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  "documentTitle": "Oklo Inc. (OKLO)",
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      "text": "Not only is Oklo's cash level insufficient to fund its long-term capital requirements, as typical for a pre-revenue SPAC in a capital-intensive industry, we believe Oklo lacks sufficient cash to complete its first project.",
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      "text": "capex requirements: $4.6 billion",
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      "text": "To finance the considerable capital needs... Citi Research estimates capex requirements of $4.6 billion ($2.7bn net of internally generated cash) in the five years following initial reactor deployment.",
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      "text": "As an implicit acknowledgement of the tightness of Oklo's deployment schedule, Citi included in its September note that “Oklo is also assessing how much of the reactor site can be constructed before the permit is issued to ensure a first deployment in 2027”",
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      "text": "Oklo's initial 15 MWe Aurora powerhouse will be fueled by 5,000 kg of recovered fuel awarded to the company by INL in 2019. Oklo does not have any access to HALEU beyond this initial award.",
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      "text": "The majority of the world's conventional nuclear reactors... are light water cooled reactors fueled by <5% enriched uranium. Oklo's much smaller powerhouse will not be fueled by <5% enriched Uranium 235, but rather 5-20% high-assay low-enriched Uranium (HALEU).",
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      "text": "In contrast to traditional nuclear power developers... Oklo plans to be the integrated designer, builder, owner, and operator of its powerhouses.",
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      "text": "Any fuel producer which says they can have fuel available before 2030 is more of a wishful thinking than anything else, even if the US speeds up that process. — Senior executive at another SMR developer",
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