Oklo: Meta Power Deal Validates Advanced Nuclear Model and Underpins Buy RatingWe estimate long-term PPAs to price above $100/MWh range, with inflationary provisions, yet critical details around payment cadence, risk allocation, and financing frameworks are still pending, which positions these agreements as a closely watched benchmark for future nuclear projects supported by AI hyperscalers. We note that situations such as Stack’s inability to secure power in Santa Clara will cost more than signing a PPA at a higher price. Therefore, pricing power to secure firm baseload at greater than $100/MWh is less consequential than risk of stranded capital in the form of a finished data center that remain offline. This is why we have introduced our Stacks & Racks Monthly—William Blair’s Power and Data Center Index and will be hosting a call this Monday to discuss the findings of this important analysis. Contact your sales representative for details.