Shares in Oklo (OKLO) stock are up nearly 20% in the last 24 hours, following a deal made by Meta Platforms for a new AI data center. Oklo, the small modular reactor-focused nuclear startup, said Friday it has agreed with Meta that “advances” its development of a 1.2 gigawatt campus in Pike County, Ohio. The deal means the energy produced at the site will power Meta’s data centers in the region, according to Oklo.
Urvi Parekh, Head of Global Energy at Meta, said the agreement with Oklo will support Meta’s AI supercluster in New Albany. However, Meta’s total investment in Oklo was not disclosed. Okla rose as much as 18% in the first hours of trading on Friday, with the stock now up over 29% since the start of this past week.
Similarly, S&P 500 component Vistra (VST) also said Friday it has entered into 20-year power purchase agreements to provide more than 2,600 megawatts of nuclear energy from three of its power plants to support Meta operations in Ohio and Pennsylvania. Financial terms were not disclosed. The agreements include 2,176 megawatts of operating capacity and an additional 433 megawatts of capacity increases, according to the S&P 500 nuclear play. VST stock saw a rally in its stock to close out Friday’s trading session.
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While Meta didn’t reveal the contract values, deals of this size could bring billions of dollars in revenue to electricity providers. Being selected by a Big Tech company like Meta also boosts Oklo’s credibility, making it easier to attract investors, partners, and customers. Furthermore, the partnership gives Oklo steady demand and support for its small nuclear reactors, which could help speed up construction and production. Meta noted that Oklo’s advanced nuclear technology campus in Pike County, Ohio, is expected to be operational by 2030. With backing from a major tech player like Meta, OKLO stock could be in a prime position to invest in for further gains in the near term.
Overall, Wall Street has a Moderate Buy consensus rating on OKLO stock, based on eight Buys and five Holds assigned in the last three months. The average share price target for Oklo is $130.10, which implies an upside of 33.3% from current levels.