Sam Altman, the co-founder and CEO of OpenAI, has taken on a new role as chairman of advanced nuclear fission company Oklo. Altman led a special purpose acquisition company (SPAC) called AltC Acquisition Corp., through which Oklo recently became a publicly traded company on the New York Stock Exchange. The company’s shares, under the ticker symbol “OKLO,” dropped 54% on the first day of trading, valuing Oklo at about $364 million. Despite not yet generating revenue, Oklo received roughly $306 million in gross proceeds from the transaction.
Oklo’s business model involves commercializing nuclear fission, with a focus on mini nuclear reactors housed in A-frame structures. The company aims to sell the energy produced by these reactors to end users such as the U.S. Air Force and major tech companies. Currently, Oklo is working on building its first small-scale reactor in Idaho, with the goal of potentially powering data centers needed by AI companies like OpenAI and others. According to Altman, nuclear energy is seen as a key solution to meeting growing demands for AI technology without relying on fossil fuels.
Oklo’s CEO, Jacob DeWitte, confirmed in an interview that the company has not yet generated revenue and does not have any nuclear plants deployed at the moment. The company is targeting 2027 for its first plant to come online. While the SPAC market has faced challenges in recent years, Oklo’s successful listing and trading is seen as promising for sectors like nuclear energy, AI, data centers, and the broader energy transition. Oklo has faced regulatory setbacks in the past and is currently working on a new application to the U.S. Nuclear Regulatory Commission for a reactor.
Aside from his involvement with Oklo, Altman has also made strategic investments in other infrastructure projects related to AI and clean energy. In 2021, Altman led a $500 million funding round in clean energy firm Helion, which is focused on developing nuclear fusion technology. Altman’s interest in nuclear energy and AI-related infrastructure projects align with his belief in the importance of these technologies for the future. Additionally, Altman has made investments in chip endeavors that could potentially power AI tools, such as AI chip startup Rain Neuromorphics.
As the data center sector continues to grow, DeWitte sees it as an exciting opportunity for Oklo and other companies involved in AI infrastructure. The significant compute needs of AI applications open the door for various approaches in designing and developing AI infrastructure. Oklo’s positioning in the nuclear energy sector and its focus on serving AI companies highlights the importance of sustainable and efficient energy sources for powering the technology of the future. Altman’s diverse investment portfolio reflects his vision for building a more sustainable and technologically advanced future.
