The Math Doesn't Lie: What Oklo's Stock Sales Actually Cost Investors

Oklo (NYSE: OKLO) is funding its small modular reactor push with repeated equity raises, and the article argues those at-the-market (ATM) stock sales have been costly for existing shareholders. On Sept. 11, Oklo announced a $1 billion ATM offering program—its second ATM in 2026 after a May-approved $1 billion plan. In May, Oklo sold nearly 18 million shares at an average $55.64. The article notes another ATM in 2025 that sold 12.4 million shares and raised about $1.2 billion. Since early 2025, shares outstanding rose from 137.7 million to 185 million, diluting holders by over 25%.