Sam Altman takes nuclear energy company Oklo public to help further his AI ambitions

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Sam Altman is now chairman of a public company. But it’s not OpenAI.

On Friday, advanced nuclear fission company Oklo started trading on the New York Stock Exchange. The company, which has yet to generate any revenue, went public through a special purpose acquisition company (SPAC) called AltC Acquisition Corp., founded and led by Altman.

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Under the ticker symbol “OKLO
,” shares plummeted 54% on Friday to $8.45, valuing the company at about $364 million. Oklo received roughly $306 million in gross proceeds in the transaction, according to a release.

Oklo’s business model is based on commercializing nuclear fission, the reaction that fuels all nuclear power plants. Instead of conventional reactors, the company aims to use mini nuclear reactors housed in A-frame structures. Its goal is to sell the energy to end users such as the U.S. Air Force and big tech companies.

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www.cnbc.com/2024/05/10/sam-altman-takes-nuclear-startup-oklo-public-to-power-ai-ambitions.html

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