Sam Altman-Backed Oklo Stock Swings Wildly After Announcing Biggest Nuclear Deal So Far: Retail Flags ‘Rug Pull’

Shares of Oklo Inc. surged over 16% at Wednesday’s market open after announcing its plan to deploy 12 gigawatts of power over the next two decades through a framework agreement with data center operator Switch, lifting retail sentiment.

However, the Sam Altman-backed nuclear energy company’s shares gave up most of their early gains before rebounding around 2% later in the session.

Amid the high volatility, the stock was among the top trending tickers on Stocktwits on Wednesday morning.

The deployment, equivalent to powering more than 9 million U.S. households annually, would involve a fleet of small modular reactors (SMRs) built, operated, and maintained by Oklo. 

Switch plans to use the electricity for its nationwide data centers via long-term power purchase agreements (PPAs), though specific contracts have yet to be signed.

On Stocktwits, retail sentiment surged to a year-high in the ‘extremely bullish’ zone from ‘neutral’ a day ago and chatter jumped to ‘extremely high’ from ‘normal’ levels amid the volatility.

Some users labeled the sharp price fluctuations as a potential “rug pull,” citing caution over the stock’s speculative nature.

Other users advocated a long-term view, urging focus on Oklo’s fundamentals and growth trajectory instead of daily volatility.

Switch is now Oklo’s largest known client.

This framework is a significant addition to Oklo’s existing pipeline, including a U.S. Air Force project to supply a microreactor at Eielson Base in Alaska and a power purchase deal with Diamondback Energy to electrify oil and gas operations in the Permian Basin.

Oklo’s shares have gained over 84% so far this year, bolstered by retail enthusiasm and a speculative appetite for clean energy solutions.

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