Report published September 29, 2026
Oklo Inc. (NYSE: OKLO): After Maintaining INL Aurora Timelines Fuel Remains a Focal Point
Seaport Research Partners · September 29, 2026
Seaport reiterates a Buy rating on Oklo Inc. while lowering its price target to $71 from $84 due to share dilution and higher projected costs. While 2026 cash burn guidance has been raised to pull forward Aurora-INL procurement, fuel supply agreements and customer prepayments remain pivotal for long-term commercialization.
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Finvaulta summarizes Seaport Research Partners's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Seaport maintains a Buy rating on Oklo but reduces its price target from $84 to $71 per share due to share dilution from equity capital raises and lower long-term EBITDA forecasts reflecting higher operating and project costs.
- 2.Oklo raised its 2026 cash guidance to accelerate procurement and construction at Aurora-INL, with operating cash use increased to $120–$150MM and PP&E spending increased to $400–$500MM.
- 3.First revenue from the Idaho National Laboratory (INL) Aurora Powerhouse has been pushed from 1Q28 to 3Q28, while another installation has shifted from 4Q28 to 2029.
Table of Contents
- Highlights
- 2Q26 Financial Snapshot
- OKLO 2Q26 — Key Updates
- Modeling
- Valuation
Report data
ESTIMATES $ (MMs except multiples & EPS)
| Metric | Estimate | Context |
|---|---|---|
| Price Target | 71.00 USD | Reduced from $84/share based on share dilution and higher cost estimates. |
| Current Stock Price | 37.11 USD | Market price as of the report date. |
| Total Cash and Marketable Securities | 3006 USD MMs | Consisting of $1.645B cash and ~$1.362B marketable debt securities, driven by $1.85B net stock issuance in 1H26. |
| 2026 Guidance: Operating Cash Use | 120-150 USD MMs | Raised from prior guidance of $80-100MM to accelerate procurement and project work. |
| 2026 Guidance: PP&E Spending | 400-500 USD MMs | Raised from prior guidance of $350-450MM to pull forward procurement and construction at Aurora-INL. |
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