Oklo Drops 7% on New Share Offering

Oklo fell 7.17% intraday after announcing a new at-the-market equity program to sell up to $1 billion of Class A common stock. The distribution agreement runs through major investment banks including Goldman Sachs, BofA Securities, Citigroup, J.P. Morgan, Morgan Stanley, Barclays, Cantor Fitzgerald, Guggenheim, Canaccord Genuity, and B. Riley. The banks will receive a commission of up to 1.5% of the gross sales price.

This offering replaces an earlier facility from May 2026 that was terminated on September 10. Under that previous program, Oklo sold 17,971,448 shares for roughly $1 billion, at an average price near $55.64 per share.

The stock now trades around $37. At that current level, completing the new $1 billion plan would require issuing roughly 27 million shares, which would dilute existing shareholders by about 14.6%.

Oklo plans to draw these funds from an existing $3.5 billion shelf registration. The company will use the proceeds for general corporate purposes, working capital, capital expenditures, and potential future investments.