Oklo (OKLO) stock, which still trades on long-term promise, has seen its fortunes shift as fuel and financing risks grow. The company still requires approval from regulators, a reliable supply of HALEU fuel, and a signed long-time power agreement before its first project can move toward commercialization. The key question is whether Oklo can successfully execute on these milestones before it needs to raise more capital. Despite interest from AI and data-center customers, Oklo's stock has nearly doubled in the past year despite the company being pre-commercial. However, revenue visibility remains limited without a publicly disclosed long term power purchase agreement. Key challenges include regulatory progress, fuel access, and financing for the company's projects, which are required before they can generate revenue.