Oklo: funded for the wait, still waiting for a customer to sign

Oklo is building a small fast reactor, the Aurora powerhouse, and plans to own and operate its plants and sell the power under long contracts rather than sell the reactors. It is pre-revenue and well funded: cash and marketable securities were $3.0B at the end of June 2026 against guided operating cash use of $120–150M for the year. Its first plant at Idaho National Laboratory is on the Department of Energy's reactor pilot route, with two of five steps done, and its isotope test reactor reached criticality in August. The target for first power is 2028. What is missing is the customer. Its filings say it is negotiating term sheets and binding power purchase agreements; none is disclosed. The cash came from selling shares, the share count rose about 7% between May and August, and the company's own 10-Q calls the timing of any NRC approval uncertain, 'if at all'. Its fuel, high-assay low-enriched uranium, depends on deliveries expected from 2029. MenFem resolved its call that nuclear is the only power source that scales for AI as wrong on 4 November; that is about volume, not about whether one reactor developer can sign a customer. We are WATCHING. The milestone is a binding contract with a price and a volume. WATCHING, conviction MEDIUM, one year. This view was formed by MenFem's research process at Connor's request and adopted by him.