Technology
Friday, May 10th, 2024 3:24 pm EDT
Key Points
- Oklo, chaired by Sam Altman, commenced trading on the New York Stock Exchange through a special purpose acquisition company, AltC Acquisition Corp., with shares trading at just above $15, yielding more than $306 million in gross proceeds.
- Oklo’s business model revolves around commercializing nuclear fission through mini reactors housed in A-frame structures, aiming to supply energy to end users such as the U.S. Air Force and tech giants. The company is currently constructing its first small-scale reactor in Idaho, targeting to power data centers used by AI companies like OpenAI.
- Despite facing regulatory setbacks, including a denied application by the U.S. Nuclear Regulatory Commission in 2022, Oklo remains optimistic, with Altman’s involvement highlighting his broader commitment to nuclear energy and infrastructure pivotal for AI advancement.
On Friday, Oklo, an advanced nuclear fission company chaired by Sam Altman, commenced trading on the New York Stock Exchange via a special purpose acquisition company, AltC Acquisition Corp., founded and led by Altman himself. Despite having no revenue generated yet, Oklo anticipated gross proceeds exceeding $306 million from the transaction’s closure. The company’s primary focus is on commercializing nuclear fission through mini nuclear reactors housed in A-frame structures, aiming to supply energy to entities such as the U.S. Air Force and major tech firms. Oklo is currently constructing its first small-scale reactor in Idaho, intending to power data centers utilized by artificial intelligence companies like OpenAI. Altman views nuclear energy as crucial for meeting the escalating demand for AI technology without relying on fossil fuels, aligning with investments made by other tech giants like Bill Gates and Jeff Bezos in nuclear projects. Oklo CEO Jacob DeWitte confirmed the absence of revenue and deployed nuclear plants, targeting 2027 for the first plant to commence operations. Although choosing the SPAC route involves risks, Oklo’s success demonstrates market recognition of the opportunities in nuclear energy, AI, and data centers. Despite regulatory setbacks, including a denied application by the U.S. Nuclear Regulatory Commission in 2022, Oklo remains optimistic about its future prospects. Altman’s involvement in nuclear energy extends beyond Oklo, with investments in clean energy firm Helion and AI chip ventures, highlighting his commitment to supporting infrastructure pivotal for AI advancement. DeWitte emphasizes the significant potential of data centers in driving AI infrastructure development, reflecting Oklo’s alignment with evolving technological needs.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/05/10/sam-altman-takes-nuclear-startup-oklo-public-to-power-ai-ambitions.html
