Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have spent decades avoiding businesses we cannot understand and situations where we cannot estimate the range of outcomes with reasonable confidence. When we look at Oklo, we see a company animated by a genuinely important mission -- clean, reliable nuclear energy -- led by energetic founders, and positioned in a sector enjoying historic political and commercial tailwinds. And yet, we must be honest: this is not a business we can value, because there is no business here yet. There is a vision, a regulatory path, a collection of letters of intent, and $2.5 billion in cash raised from shareholders. What there is not -- and what may not exist for many years, if ever -- is a single kilowatt-hour sold to a paying customer. Oklo Inc.
Recent filings analysed: 10-Q (2025-11-12), 10-Q (2025-08-11), 10-Q (2025-05-13), 10-K (2025-03-24).
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