The nuclear startup with a $20 billion market cap and no revenue – #295

Nuclear has entered its meme stock moment. Last week, Oklo hit a market capitalization of $20.7 billion—more than established nuclear giants BWXT, Curtiss-Wright, and AtkinsRéalis—despite having zero revenue, no NRC design certification, and a rejected license application. In my conversation with returning guest Michael Seely, aka ‪@atomicblender‬, we examine this preposterous valuation built on glossy renderings rather than demonstrated readiness. If Rosatom, with 70 years of R&D and thousands of specialized engineers, struggles to make sodium fast reactors commercially viable, how will a Silicon Valley startup accomplish it in two years? When this bubble bursts, the entire nuclear renaissance may pay the price. AtomicBlender on Oklo:    • The Brutal Truth on Oklo’s Valuation   Listen to Decouple on: • Spotify: https://open.spotify.com/show/6PNr3ml... • Apple Podcasts: https://podcasts.apple.com/us/podcast... • Overcast: https://overcast.fm/itunes1516526694/... • Pocket Casts: https://pca.st/ehbfrn44 • RSS: https://anchor.fm/s/23775178/podcast/rss Website: https://www.decouple.media Chapters: 00:00 Introduction 01:41 From sin stocks to Silicon Valley hype 03:12 Oklo's parabolic rise and marketing prowess 07:13 Zero revenue, no approval, no binding contracts 11:41 The rare NRC rejection 15:26 Exempting basic safety requirements 22:21 EBR-II legacy and design instability 29:59 Idaho groundbreaking: ceremony vs construction 33:42 Russia's 70-year sodium fast reactor experience 37:30 4,000 Rosatom engineers vs 120 at Oklo 43:25 The nuclear waste narrative 48:21 Is spent fuel really "1.3 trillion barrels of oil"? 54:10 Star-studded board and Oval Office access 58:04 HALEU fuel economics breakdown 1:02:16 Why this bubble threatens the nuclear renaissance