Oklo plans to deploy first Aurora microreactors by 2028

Oklo Inc. is building what might be the most consequential power plant you’ve never heard of. The company’s Aurora Powerhouse, a compact sodium-cooled fast reactor designed to generate between 15 and 75 MWe, is on track for its commercial debut at Idaho National Laboratory by 2028.

The Department of Energy approved Oklo’s Preliminary Documented Safety Analysis on June 11, 2026, clearing a major regulatory hurdle. Construction is being managed by Kiewit, with a groundbreaking ceremony already in the rearview mirror as of September 22, 2025.

Why data centers are driving a nuclear renaissance

Oklo’s framework agreement with Switch, the data center operator, has pushed the company’s order book to approximately 14 GW. Oklo plans to deliver that capacity through hundreds of its smaller Aurora units.

Oklo is also planning a 1.2 GW campus in Ohio with Meta, with construction work expected to begin in the 2026-2027 window and the first phase potentially coming online as early as 2030.

These aren’t binding power purchase agreements yet. The Switch deal and Meta arrangement are structured as non-binding frameworks and plans, respectively.

The fuel question and a $1B fundraise

Oklo’s Aurora design requires high-assay low-enriched uranium, commonly known as HALEU. In June 2026, Oklo signed a letter of intent with Centrus Energy for HALEU deliveries beginning in 2029, targeting enough supply to support multiple Aurora units at the Ohio campus. Centrus is currently the only US-based company with a license to produce HALEU, though its output remains limited.

On the financing side, Oklo announced a $1 billion at-the-market equity program in September 2026. The company is not generating revenue from power operations and won’t until at least 2028.

Proving the technology works

On August 5, 2026, Oklo’s Groves Isotope Test Reactor achieved first criticality under the DOE’s enhanced program, which is designed to accelerate construction timelines.

Oklo’s participation in the DOE’s Reactor Pilot Program allows the company to work under DOE oversight rather than navigating the traditional Nuclear Regulatory Commission licensing process, which has historically been measured in decades rather than years.

What investors should be watching

Oklo trades on the NYSE under the ticker OKLO. The company has zero revenue from power generation, a $1 billion dilution program underway, non-binding customer agreements, and a fuel supply chain that doesn’t yet exist at scale.

Companies like NuScale, X-energy, and Kairos Power are all pursuing their own advanced reactor designs, many targeting the same data center customer base.

The conversion of those non-binding agreements into firm contracts will be the single most important catalyst to watch over the next 12 to 18 months. Until power purchase agreements carry real financial commitments, Oklo’s 14 GW order book is better understood as a measure of customer interest than a revenue forecast.