Publicly-listed Oklo sits at the intersection of two hot areas for Wall Street: artificial intelligence and energy companies. This year alone, Oklo’s share price has jumped more than 400 per cent. But the business hasn’t generated any revenue. It hasn’t built a nuclear reactor, and it hasn’t secured any binding contracts with customers. The FT’s US energy editor Jamie Smyth explains the enthusiasm for Oklo, its links to the Trump administration and whether it can live up to the hype.

Clips from New York Stock Exchange, The White House, a16z

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For further reading:

Inside Oklo: the $20bn nuclear start-up without any revenue

US and investors gambling on unproven nuclear technology, warn experts

Donald Trump’s assault on US nuclear watchdog raises safety concerns

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Attend the FT Global Banking Summit, 2-4 December in London: Enter SAVE20 for a 20% discount, register here.

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Follow Jamie Smyth on X (@JamieSmythF), or on Bluesky (@jamiesmythft.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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The $17bn nuclear start-up without any revenue

The Story of Money