, is a small, liquid metal-cooled fast reactor that can generate between 15 and 75 megawatts of electrical power (MWe). It’s engineered for long-term operation—up to 10 years without refuelling—and is ideal for off-grid uses including AI infrastructure, data centres, industrial facilities, isolated communities, and military operations.
The announcement also sparked gains in other nuclear-related stocks. For instance, NuScale Power Corporation ($SMR), a US company that develops and markets small modular reactors (SMRs)—a new type of nuclear energy technology—also saw upward movement in its share price.