Open AI chief Sam Altman’s new venture Oklo started trading Friday after finalizing its business combination with AltC Acquisition Corp.
The nuclear systems company received approximately $306 million in gross transaction proceeds to bolster its business plan, which focuses on supplying clean, reliable, and affordable energy across various markets, including artificial intelligence, data centers, energy, defense, and industrial sectors.
But its shares slumped following its debut on the New York Stock Exchange, plunging as much as 40% to $11 apiece.
The company is focused on developing advanced nuclear systems to provide clean, reliable, and affordable energy solutions.
Oklo's newly appointed board of directors, chaired by Sam Altman, comprises industry leaders poised to steer the company's growth trajectory.
“As one of the initial investors in the company, I’ve seen first-hand how Oklo has proven itself to be a clean energy leader and innovator, developing a cost-competitive go-to-market strategy, and solidifying important relationships with regulators, customers, and suppliers,” Altman said in a statement Friday.
“There are huge growth opportunities ahead.”
The company is part of a wave of firms exploring new reactor technologies, focusing on smaller-scale nuclear plants that cater to diverse applications, including remote drilling sites and industrial facilities. However, Oklo still faces regulatory hurdles, requiring approval from the US Nuclear Regulatory Commission before operationalization.