Oklo stock fell 10.84% in after-hours trading on May 12 after the advanced nuclear company reported a first-quarter net loss of $33.1 million, wider than the $9.8 million loss a year earlier. The loss translated to earnings per share of -$0.19, matching expectations, but traders still hit the shares after the report.
The company entered the quarter with about $2.54 billion in liquidity after a $1.2 billion equity raise, yet the market looked past that cushion and focused on the scale of spending and the lack of near-term revenue support. Shares were already down 24.11% over the past week and 22.13% year to date, though they were still up 40.65% over the trailing year.
The selloff landed after a busy stretch for Oklo. On May 6, the Nuclear Regulatory Commission approved the Principal Design Criteria for the Aurora powerhouse on an accelerated schedule, a step the company says supports its commercial roadmap. Oklo also said its customer pipeline stood at 14 GW, anchored by Switch, Equinix, Meta Platforms and NVIDIA, numbers that underline the scale of interest around its reactor plans.
That pipeline matters because Oklo is still trying to turn interest into contracts. The company says progress depends on two things moving together: more regulatory approvals and customer deals that become binding agreements. It also has a key technical checkpoint ahead, with the July 4, 2026 criticality milestone at the Groves Isotopes Test Reactor seen as a validation point for fast-fission technology.
The stock slide has also been fed by valuation worries and heavy selling from insiders. About $35.1 million in insider sales was recorded over 90 days, including roughly $14 million from Chief Executive Jacob DeWitte. Oklo also launched a $1 billion at-the-market program in May, adding to dilution concerns just as investors were trying to judge how quickly the company can convert progress into operating results.
Wall Street has not settled on a clear answer. Wolfe Research initiated coverage at Peer Perform, JPMorgan held a Neutral rating with an $83 target, Tigress Financial had a Buy rating with a $130 target, and 24/7 Wall St. assigned a $98.78 target and a buy rating at 50% confidence, implying 76.77% upside from a current price of $55.88. Even so, the stock had already given back most of its gains after peaking near $171.56 in October 2025.
For now, Oklo is a company with real regulatory momentum, a large pipeline and plenty of cash, but also a share price that is still trying to find a floor. The market seems willing to reward the story only if the next milestones arrive on time and the customer list starts turning into signed business.
