Oklo

Oklo runs a hardware-plus-recurring-services model: customers enter long-term power purchase agreements for electricity generated by Oklo's fast-neutron microreactors, with revenue tied to both the upfront deployment of the reactor unit and ongoing energy delivery, fuel recycling, and maintenance services. The company sells distributed, carbon-free power primarily to data-center operators, remote industrial sites, and off-grid facilities that need reliable baseload electricity without transmission infrastructure. Under a typical arrangement, Oklo owns and operates the reactor on-site, recognizes revenue through monthly energy payments over the life of the contract (typically 10–20 years), and also books revenue from nuclear fuel recycling services using the company's proprietary reprocessing technology. Economics are structurally similar to independent power production: the heavy upfront capital cost of factory-building and deploying a microreactor is the primary expense, while ongoing fuel and operations costs are low relative to the contracted revenue stream. The Aurora reactor's fast-neutron design allows it to run on recycled fuel, which reduces one of the largest variable costs in nuclear power. Because the company is pre-revenue and its design is under regulatory review, the model remains unproven at commercial scale, but the long-duration contracts typical of power-purchase agreements would provide revenue visibility once deployed.