Better Nuclear Energy Bet: Oklo or Centrus Energy?

President Trump's 2025 executive orders aim to turbocharge U.S. nuclear development, streamlining regulations and boosting domestic capacity. This policy launchpad creates broad opportunity, but lacks specifics on how individual firms like Centrus Energy or Oklo will directly benefit. Both companies face significant capital needs to turn these promises into operational nuclear reactors.

Centrus Energy recently raised $805 million through a convertible note offering. This funding reflects urgency but also underscores Centrus' reliance on external capital to sustain its centrifuge manufacturing and enrichment operations. Oklo, conversely, announced a robust $1.2 billion cash position, providing substantial runway for its Aurora reactor construction and fuel recycling facility plans. This difference in financial buffers is a critical strategic advantage.

However, the shared risk factor is execution under regulatory uncertainty. Despite the favorable policy backdrop, neither company has detailed plans demonstrating how they will navigate the remaining complex licensing and permitting processes required for commercial reactor deployment. Oklo's progress with supply chain contracts and DOE pathway authorization shows stronger near-term momentum, yet regulatory approvals remain the ultimate gatekeeper. Centrus' capital raise is necessary but signals higher near-term financial pressure.

For investors, the nuclear policy environment offers high upside potential, but the path to realizing it remains fraught with execution risk and regulatory friction for both firms. Oklo's larger cash war chest provides slightly more breathing room, though both companies' timelines hinge critically on successfully navigating the still-developing regulatory landscape.

Oklo Inc.: Regulatory & Scaling Risks

Oklo Inc. recently secured an important regulatory milestone: the U.S. Nuclear Regulatory Commission (NRC) accepted its Principal Design Criteria report for review under an accelerated timeline, with a draft evaluation expected by early 2026-roughly halving typical review periods. This progress aligns with modernization efforts like the ADVANCE Act. However, this positive momentum coexists with significant financial challenges. The company reported a substantial $36.3 million operating loss in the third quarter of 2025, contributing to persistent unprofitability; it posted a $73.6 million net loss for 2024, driven by a $52.8 million operating loss. While Oklo currently holds $1.2 billion in cash reserves, providing runway, the path to profitability remains uncertain.

The company boasts a robust demand signal with a 14-gigawatt customer pipeline, indicating significant market interest in its advanced reactor technology. Securing supply chain contracts and a major fuel recycling facility further supports its scaling ambitions. Yet, critical risks persist. Regulatory costs present a major uncertainty. Although the NRC announced a 55% fee reduction for certain applications starting October 2025, the specific framework imposes a high hourly fee rate of $318, making compliance expenses potentially burdensome over time. Furthermore, Oklo explicitly states it anticipates continued losses, highlighting the substantial capital intensity and execution hurdles inherent in commercializing novel nuclear technology. The company's future hinges on successfully navigating this complex regulatory landscape while scaling operations and achieving sustainable profitability.