KERRISDALE CAPITAL SHORTS $OKLO, CALLS TIMELINES "LAUGHABLE"
Kerrisdale Capital disclosed a short position on Oklo, citing concerns about its unit economics, inexperienced management, and unproven technology.
Key points from their report:
Unit Economics: Claims $OKLO’s projected $7k/kg cost for HALEU fuel is unrealistic, suggesting a more realistic $30k/kg would collapse their projected returns.
Operational Experience: Criticizes $OKLO’s plan to design, build, and operate reactors, noting the company has no prior success and a failed attempt to gain regulatory approval for a 1.5 MW reactor.
Timelines: Calls the 2027 deployment goal “beyond optimistic,” citing regulatory hurdles that could take 4+ years to approve.
Technology Concerns: Highlights risks with sodium-cooled reactor technology, which has faced reliability issues, including fires and leaks, in the past.
