Oklo的股价近期波动剧烈，本周截至周二收盘已上涨超过20%，而在周五因财报发布和锁仓期到期后股价曾下跌25%。锁仓期的结束允许包括Peter Thiel的风险投资公司在内的关键投资者开始出售股份。自公司通过特殊目的收购公司（SPAC）合并上市以来，其股价已飙升超过150%。Source: Wall Street See
The renowned short-selling institution Kerrisdale described Oklo as a "story stock" with no revenue, and the commercial viability of its small modular reactors (SMRs) has yet to be validated, stating that "almost every aspect of the Oklo investment case is questionable." Previously, Kerrisdale's short-selling led to a plunge in the stocks of "bitcoin shadow stock" microstrategy and ai company c3.ai.
Renowned short-selling institution Kerrisdale Capital released a report on Wednesday, stating that they are shorting a nuclear fusion reactor company supported by OpenAI's head Sam Altman. $Oklo Inc (OKLO.US)$ The stocks plummeted by 10% on Wednesday due to the report, claiming that 'almost every aspect of the Oklo investment case is questionable.'
Oklo's stock price has recently fluctuated dramatically. As of the closing on Tuesday this week, it had risen by over 20%, while it had dropped by 25% on Friday due to financial report releases and the end of the lock-up period. The end of the lock-up period allows key investors, including Peter Thiel's venture capital company, to start selling shares. Since the company went public through a Special Purpose Acquisition Company (SPAC) merger, its stock price has surged by over 150%.
Previously, Kerrisdale's short-selling had caused a crash in 'bitcoin shadow stocks' like MicroStrategy and AI company c3.ai. In its shorting report, Kerrisdale described Oklo as a 'story stock' with no revenue, and the commercial viability of its small modular reactors (SMRs) has not been validated.
'In the typical SPAC model, Oklo has marketed exaggerated business indicators to the market while severely underestimating the time and capital required to commercialize its products.'
Kerrisdale believes that Oklo's plan to deploy the first reactor by 2027 is unrealistic, citing a former member of the U.S. Nuclear Regulatory Commission (NRC) who called the timeline "overly optimistic," with the licensing process alone potentially taking at least four years.
Kerrisdale also questions Oklo's claims about operational advantages, stating, "Oklo claims that its small liquid sodium cooled reactor will be cheaper, easier to build, and safer than traditional nuclear power plants - all points that small modular reactor (SMR) advocates have been touting for decades." However, Kerrisdale believes this to be "commercial mutual praise," and investors should be wary of these unverified claims by the 'nuclear brothers'.
Kerrisdale points out the cost increase faced by other small modular reactor projects and Oklo's lack of a reliable long-term fuel supply, a problem expected to be resolved by the 2030s.
Additionally, Kerrisdale emphasizes fundamental challenges in Oklo's management and finance. The small modular reactor cited a former Oklo employee's comment that the company's leadership team is "a group of very inexperienced people." Kerrisdale estimates that Oklo will need to raise an additional $2.7 billion in capital over the next five years to execute its plans.
In conclusion, Kerrisdale believes that Oklo's stock price is "unsustainable," and with delays, cost increases, and the need for dilutive financing, its long-term prospects may face significant questioning and setbacks.
A short report caused Oklo's stock price to drop by 10% at the opening on Wednesday, before narrowing to 3.9% at the close, at $20.95. The stock has risen over 98% year to date.
Wall Street's views on the company have been significantly divided so far. Out of the four analysts covering Oklo, two have given a "buy" rating, while the other two remain neutral. The average target price indicates about 5% upside potential from the current level.
In addition to Altman and Thiel, another notable figure in the company is board member Chris Wright, who was nominated by U.S. President Trump last week as head of the Department of Energy.
Editor / jayden
