Why Oklo Stock Sank 27% In The First Half of 2026

Oklo shares fell 27% in the first half of 2026 as the nuclear startup’s 2025 hype cooled, dilution from repeated stock offerings weighed on sentiment, and investors reassessed the long path to commercialization. The company still has no revenue, is burning cash, and reported negative free cash flow of $154 million over the last 12 months. Although Oklo had more than $2 billion in cash and equivalents at the end of Q1, its Aurora Powerhouse reactor still needs Nuclear Regulatory Commission approval and is likely years from commercialization. The article argues the stock remains expensive at an $8.5 billion market cap despite its pre-revenue status, making the pullback look more like a valuation reset than a business turnaround.