Oklo vs. NuScale: Which One Actually Has Paying Customers Lined Up?
2026-07-30 22:05
•Thomas Niel •The Motley Fool
•••••• •• Axe Cap view
Oklo and NuScale: Betting on Nuclear's Remote Future
Both Oklo and NuScale are far from making real money, with high risks and uncertain timelines.
Nuclear energy firms Oklo and NuScale Power look exciting on paper but remain years from generating meaningful revenue. Oklo’s projected sales barely scratch the surface at $1.1 million in 2026, with $5.7 million by 2027, while NuScale’s commercial deals haven't even closed. Both burn cash rapidly and rely heavily on raising more equity, which dilutes existing shareholders. Their valuations—$6.4 billion for Oklo and $2.6 billion for NuScale—imply future growth now, a risky bet given nuclear’s long regulatory road and high capital costs. South African investors should be cautious chasing these because they have no local revenue and face uncertain global demand shifts. The rand (USD/ZAR) exposure also matters if you’re holding these USD-denominated shares: a weaker rand amplifies currency risk here. If nuclear power gains traction, these firms might thrive, but that’s years off. For now, it seems smarter to wait for clearer commercial success and better valuations before jumping in. this is just our opinion and not financial advice
Avoid Oklo and NuScale for now; their cash burn and distant commercialization make them poor fits for SA investors seeking tangible returns. Watch USD/ZAR to gauge currency risk if exposure increases.
- Oklo (OKLO)
- NuScale (SMR)
- USD/ZAR
- Long regulatory approval delays
- Higher-than-expected dilution eroding value
6/10
Both Oklo and NuScale Power remain in pre-revenue stages despite regulatory progress, with commercialization years away. Oklo projects only $1.1M in revenue this year and $5.7M by 2027, while NuScale's commercial applications remain in negotiation. Both companies face significant cash burn and dilution risks, with valuations that appear to price in future growth as near certainties. Analysts suggest waiting for more favorable entry points before investing in either stock.
Our take is based on reporting first published by The Motley Fool.