Strategic Positioning and Financial Strength Propel Oklo Inc's Buy Rating in Advanced Nuclear SectorWe reiterate our Outperform rating. Funding. Oklo has $920 million on the balance sheet and multiple paths for funding. The DOE Loan Programs Office (LPO) just finalized a $1 billion loan to restart and has $300 billion–$400 billion left to deploy with a laser focus on first-of-a-kind (FOAK) nuclear projects. U.S. Wright noted the LPO intends to match private capital 3 or 4 to 1, a significant de-risking of FOAK costs. Janus is also working to fund FOAK advanced reactors on U.S. bases, and we expect Oklo to participate and be awarded a role in the program. Lastly, once Oklo proves it can deliver the first reactor at INL, we expect hyperscalers and data center providers to take Oklo seriously and start signing binding agreements with some capex share or prepayments to accelerate the buildout.