--- title: "Oklo raised $2.25 billion selling stock at $70.19; the market values everything it builds at $700 million" description: "The Q3 filing holds Oklo's build guidance and posts record construction spending; at a $3.8 billion market value against $3.13 billion banked, the market carries everything the company does beyond holding cash at roughly $700 million." publisher: "The Inference" section: "Power" published: 2026-11-06T17:13:34.435Z modified: 2026-11-06T17:13:34.435Z canonical: https://theinference.org/article/oklo-raised-2-25-billion-selling-stock-at-70-19-the-market-values-everything-it-builds-at-700-million language: en keywords: "Oklo, Nuclear, Earnings, Capital Markets, Stock Moves" --- # Oklo raised $2.25 billion selling stock at $70.19; the market values everything it builds at $700 million > The Q3 filing holds Oklo's build guidance and posts record construction spending; at a $3.8 billion market value against $3.13 billion banked, the market carries everything the company does beyond holding cash at roughly $700 million. [Oklo](https://theinference.org/markets/companies/oklo), 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](https://www.sec.gov/Archives/edgar/data/1849056/000162828026071319/oklo-20260930.htm) 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](https://finance.yahoo.com/markets/stocks/articles/oklo-sank-10-day-democratic-152553806.html) and a rout in AI-power names, not any company news [2][3]. *Chart: **Oklo's at-the-market sale price has fallen from $96.95 to $39.30 a share** Bar chart of the average net price per share under Oklo's three at-the-market stock programs, falling from $96.95 to $55.64 to $39.30.* *Average net price per share under each of Oklo's at-the-market equity sales programs, net of offering costs, nine months ended September 30, 2026; source: Oklo Q3 2026 Form 10-Q. [1]* ## 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 [2][3], 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% [1][2]. ## The build passed its checklist The quarter, [published before the open](https://www.businesswire.com/news/home/20261106399596/en) 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 [1][3][4], a record. Guidance held: $400 million to $500 million of capital spending and $120 million to $150 million of operating cash use for 2026 [3][6]. 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 [1][6][7]. *Chart: **Construction spending set a record in the third quarter** Column chart of Oklo quarterly capital spending rising from $27 million in Q4 2025 to an estimated $154 million in Q3 2026.* *Purchases of property, plant and equipment by quarter, US$ millions. Q4 2025 through Q2 2026 as reported in Oklo's SEC quarterly figures; Q3 2026 is an estimate, the 10-Q's $280.9 million nine-month total less the $126.9 million first half. [1][3][4]* ## 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 [3][6]. 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 [1][3]. ## 2029 still belongs to the bears The bears' ledger runs past the founders' $2 million of sales [reported here this week](https://theinference.org/article/a-white-house-report-named-oklo-among-america-s-largest-energy-investments-founders-sold-2-million-of-stock): 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 [3][7]. 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]. ## Takeaway Oklo's Q3 filing shows a record $280.9 million of nine-month construction spending and a dilution pause that leaves $3.13 billion banked covering plant one, but the stock at $19.57 values everything beyond that cash at roughly $700 million. ## Sources 1. [Oklo Inc., Form 10-Q for the quarter ended 30 September 2026, filed 6 November 2026 (SEC EDGAR)](https://www.sec.gov/Archives/edgar/data/1849056/000162828026071319/oklo-20260930.htm) 2. [AInvest/TickerSnipe, "Oklo (OKLO) Plunges 13% to New 52-Week Low as Macro Pressures Crush Nuclear Sentiment", 6 November 2026](https://www.ainvest.com/news/oklo-oklo-plunges-13-52-week-macro-pressures-crush-nuclear-sentiment-2611/) 3. [Gian Estrada, Yahoo Finance, "Oklo Sank 10% a Day After the Democratic Sweep Rattled AI Power Stocks. Here's What Friday's Report Has to Settle", 5 November 2026](https://finance.yahoo.com/markets/stocks/articles/oklo-sank-10-day-democratic-152553806.html) 4. [Oklo Inc., quarterly figures from its SEC filings, retrieved 6 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001849056) 5. [Business Wire, "Oklo Publishes Third Quarter 2026 Financial Results and Business Update", 6 November 2026](https://www.businesswire.com/news/home/20261106399596/en) 6. [Lekha Gupta, Benzinga (via MSN), "Why is Oklo stock gaining Friday?", 6 November 2026](https://www.msn.com/en-us/money/general/why-is-oklo-stock-gaining-friday/ar-AA2gUx86) 7. [Sirisha Bhogaraju, TipRanks, "Oklo Stock Could Move 12%+ After Q3 Earnings, Say Options Traders", 4 November 2026](https://www.tipranks.com/news/oklo-stock-could-move-12-after-q3-earnings-say-options-traders) --- Oklo raised $2.25 billion selling stock at $70.19; the market values everything it builds at $700 million — The Inference. Canonical: https://theinference.org/article/oklo-raised-2-25-billion-selling-stock-at-70-19-the-market-values-everything-it-builds-at-700-million