BofA Securities initiates buy coverage on Oklo with $80 price target

Bank of America’s securities arm just gave Oklo, the small modular reactor company that went public two years ago, its stamp of approval. BofA Securities initiated coverage on the stock with a Buy rating and an $80 price target, implying roughly 23% upside from current trading levels.

The stock ticked up about 2% on the news.

What’s driving the bullish call

Oklo has secured a binding power agreement with Meta for 1.2 gigawatts of capacity. Beyond the Meta contract, Oklo has racked up over 14 gigawatts in additional non-binding letters of intent from other customers.

BofA’s analysts contrasted Oklo favorably against NuScale Power, a competing small modular reactor company that received only a neutral rating. The differentiation appears to come down to commercial traction: Oklo’s customer pipeline is significantly larger and anchored by one of the world’s most valuable technology companies.

The Oklo backstory

Oklo went public in May 2024 through a SPAC merger with AltC Acquisition Corp. The company was founded with strategic backing from Sam Altman, the OpenAI CEO who also served as Oklo’s chairman before stepping down from that role in April 2025.

The company’s core technology centers on advanced fast-fission reactors. Oklo has positioned itself across the nuclear fuel cycle, including nuclear fuel recycling and the establishment of domestic radioisotope supply chains. It also holds a notable regulatory milestone: the first site use permit from the US Department of Energy for a commercial advanced fission plant.

Q1 2026 results, which preceded BofA’s coverage initiation, highlighted ongoing regulatory advancements and collaborations in reactor design. The company is still in its pre-revenue phase.

What this means for investors

The risk side of the ledger is straightforward but significant. Oklo has not yet built and operated a commercial reactor. Regulatory timelines in nuclear energy are notoriously unpredictable. And the company is still burning cash while it moves through the development phase, meaning dilution risk remains a factor for current shareholders.

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