Oklo enters $1B equity distribution agreement with 10 banks

Oklo, the advanced nuclear fission company chaired by OpenAI CEO Sam Altman, has signed a new at-the-market equity distribution agreement that allows it to sell up to $1 billion in Class A common stock through a consortium of ten investment banks. The agreement, announced on May 13, replaces a prior ATM program established on December 4, 2025, which was fully utilized. That earlier facility generated approximately $1.5 billion in gross proceeds from the sale of roughly 15.77 million shares. How the deal works An at-the-market offering is essentially a slow-drip stock sale. Instead of pricing a traditional follow-on offering all at once, the company sells shares gradually at prevailing market prices on the NYSE or other trading venues. The ten banks acting as selling agents will earn commissions of up to 1.5% on gross proceeds. The shares are sold on a best-efforts basis, meaning the banks aren’t guaranteeing they’ll move all $1 billion worth of stock. The program operates under Oklo’s Form S-3 shelf registration that became effective on December 4, 2025, and carries no termination penalties. Why Oklo needs the money Oklo is developing small modular reactors, a class of nuclear powe...