Nuclear Startup Oklo to Raise $400 Million in Share Offering

(Bloomberg) -- Oklo Inc., a nuclear energy startup developing small reactors, is seeking to raise as much as $400 million in a secondary share offering.

Goldman Sachs & Co. and BofA Securities are leading the offer, along with Citigroup Inc. and JPMorgan Chase & Co., according to a statement Wednesday. The transaction is set to close June 16. 

The deal was announced the same day that the Santa Clara, California-based company said the US Defense Department intends to award it a contract to build a reactor at an air-force base in Alaska, driving the shares up 29% to a record high. The stock fell as much as 6.3% in premarket trading on Thursday.

Oklo’s market value has more than tripled this year, reflecting surging interest in nuclear energy. US power demand is set to rise for the first time in decades, driven by technology firms that need electricity for artificial intelligence and data centers, and by factories shifting away from fossil fuels. Carbon-free atomic power is seen as especially valuable, but it will be years before Oklo or any other company is expected to deliver a commercial power plant. 

(Updates with premarket trading in third paragraph.)

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