Oklo raised $2.25 billion selling stock at $70.19; the market values everything it builds at $700 million

Oklo▲+20.10% — Oklo, up 20.10 percent today, the advanced-fission developer, has sold stock through three at-the-market programs since December, drips of shares into the market at the going price, and the 10-Q filed Friday↗ prices each one: $96.95 a share under the December program, $55.64 under May's, and $39.30 under the $1.0 billion facility opened in September, which moved 2.26 million shares for $87.0 million net ¹.

The filing landed the morning after the stock closed at $19.57, down 11.5% to a 52-week low, a slide that followed the projected Democratic sweep of Congress↗ and a rout in AI-power names, not any company news ²³.

The market marks the whole business at $700 million

Oklo ended September with $3.13 billion of cash, equivalents and marketable debt securities ¹. Against Thursday's close the company was worth about $3.8 billion ²³, so the reactor build, the fuel plants and the isotope business carried roughly $700 million, everything Oklo does beyond holding cash. Nine months of at-the-market selling raised $2.25 billion net from 32.6 million shares at an average of $70.19, and a buyer at that average is down 72% ¹².

The build passed its checklist

The quarter, published before the open↗ with a call from chief executive Jacob DeWitte and finance chief Craig Bealmear, had three questions to settle: capex pace, guidance and dilution ⁵. The first two clear. Purchases of property, plant and equipment hit $280.9 million for nine months, about $154 million in the third quarter alone by difference, after $126.9 million through June ¹³⁴, a record.

Guidance held: $400 million to $500 million of capital spending and $120 million to $150 million of operating cash use for 2026 ³⁶. The operating loss doubled to $71.0 million on $1.86 million of revenue, better than the $1.02 million the Street modeled, and the 22-cent net loss beat the $0.27 expected ¹⁶⁷.

The dilution paused at the worst prices yet

The share count is up 22% since December 31, from 160.5 million to 195.3 million ¹. Then it stopped. The count rose just 127,843 shares in the five weeks to November 4, after 10.1 million added in the quarter, 9.5 million of them at-the-market sales and the rest option exercises and restricted-stock vesting ¹. That points to the new $1.0 billion program sitting almost untouched through October ¹.

A pause that holds says the $3.13 billion banked covers the first plant, a 75-megawatt Aurora powerhouse at Idaho National Laboratory, the Energy Department's Idaho research site, where excavation is done, structural steel is rising and a preliminary DOE safety approval is in hand ³⁶. Cash and securities rose from $3.0 billion at June 30 to $3.13 billion on $401.8 million of at-the-market proceeds in the quarter ¹³.

2029 still belongs to the bears

The bears' ledger runs past the founders' $2 million of sales reported here this week: analyst models carry $6.3 billion of free-cash burn through 2030 against $3.13 billion banked, short in 2029, and Piper Sandler lifted its assumed cost for the still-unpriced plant to $7,000 a kilowatt from $4,000 ³.

The bulls got Friday's bounce to $21.20 ⁶: Wedbush's $36 target and TD Cowen's Hold rating at $26 both sit above a stock still down about 70% this year ³⁷. The tell is the share count in the next filing, and the plant's price is promised at a spring 2027 capital markets day ³. Another quiet quarter and the cash covers plant one; renewed selling at $20 hands the math to the bears ³.