Oklo Inc., a clean fission/nuclear power startup co-founded by OpenAI CEO Sam Altman, saw its stock price plummet by 14.69% on October 23, 2024. This sharp decline appears to be driven by investor concerns over the company's pre-revenue status and lack of definitive customer agreements, despite its promising prospects in the growing field of nuclear energy for AI and data center applications.

According to a Barron's article by Paul R. La Monica, Oklo went public in May 2024 through a merger with Altman's blank-check firm AltC Acquisition Corp. While the stock initially struggled, it surged in recent months due to increased interest from tech giants like Microsoft, Amazon, and Google in nuclear power as a sustainable energy source for their AI and data center operations.

However, La Monica's analysis also highlighted the significant risks and uncertainties surrounding Oklo's ability to generate revenue and achieve profitability in the near future. Despite having non-binding letters of intent with potential customers like the Idaho National Laboratory, Equinix, and Diamondback Energy, Oklo has yet to enter into definitive agreements or commence commercial operations.