Oklo (OKLO) Stock Jumps on Centrus Energy HALEU Fuel Agreement

Key Takeaways

• Oklo inked a letter of intent with Centrus Energy (LEU) for a multi-year domestic HALEU fuel supply agreement
• Initial HALEU shipments scheduled for 2029, sufficient to operate up to five Aurora nuclear facilities
• Oklo shares advanced 2.7% in premarket activity; Centrus surged 6.8%
• Centrus’s American Centrifuge Plant in Pike County, Ohio will serve as the fuel source
• The agreement may feature prepayment terms from Oklo to Centrus, mirroring Oklo’s January 2026 Meta deal structure

Shares of Oklo advanced 2.7% in premarket session Thursday following the company’s announcement of a letter of intent with Centrus Energy to obtain a reliable domestic source of high-assay low-enriched uranium (HALEU). Centrus shares surged 6.8% on the announcement.

Oklo Inc., OKLO

This agreement represents significant progress in tackling one of the advanced nuclear sector’s most persistent obstacles: securing adequate fuel supplies to operate next-generation reactor technology.

The arrangement calls for Centrus to provide sufficient HALEU to fuel up to five of Oklo’s Aurora nuclear facilities across multiple years. Initial shipments are targeted to commence in 2029.

The HALEU will originate from Centrus’s American Centrifuge Plant located in Pike County, Ohio. Notably, Oklo is developing a 1.2 gigawatt power campus in the same area, strategically aligning fuel production with power generation infrastructure.

A final contract remains outstanding. This letter of intent serves as a preliminary framework, with comprehensive terms to be hammered out through subsequent negotiations.

The arrangement may incorporate advance payments from Oklo to Centrus, a financing mechanism Oklo has employed previously. Earlier in January 2026, Oklo announced a comparable structure with Meta that featured upfront payments to strengthen project execution certainty for its Aurora powerhouse campus development.

The HALEU Supply Bottleneck

HALEU remains scarce in commercial markets. Currently, only Russia and China possess the capability to manufacture it at commercial scale. Following the U.S. prohibition on Russian uranium imports, establishing domestic production capacity became a national imperative.

The U.S. Department of Energy previously awarded Centrus a $900 million HALEU task order. The company now intends to leverage that federal backing alongside billions in private investment to expand production capacity.

Oklo has been navigating the fuel scarcity challenge through alternative means. Its initial Aurora powerhouse at Idaho National Laboratory is slated to operate using recovered fuel from the Experimental Breeder Reactor-II, which ceased operations in 1994.

The company has additionally proposed utilizing surplus plutonium as an interim fuel source during the buildout of domestic HALEU supply infrastructure.

Agreement Details

The letter of intent interconnects domestic fuel production, nuclear power generation plans, customer requirements, and project implementation—all concentrated in southern Ohio.

Centrus characterizes the agreement as enhancing fuel supply certainty for Oklo’s Aurora rollout during a period when HALEU availability represents one of the primary bottlenecks confronting advanced nuclear developers.

The partnership creates mutual benefits. For Centrus, securing a long-term supply customer bolsters the business rationale for expanding production at its Ohio operation.

Neither company has revealed specific financial details apart from potential prepayment provisions, which will be addressed in ongoing negotiations.

Oklo has not yet commenced construction on its Ohio campus, and the 2029 delivery schedule provides ample runway for both parties to finalize a binding agreement.

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