The Rundown: How Oklo Is Capitalizing on America's Nuclear Revival

Guest: Craig Bealmear (CFO, Oklo)
Host: Zaid Admani
Date: December 6, 2025

Episode Overview

This episode features a timely conversation with Craig Bealmear, CFO of Oklo, a cutting-edge nuclear energy company attracting high interest from both Wall Street and retail investors. The discussion explores the resurgence of nuclear power in the U.S., the regulatory landscape, AI’s role in accelerating demand, investor sentiment, and the practical challenges of growing a pre-revenue energy disruptor.

Key Discussion Points & Insights

1. Oklo’s Unique Position Amid the Nuclear Renaissance

• Market Shift:
  • Bealmear observes the narrative shift:
    • “When I joined Oklo, I thought the world was in the land of ‘Why nuclear?’...we then transitioned to ‘Why not nuclear?’...and it feels like we’re now in the land of ‘Nuclear, now, please!’” (B, 01:19)
• Business Model:
  • Oklo plans to build, own, and operate powerhouses, selling power directly to customers via 20-year PPAs (Power Purchase Agreements).
  • Size offerings have grown from 15 MW to 75 MW, suiting industrials, oil & gas, the military, and increasingly, data centers and hyperscalers (B, 01:19-03:30).
• Technology Advantages:
  • Uses proven technology (Experimental Breeder Reactor 2 design) with a small land footprint (3–4 acres per powerhouse), liquid metal coolant, and flexibility in siting facilities even without significant water access (B, 02:20–03:45).

2. Modernizing the Image and Safety of Nuclear

• Oklo powerhouses counter the stereotype of massive, intimidating plants.
  • Bealmear notes: “I sometimes do like to bring up on my phone a picture of an Aurora powerhouse and ask friends...what does this look like?...You typically get ‘ski chalet’, ‘church’, ‘interesting hotel concept’...” (B, 04:08)
• Key design features include buried reactor cores and passive safety with atmospheric pressure operation, ensuring inherent safety and simpler regulatory compliance (B, 04:04–04:48).

3. Regulatory Progress and Bipartisan Momentum

• Meaningful Policy Shifts:

  • Both the Trump and Biden (referred to as "admitt" in the transcript) administrations have accelerated nuclear’s regulatory path with executive orders and bipartisan legislative acts (Advance Act), leading to:
    • Shorter permitting times
    • Greater DOE support—11 new reactor pilot programs, of which Oklo received 3 (B, 05:27–07:57)
  • “That act passed the Senate 88 to 2...I think it just demonstrates that there’s a significant amount of bipartisan support for nuclear as well.” (B, 07:20)

• DOE Projects:

  • Oklo has three projects under DOE pilot programs, including Project Pluto (fuel innovation), the INL project, and a Texas-based “atomic alchemy” project (B, 07:57–08:48).

4. AI, Data Centers, and the New Energy Gold Rush

• AI as a Catalyst:
  • Explosive demand from data centers—driven by AI’s growth—has greatly expanded Oklo’s opportunity:
    • “It’s great to have a growing order book...there’s rising demand for power in the US...everyone likes the role that nuclear can play as that reliable baseload power provider.” (B, 09:43)
• Diversification:
  • While large tech customers (data centers/hyperscalers) dominate the order book, Oklo maintains strong interest from industrials, government, and military—helping hedge against shifts in tech spending (B, 10:32–11:57).
    • Estimate: “The largest slice in that pie chart would be data center oriented customers.” (B, 12:16)

5. Investor Relations and Handling Pre-Revenue Hype

• Retail Investor Popularity:
  • Oklo’s stock has been embraced by retail investors; CFO contrasts this to experience at BP and REG.
  • Proactive engagement includes events like podcasts, AMAs, and tailored company updates (B, 12:49–14:01).
• Managing Expectations:
  • Focus on a milestone-driven investor update (6-box framework: regulatory, fuel, customers, supply chain, business development, finance), rather than traditional earnings (B, 14:55–15:39).
  • Added tools: public regulatory dashboard to track progress across business verticals (B, 15:39–16:30).
  • Growing IR team to match increasing interest and demands (B, 16:30–17:11).

6. 2025: Defining Moments for Oklo

• Externally:
  • Executive orders and White House visibility boosted both Oklo and the wider sector (B, 17:30).
• Internally:
  • Groundbreaking ceremony in Idaho for the Aurora powerhouse on September 22, 2025—heavy equipment deployment marks major project progress before winter (B, 17:30–18:26).

7. Looking Ahead to 2026

• Anticipated Milestones:
  • Targeting at least one reactor pilot reaching criticality.
  • Atomic Alchemy project may deliver initial revenues in 1H 2026—potential landmark for Oklo moving toward commercialization (B, 19:34).
  • Finalizing power purchase agreements and operationalizing MOUs/LOIs into long-term contracts (B, 20:14).

Notable Quotes & Memorable Moments

• On the changing attitude toward nuclear:

  • “It feels like we’re now in the land of ‘nuclear, now, please!’” – Craig Bealmear (B, 01:22)

• Oklo’s value proposition:

  • “Our intention is to let customers...bring their power with them—24/7 reliable power solution.” (B, 03:37)

• Safety and aesthetics:

  • “The reactor core is actually buried in the ground. It’s got passive safety characteristics...I sometimes do like to bring up on my phone a picture of an Aurora powerhouse...typically you get ‘ski chalet’ or ‘church’...” (B, 04:08)

• On bipartisan support:

  • “That act [Advance Act] passed the Senate 88 to 2...I think it just demonstrates that there’s a significant amount of bipartisan support for nuclear as well.” (B, 07:20)

• AI & customer demand context:

  • “Every third-party study...shows rising demand for power in the United States and that everyone likes the role that nuclear can play...” (B, 09:43)
  • “We believe in the value of a diversified order book...” (B, 10:57)

• On investor relations:

  • “We think that it’s really important to have a diversified investor base and we think it’s great that we’ve got a strong retail following in our stock.” (B, 12:49)
  • “We have a milestone oriented approach to our quarterly investor update process, and it's clearly not earnings focused, it is more milestone focused...” (B, 14:55)

• 2025 milestones:

  • “The executive orders and the INL groundbreaking [are the defining moments]—the moment we put the fancy shovels away, the heavy equipment came on board...” (B, 17:30–18:26)

Important Timestamps

• 01:19 — Oklo’s unique position in new nuclear market
• 03:30–04:48 — Modernizing nuclear power’s image and core design
• 05:27–07:20 — Regulatory changes and bipartisan support
• 07:57 — Department of Energy pilot projects awarded
• 09:34–10:32 — AI/data centers as major growth drivers for nuclear
• 12:49 — Oklo's approach to retail investor relations
• 14:55–15:39 — Structuring milestone-driven investor updates
• 17:27–18:26 — 2025 defining moment: Idaho groundbreaking
• 19:34–20:14 — 2026 outlook: reactor criticality, first revenue, long-term contracts

Resources & Follow-Up

• Learn more: Visit OKLO’s website for detailed company information, regulatory dashboards, and educational videos including a popular “how fuel recycling works” explainer (B, 20:36).
• Host note:
  • “Oklo is one of the most asked about stocks I hear about…” (A, 14:01)
  • “The nuclear space is just really interesting overall, I’m just happy to see a revival for nuclear energy here in the US…” (A, 21:20)

Summary prepared for listeners and investors who want an in-depth, accessible view of the episode’s discussion, strategic context, and Oklo’s place in the fast-evolving energy landscape.