Oklo secures HALEU for 1.2 GW Meta-backed Ohio campus

By Sophie Lindqvist

Oklo said it signed definitive, multi-year contracts with Centrus Energy for enough high-assay low-enriched uranium to run up to five Aurora powerhouses for multiple years, with deliveries from Piketon, Ohio, scheduled to begin in 2029.

Meta’s prepayment for future power funds the purchase for a planned 1.2 GW campus in Pike County. Centrus separately said it now holds $5.4 billion in customer contracts and commitments for LEU and HALEU from new enrichment capacity.

CEO Jacob DeWitte said: “Securing fuel is essential to scaling our power business beyond our first reactor in Idaho.”

What did Oklo and Centrus sign?

Oklo’s Thursday announcement described the contracts as covering HALEU, the more highly enriched fuel that Aurora fast reactors require. The agreements formalize a letter of intent the companies signed in June.

Centrus will supply the fuel from its American Centrifuge Plant in Piketon, beginning in 2029. Under the contracts, Oklo will prepay for future deliveries to help Centrus build new U.S. enrichment capacity.

Oklo’s announcement, filed with the SEC as an 8-K, disclosed neither price nor total contract value. It also gave no fuel volume in pounds, detailed delivery schedule or commercial operation date for the Ohio campus.

Accordingly, 2029 marks first planned fuel deliveries, not confirmed campus generation.

How does Meta’s prepayment fund the fuel?

Oklo disclosed the financing chain in its third-quarter Form 10-Q. On Jan. 5, it signed a prepayment agreement with Meta to develop the 1.2 GW Pike County power campus.

Meta prepays for future Oklo power and funds deployment of the campus powerhouses. That financing supports Oklo’s prepayments to Centrus for future HALEU deliveries.

On Nov. 2, an initial Meta payment left escrow and went directly to Centrus as credit toward fuel orders. Oklo had entered the HALEU supply agreement with Centrus on Sept. 30, subject to conditions.

Thursday’s announcement made the contracts definitive and public. Neither the initial Meta payment nor the fuel credit was quantified.

Which reactors does the fuel cover?

Oklo said the contracted fuel has three stated uses:

• The first phase of Meta’s 1.2 GW Ohio campus.
• Future Aurora powerhouses.
• Later refueling of Oklo’s first reactor in Idaho.

The Idaho reactor will start up using recovered fuel from the Experimental Breeder Reactor II, Oklo said. The company reported that the Idaho plant entered structural construction last quarter.

Oklo also reported that the Groves-1 test reactor in Texas received Department of Energy clearance for unrestricted operation this week. That clearance applies to Groves-1, not the Idaho reactor or proposed Ohio campus.

No date was given for Idaho startup, later refueling or first Ohio generation. The fuel contract’s 2029 delivery start does not supply those missing commercial dates.

What changes for Centrus?

The Oklo order adds to Centrus’s backlog of prepaid orders for new centrifuges. Centrus said it recently began shipping its first new centrifuges.

Those prepayments are intended to fund expansion of domestic enrichment capacity. Centrus CEO Amir Vexler said Oklo’s prepayments “add to the others we have previously received” and will help fund the expansion.

The $5.4 billion figure combines customer contracts and commitments. It is not a disclosed value for the Oklo orders, and the announcement does not show how much represents recognized revenue.

The disclosed materials do not specify a centrifuge count, annual enrichment output or unit price for the Oklo contract. Those omissions leave the scale and economics of the 2029 ramp unresolved.

Does Oklo have fuel alternatives?

Oklo said in its Form 10-Q that it was also in talks with other potential HALEU suppliers. The filing identifies no alternative supplier and gives no volume, price or qualification schedule.

That does not establish a second source of commercial fuel. It shows only that Oklo was seeking additional supply while the Centrus agreement remained conditional before Thursday.

Centrus remains the only named commercial fuel supplier in the announcement. That concentration leaves Oklo exposed to Centrus’s expansion schedule, although Oklo is seeking alternatives.

What should buyers watch?

Neither Meta’s power price nor Oklo’s fuel cost was disclosed. The contracts establish a financing route and a 2029 delivery start, but not the commercial operation date for the 1.2 GW campus.

The next commercial test is whether Centrus can finance and expand new enrichment capacity and begin deliveries on the 2029 schedule. Pricing remains unresolved because neither fuel nor power prices were disclosed; competition may develop through Oklo’s talks with other HALEU suppliers.

Until those figures and supplier qualifications emerge, the announcement proves contracted fuel support, not completed campus financing or operating readiness.