Oklo CEO Highlights 'Mind-Blowing' Demand For AI Power, Says Google's Nuclear Deal Only 'Tip Of The Iceberg'

Oklo Inc (NYSE:OKLO) co-founder and CEO Jacob DeWitte believes Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) nuclear deal with Kairos Power this week is just the tip of the iceberg for nuclear power startups looking to team up with big tech companies.

What To Know: Tuesday on CNBC’s “Money Movers,” DeWitte painted a rosy demand picture for nuclear being driven by the rapid expansion of AI.

“It’s an extremely exciting time for nuclear … the numbers are staggering here. The power demand numbers, frankly, they’re mind-blowing,” DeWitte said.

“It’s a huge opportunity for a lot of players in the space, and nuclear offers a really great solution,” he said.

Big tech companies are increasingly turning to nuclear to meet the rising energy demands of data centers related to the AI boom. Google on Monday announced a deal to purchase power from a fleet of small modular reactors (SMRs). The first reactor is expected to be online by 2030, with more reactors anticipated through 2035.

Oklo hopes to bring its first nuclear reactor online by 2027. The company on Tuesday announced the U.S. Department of Energy (DOE) approved a design report for its Aurora fuel fabrication facility, a key milestone in Oklo's advancement toward utilizing nuclear material to fuel its first commercial powerhouse.

DeWitte on Tuesday also highlighted recent contracts including a 500MW agreement with Equinox. Oklo plans to establish its powerhouses and then sign long-term power purchase agreements with customers, he said.

Check This Out: Sam Altman’s Oklo Jumps On Google Nuclear Deal: What’s Going On?

Oklo is backed by OpenAI’s Sam Altman. The company went public in May through a SPAC merger with Altman’s AltC Acquisition Corp. Altman has also been the chair of Oklo's board since 2015. It’s the only public company that Altman chairs.

When asked about the potential for Oklo to sign a deal with OpenAI or ink similar deals to the agreement Google made with Kairos Power this week, DeWitte said there’s “a lot more to come.”

“We’re pretty excited about what’s to come. So there’s a lot more to come, frankly, on the horizon that we’re working towards. I think what we are seeing in these announcements are only the tip of the iceberg across the whole industry,” the Oklo CEO said.

Nuclear is often met with skepticism, which DeWitte attributed to misinformation. As people become familiar with nuclear technology, they realize it’s one of the best options to deliver abundant, clean, reliable, affordable power, he said, adding that there have been massive regulatory catalysts for nuclear power in recent years.

“I think we are only seeing the beginning of a massive new surge … tech and AI are helping contribute and drive a new demand signal,” DeWitte said.

“I think we are looking at a time in energy, and specifically electric power demand use cases, that I don’t think has ever been paralleled.”

OKLO Price Action: Oklo shares were up 15.82% at $11.64 at the time of publication Tuesday, according to Benzinga Pro.

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Photo: Courtesy of Oklo.