Oklo Stock Rises After Centrus Energy Nuclear Fuel Deal – Solving Its Biggest Fuel Problem

TLDR

• Oklo signed a letter of intent with Centrus Energy (LEU) for a multi-year supply of domestic HALEU fuel
• HALEU deliveries are set to begin in 2029 and will power up to five of Oklo’s Aurora nuclear powerhouses
• Oklo stock rose 2.7% in premarket trading; Centrus jumped 6.8%
• Centrus will supply fuel from its American Centrifuge Plant in Pike County, Ohio
• The deal could include prepayments from Oklo to Centrus, similar to Oklo’s January 2026 arrangement with Meta

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Oklo stock climbed 2.7% in premarket trading Thursday after the company announced a letter of intent with Centrus Energy to secure a domestic supply of high-assay low-enriched uranium, known as HALEU. Centrus jumped 6.8% on the news.

Oklo Inc., OKLO

The deal marks a step forward in addressing one of the nuclear industry’s most stubborn challenges: getting enough fuel to actually run next-generation reactors.

Under the agreement, Centrus will supply enough HALEU to power up to five of Oklo’s Aurora nuclear powerhouses for multiple years. Deliveries are scheduled to begin in 2029.

The fuel will come from Centrus’s American Centrifuge Plant in Pike County, Ohio. That’s also where Oklo is planning a 1.2 gigawatt power campus, meaning the fuel supply and the power generation are being built in the same region.

A binding contract hasn’t been signed yet. The letter of intent is a precursor to a definitive agreement, which will be negotiated separately.

The deal could include prepayments from Oklo to Centrus, an approach Oklo has used before. In January 2026, Oklo announced a similar arrangement with Meta that included prepayment to advance project certainty for its planned Aurora powerhouse campus.

Why HALEU Is So Hard to Get

HALEU isn’t widely available on the commercial market. Right now, only Russia and China can produce it at scale. After the U.S. banned Russian uranium imports, domestic production became a priority.

The U.S. Department of Energy had already issued a $900 million HALEU task order to Centrus. The company now plans to combine that government support with billions in private capital to scale up production.

Oklo has been working around the fuel gap in the meantime. Its first planned Aurora powerhouse, at Idaho National Laboratory, is expected to run on recovered fuel from the Experimental Breeder Reactor-II, a facility decommissioned in 1994.

The company has also proposed using surplus plutonium as a bridge fuel while domestic HALEU supply chains are built out.

What the Deal Covers

The letter of intent ties together domestic fuel supply, planned nuclear power generation, customer demand, and project execution — all in southern Ohio.

Centrus describes the agreement as strengthening fuel certainty for Oklo’s Aurora deployments at a time when HALEU access remains one of the central constraints facing advanced nuclear developers.

The arrangement doesn’t just benefit Oklo. For Centrus, landing a long-term supply customer supports the commercial case for scaling up production at its Ohio facility.

The two companies have not disclosed financial terms beyond the possibility of prepayments, which will be part of further negotiations.

Oklo has not yet broken ground on its Ohio campus, and the 2029 delivery timeline gives both sides time to finalize the definitive contract.

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