Oklo’s stock climbed 7.9% on Friday after the company announced a long-term energy supply agreement with Meta Platforms to power the social media giant’s AI data centers. Intraday gains peaked at 18.6% as investors reacted to Meta’s commitment to prepay for electricity from Oklo’s planned 1.2-gigawatt nuclear power project in Pike County, Ohio. The prepayment, which covers fuel procurement and early development costs, provides Oklo with critical liquidity to advance site suitability studies and initial construction activities on the 206-acre campus acquired from the U.S. Department of Energy.

Under the Meta agreement, Oklo will channel the prepaid funds into Phase 1 of its multi-phase development plan. This phase, expected to be operational by 2030, includes procurement of advanced nuclear fuel, licensing submissions and deployment of the company’s Aurora reactor design. With Meta’s capital injection, Oklo projects a reduction of its funding gap by more than 40% for early-stage activities, positioning the 1.2 GW facility to scale up to full capacity by 2034.

In parallel with its Meta deal, Oklo secured an agreement with the U.S. Department of Energy to develop a radioisotope pilot plant under its Atomic Alchemy subsidiary. Lessons from the pilot are slated to inform commercial isotope production and support medical research applications, diversifying Oklo’s revenue streams. While the combined projects underpin a potential 25% increase in Oklo’s forward project backlog over the next three years, investors should weigh regulatory certification timelines and first-of-a-kind reactor deployment risks before committing new capital.