Cuộc họp công bố kết quả kinh doanh quý 3/2026 của Oklo (OKLO): Tiến độ Aurora và thanh khoản 3,1 tỷ USD

Các điểm nhấn chính

• Oklo báo cáo khoản lỗ ròng lũy kế từ đầu năm đến hết quý 3/2026 là 123,3 triệu USD, bao gồm khoản lỗ từ hoạt động kinh doanh 195,2 triệu USD, được bù đắp một phần bởi 72,4 triệu USD thu nhập thuần từ lãi vay và cổ tức.
• Tiền, các khoản tương đương tiền và chứng khoán khả nhượng đạt tổng cộng 3,1 tỷ USD tính đến ngày 30/9, trong đó bao gồm 2,3 tỷ USD huy động được thông qua các đợt chào bán cổ phiếu theo giá thị trường (ATM) trong 9 tháng đầu năm 2026.
• Chi tiêu vốn lũy kế từ đầu năm đạt 280,9 triệu USD. Ban lãnh đạo duy trì dự báo cả năm về chi tiêu cho bất động sản, nhà xưởng và thiết bị ở mức 400 triệu đến 500 triệu USD, cùng với mức sử dụng dòng tiền từ hoạt động kinh doanh là 120 triệu đến 150 triệu USD.
• Hoạt động xây dựng tại dự án Aurora Idaho đã chuyển sang giai đoạn thi công kết cấu và các hạng mục liên quan đến an toàn. Bộ Năng lượng Mỹ (DOE) đã phê duyệt phân tích an toàn dạng tài liệu sơ bộ, trong khi ban lãnh đạo cho biết quá trình vận hành thử nghiệm và khởi động toàn diện có thể kéo dài từ năm 2028 sang năm 2029.
• Oklo đặt mục tiêu hoàn thành bó nhiên liệu hoàn chỉnh đầu tiên từ Cơ sở Chế tạo Nhiên liệu Aurora (A3F) vào năm 2027. Ban lãnh đạo cũng nhận thấy tiềm năng ghi nhận doanh thu sớm từ dịch vụ nhiên liệu cho bên thứ ba trong hai năm tới, trước khi tăng trưởng mạnh mẽ hơn sau khi các cơ sở mở rộng quy mô vận hành.
• Lò phản ứng Groves-1 đang vận hành sau khi đạt trạng thái tới hạn đầu tiên chưa đầy một năm kể từ ngày khởi công. Oklo cho biết dự án tiêu tốn khoảng 65 triệu USD chi phí xây dựng, cộng thêm khoảng 10 triệu USD cho nhiên liệu mua thương mại.

Dữ liệu tài chính quan trọng

Kết quả kinh doanh và hoạt động

Dự án Aurora Idaho bước vào giai đoạn thi công kết cấu

Công tác đào móng khu vực lò phản ứng đã hoàn tất, trong khi việc lắp đặt cốt thép liên quan đến an toàn và thép thẳng đứng đang được tiến hành. Oklo đã phát hành hồ sơ yêu cầu báo giá linh kiện, lựa chọn nhà cung cấp và chuyển trọng tâm sang chế tạo, bàn giao và tích hợp.

Việc DOE phê duyệt phân tích an toàn dạng tài liệu sơ bộ cho phép đẩy mạnh hoạt động thu mua và xây dựng liên quan đến an toàn. Ban lãnh đạo dự kiến bản phân tích an toàn dạng tài liệu cuối cùng sẽ hoàn tất khi dự án gần xong khâu xây dựng và hiện không dự kiến đệ trình trước năm 2028.

Oklo cho biết dự án Aurora Idaho có thể tạo ra doanh thu từ bán điện, dịch vụ chiếu xạ và sản xuất đồng vị phóng xạ. Một số hoạt động có thể vận hành theo sự cho phép của DOE, dù ban lãnh đạo dự kiến cơ sở này cuối cùng sẽ chuyển sang chịu sự giám sát của Ủy ban Quản lý Hạt nhân Mỹ (NRC).

Chế tạo và tái chế nhiên liệu giúp mở rộng mô hình doanh thu

Oklo đã đảm bảo quyền tiếp cận nguồn nhiên liệu EBR-II thu hồi cho vùng lõi đầu tiên của dự án Aurora Idaho. Việc lắp đặt thiết bị đang được tiến hành tại A3F, với mục tiêu hoàn thành bó nhiên liệu hoàn chỉnh đầu tiên vào năm 2027.

Công ty dự định sử dụng cơ sở hạ tầng nhiên liệu cho cả đội ngũ lò phản ứng của riêng mình lẫn các bên thứ ba. Các sản phẩm và dịch vụ tiềm năng bao gồm chế tạo nhiên liệu, dịch vụ kỹ thuật, quyền tiếp cận cơ sở và hỗ trợ các dạng nhiên liệu kim loại, oxit, nitrua và hydrua tiên tiến. Ban lãnh đạo cho biết trọng tâm chính là các mức độ làm giàu trên 5% và dưới 20%, đồng thời có thể cung cấp thêm một số năng lực xử lý uranium độ giàu thấp.

DOE đã chọn Oklo để nhận khoản tài trợ khoảng 6,8 triệu USD nhằm phát triển nhiên liệu kim loại tái chế cùng với Phòng thí nghiệm Quốc gia Idaho. Dự án bao gồm các phương pháp sản xuất, mẫu thử nghiệm, mô hình hóa hiệu suất và chuẩn bị cho các thử nghiệm chiếu xạ trong tương lai tại Aurora Idaho.

Oklo cũng đặt mục tiêu vận hành thử nghiệm cơ sở tái chế thí điểm vào năm 2027. Ban lãnh đạo cho biết hoạt động tái chế có thể cung cấp nhiên liệu cho các lò phản ứng của chính công ty, đồng thời mở ra cơ hội cung cấp nguyên liệu và dịch vụ cho các đơn vị vận hành khác.

Nền tảng Groves tiến tới sản xuất đồng vị phóng xạ thương mại

Lò phản ứng Groves-1 đã hoàn thành phần lớn công tác xây dựng trong 229 ngày và đạt trạng thái tới hạn đầu tiên chưa đầy một năm sau khi khởi công. Lò phản ứng thử nghiệm công suất thấp này đã mang lại cho Oklo kinh nghiệm về vận hành, thu mua, xây dựng và xin cấp phép từ DOE.

Groves-2 được quy hoạch là một cơ sở tích hợp sản xuất, xử lý và hoàn thiện đồng vị phóng xạ. Oklo đã mua nhiên liệu từ Framatome và dự án đã được lựa chọn tham gia chương trình Nuclear Energy Launchpad của DOE. Công ty hiện vẫn đang hoàn tất việc lựa chọn địa điểm và quy mô cơ sở, đồng thời làm việc với các công ty dược phẩm cùng nhiều khách hàng tiềm năng khác để xác định nhu cầu về đồng vị phóng xạ.

Chuỗi cung ứng cho đội ngũ lò phản ứng dần định hình

Oklo đã ký một thỏa thuận với U.S. Forge Rings để đảm bảo công suất tương đương 27 mô-đun Aurora trong giai đoạn 2030 - 2035. Thỏa thuận này bao gồm các cấu kiện lớn như bình phản ứng, nắp đậy và cấu trúc đỡ, nhưng tiến độ bàn giao phụ thuộc vào việc hoàn thiện và kiểm định khuôn viên sản xuất dự kiến tại Mỹ của nhà cung cấp.

Công ty cũng nội bộ hóa chuyên môn về sản xuất và hệ thống natri thông qua ARMEC và CEI. Ban lãnh đạo cho biết hoạt động thu mua cho dự án Aurora Idaho cơ bản đã hoàn tất, trong khi kế hoạch phát triển đội ngũ lò phản ứng trong tương lai sẽ tập trung vào nhiên liệu, bình phản ứng, máy bơm, hệ thống đo đạc và điều khiển, máy phát điện tuabin hơi, bộ trao đổi nhiệt và máy tạo hơi nước.

Oklo đang có 900 MW được xem xét tích cực trong nghiên cứu cụm năm 2026 của PJM. Dự án tại Ohio của công ty, được quy hoạch thành một tổ hợp có công suất lên tới 1,2 GW theo thỏa thuận với Meta, hiện vẫn đang trong quy trình đấu nối lưới điện.

Dự báo của ban lãnh đạo

Ban lãnh đạo cho biết khung thời gian vận hành thử nghiệm và khởi động dự án Aurora Idaho kéo dài trong giai đoạn 2028 - 2029. Khoảng đệm tiến độ bổ sung này phản ánh các yêu cầu hiệu chuẩn lại thiết bị, kiểm tra khí cụ đo, kiểm soát nhiễu điện và tích hợp toàn bộ nhà máy được đúc kết từ kinh nghiệm thực hiện dự án Groves-1.

Oklo đặt mục tiêu hoàn thành bó nhiên liệu A3F hoàn chỉnh đầu tiên và vận hành thử nghiệm cơ sở tái chế thí điểm vào năm 2027. Các cột mốc quan trọng khác được nêu bao gồm lắp đặt các linh kiện chính của lò phản ứng Aurora, khởi công xây dựng Groves-2 và hoàn tất đợt giao đồng vị phóng xạ theo hợp đồng đầu tiên. Tiến độ thực tế vẫn phụ thuộc vào quá trình triển khai và các phê duyệt cần thiết.

Rủi ro và các yếu tố cần theo dõi

• Thỏa thuận tại Ohio với Meta hiện chưa có tính ràng buộc đối với việc xây dựng các lò phản ứng, mặc dù thỏa thuận này chứa các điều khoản ràng buộc liên quan đến vốn cung ứng, bảo lưu công suất và các cột mốc của dự án.
• PJM đã rút một hồ sơ đấu nối tại Virginia và Ủy ban Điều tiết Năng lượng Liên bang Mỹ (FERC) đã bác bỏ khiếu nại của Oklo. Ban lãnh đạo cho biết quyết định này không ảnh hưởng đến dự án tại Ohio, nhưng quy trình đấu nối tại Ohio có thể mất khoảng 24 tháng.
• Thời điểm khởi động dự án Aurora Idaho phụ thuộc vào tiến độ song hành của công tác xây dựng, bàn giao thiết bị, chế tạo nhiên liệu, vận hành thử nghiệm và phê duyệt từ cơ quan quản lý.
• Thỏa thuận cung ứng với U.S. Forge Rings phụ thuộc vào việc hoàn thiện và kiểm định cơ sở sản xuất dự kiến của nhà cung cấp này. Từng giao dịch mua riêng lẻ sẽ đòi hỏi các đơn đặt hàng tiếp theo.
• Các cơ hội mở rộng tổ hợp chu trình nhiên liệu phụ thuộc vào các thỏa thuận, phê duyệt, nguồn tài trợ và những động thái tiềm năng của Quốc hội liên quan đến quỹ chất thải hạt nhân.
• Thời điểm ghi nhận doanh thu từ nhiên liệu cho bên thứ ba phụ thuộc vào nhu cầu của khách hàng, việc mở rộng quy mô cơ sở và tiến độ triển khai của các đơn vị phát triển lò phản ứng khác.

Điểm nhấn phiên hỏi đáp với chuyên gia phân tích

Doanh thu từ nhiên liệu cho bên thứ ba: Ban lãnh đạo cho biết doanh thu sớm từ dịch vụ hoặc kỹ thuật có thể xuất hiện trong hai năm tới. Doanh thu đáng kể hơn nhiều khả năng sẽ theo sau khi các cơ sở chế tạo và tái chế đạt quy mô và tiến độ triển khai lò phản ứng của bên thứ ba có bước tiến.

Cấp phép và thương mại hóa dự án Aurora: Oklo dự kiến cuối cùng sẽ xin cấp phép từ NRC, nhưng ban lãnh đạo cho biết sự cho phép của DOE có thể hỗ trợ việc bán điện ban đầu cho các phòng thí nghiệm và, trong một số trường hợp, bán trực tiếp cho các trung tâm dữ liệu. Dịch vụ chiếu xạ và sản xuất đồng vị phóng xạ có thể mang lại các nguồn doanh thu bổ sung.

Nhiên liệu dư thừa của chính phủ: Ban lãnh đạo dự kiến sẽ có thông tin rõ ràng hơn trong vài tháng tới về thời điểm nguồn vật liệu của chính phủ sẵn sàng. Nguyên liệu đầu vào có thể được cung cấp mà không phải trả phí cụ thể, trong khi Oklo sẽ chịu chi phí chế tạo.

Meta và dự án Ohio: Thỏa thuận đang tiến triển qua các khâu phát triển mặt bằng, thu mua nhiên liệu, đấu nối lưới điện và thực hiện toàn diện. Meta đã cung cấp vốn gắn liền với việc bảo lưu công suất, trong đó việc đảm bảo nguồn nhiên liệu được xác định là một cột mốc quan trọng ban đầu.

Nhu cầu ngoài các trung tâm dữ liệu: Ban lãnh đạo cho biết cấu hình 75 MW của Aurora cũng có thể phục vụ các cơ sở công nghiệp, khu công nghiệp và phụ tải liên quan đến tái công nghiệp hóa. Oklo tiếp tục coi các trung tâm dữ liệu là nhóm khách hàng quan trọng nhưng không có ý định giới hạn thị trường ở phân khúc đó.

Tiến độ dự án Aurora: Ban lãnh đạo cho rằng khung thời gian khởi động trong giai đoạn 2028–2029 là do tính phức tạp của quá trình vận hành thử nghiệm chứ không phải do một vấn đề xây dựng đơn lẻ nào. Hiệu chuẩn thiết bị đo, cách ly nhiễu điện và kiểm tra tích hợp toàn nhà máy là các biến số chính ảnh hưởng đến tiến độ.

Toàn văn biên bản cuộc gọi công bố kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

Operator

Hello, everyone. Thank you for joining us, and welcome to Oklo Third Quarter 2026 Financial Results and Webcast. [Operator Instructions] I will now hand the conference over to Sam Doane, Senior Director of Investor Relations. Sam, please go ahead.

Sam Doane

Thank you, operator, and good morning, everyone. Welcome to Oakley's Third Quarter 2026 Earnings and Company Update Call. I'm Sam Doane, Oklo's Senior Director of Investor Relations. Joining me today are Jake Dewitte, Oklo's Co-Founder and Chief Executive Officer; and Craig Bealmear, our Chief Financial Officer. Earlier today, we released our third quarter 2026 financial results. Today's accompanying slide presentation is available on our Investor Relations section of our website.

Before we begin, I'd like to remind everyone that today's discussion, including our prepared remarks and the question-and-answer session that follows, will include forward-looking statements. These statements reflect our current views regarding trends, assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those discussed today. We encourage you to review the forward-looking statements disclaimer included in our accompanying presentation. For a more complete discussion of these risks, please refer to our Form 10-Q for this quarter our most recent Form 10-K and our other filings with the Securities and Exchange Commission, which you can access via our Investor Relations website.

Oklo undertakes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, except as required by law.

With that, I'll turn the call over to Jake. Jake?

Jacob Dewitte

Thanks, Sam. Our ambition is to become 1 of the largest energy producers on earth and beyond and to make clean power, heat and critical ecotopes abundant and affordable. We believe we have never been better positioned to deliver that vision. We are building Aurora, Idaho in its first core fuel fabrication capability. We have brought Groves-1 into operation. We are securing fuel, bringing critical manufacturing expertise in-house and arranging capacity for future deployments.

Our balance sheet allows us to commit capital behind that work. We are building for fleets, not just for one. And our ability to simultaneously build a number of smaller scale projects as we build towards our larger scale goals, gives us meaningful chances to iterate repeatedly and learn from execution. Each project develops people, processes, supplier relationships and operating experience that we retain and apply across Oklo. This sets us up to win. Fuel is foundational. Our strategy uses our balance sheet to connect sourcing, fabrication and recycling to support our own deployments and serve other potential customers. We're building reactors. We've built a reactor, we have fuel secured, we've operated a reactor and we have the capital to keep going.

That's where our confidence comes from. And government policies are creating additional pathways to put it to work. Three developments are particularly relevant to the business we are building. First, the NRC has finalized a rule that allows applicants to use relevant technical evidence from DOE authorized reactor projects to support commercial licensing. For Oklo, that reinforces the strategic value of advancing Aurora IDO under DOE oversight. The safety analysis, testing and operating experience we develop can support subsequent NRC applications, where applicable, while meeting the NRC's requirements. That gives the work we are doing today to a greater value across future deployments. We are building an operating reference and the technical foundation that can support a broader Aurora fleet.

Second, Groves-2 was selected for the National Reactor Innovation Center's Nuclear Energy launch pad. That provides access to DOE authorization pathways and specialized nuclear expertise as we advance our integrated isotope production and processing pilot. We've already taken Groves-1 through DOE authorization. Groves-2 gives us the opportunity to apply that experience while adding the processing and finishing capabilities needed to deliver isotope products. Third, DOE's nuclear life cycle innovation campus initiative is solving for key difficulties in nuclear fuel infrastructure that could meaningfully impact our overall business plan. These campuses could connect fuel fabrication enrichment, recycling and waste disposition potentially alongside reactors and power generation. That is closely aligned with our strategy, scaling nuclear power requires investment across the fuel cycle, and we are developing capabilities to participate across several of those activities.

Together, these developments support the direction we have deliberately taken, building reactors, developing fuel infrastructure and retaining the experience needed to deploy repeatedly. They are an important part of why we believe we have never been better positioned to execute our vision. The campus initiative could be a particularly important opportunity for recycling business. The nuclear life cycle innovation campus priorities closely matched what Oklo already plans to build, recycling, fuel fabrication power plants and isotope production factories and now federal policy is enabling these. There is also a significant potential funding mechanism. The DOE reported more than $50 billion in the nuclear waste fund at fiscal year-end 2025. Congressional action could make funding accessible for eligible nuclear waste management infrastructure within these campuses, including recycling alongside private investment and commercial facilities that could expand opportunities to provide recycling services, fabricate fuel, access, recycling feedstock and cell recovered materials, serving utilities and other reactor operators while strengthening supply for our own fleet.

Our Tennessee project is already part of the Oklo development plan and additional campus opportunities depend on agreements, funding and approvals. We are developing capabilities these campuses would need that give us a concrete foundation to pursue a broader commercial market. We are building Oklo to earn revenue across the nuclear life cycle. Our reactors are designed to sell electricity and heat with additional opportunities in irradiation services. Geofabrication concerned both our fleet and external customers. Recycling can recover usable fuel and valuable isotopes while providing services to owners of used nuclear fuel. Our isotype business serves specialized markets, including health care and space. These activities reinforce each other. Our powerhouses create fuel demand, fabrication and recycling support supply, engineering, procurement, asset delivery and operating experience carry across the platform. We believe this integrated approach is allowing us to control our own destiny by giving us more security over critical deployment requirements and more ways to generate revenues as the nuclear energy industry scales.

We are putting capital to work in assets on the ground. At Aurora, Idaho, construction is advancing into structural work. Alongside it, we are building A3F to fabricate the first core. We're advancing power projects, developing our Tennessee recycling facility and preparing the Groves-2 to forge. At Groves-1, we have already completed the journey from a greenfield site to an operating reactor. That experience now sits in side or cloud. These projects are at different stages, but they demonstrate the breadth of what we are executing, reactors, fuel infrastructure and isotope capabilities developed and informed together and by each other.

We are investing with repeated deployment in mind. The teams, suppliers, manufacturing capabilities, asset delivery experience and operating systems we established today are intended to support many more assets. This is how we are building a business capable of delivering fleets.

Let's turn to power, starting with the construction progress at Aurora, Idaho. These photographs show just over 7 weeks of progress at Aurora, Idaho. In September, you see site and foundation preparation. By early October, administration building foundation work was advancing by November 4, structural steel was going up. This is our capital translating into physical infrastructure with visible progress from one visit to the next.

On a recent visit with a partner, what struck them was how much was happening on the ground and how quickly the site was changing. These photographs gives you a sense of what they saw. Here, you can see the reactor building going vertical, excavation, the access tower and rebar installation. Reactor area excavation is complete, and safety-related rebar work is underway, and vertical steel is being installed. Alongside construction, our teams are advancing procurement, engineering and the fuel fabrication capability needed for start-up. The pace is visible. The coordination behind it is equally important, getting design, suppliers, equipment and field execution moving together.

We are building our First Aurora powerhouse and developing the construction experience, supplier relationships and project controls that will inform subsequent deployments. The work underway in Idaho is foundational to the fleet we tend to build. Bringing Aurora, Idaho into operation requires construction, equipment, authorization and fuel to come together. We are advancing all 4 in parallel. On construction, excavation at the site is complete and structural and safety-related rebar work is underway. The next steps are continued reactor area construction and equipment installation. On procurement, component requests for proposals have been released and vendor selected. The focus now moves to fabrication, delivery and integration. On authorization, DOE has approved our preliminary documented safety analysis, or PDSA.

The PDSA approval for the Aurora Idaho is an important milestone. It is comparable to an NRC construction permit and that it serves as a key regulatory review point for the project's preliminary design and safety analysis, supporting the advancement of safety-related construction and procurement, while helping reduce the risk of significant safety-driven design changes later in development. The remaining authorization milestones include completion and approval of our first core using our secured EVR 2 material that we have already been allocated. We are managing these work streams together with specific execution milestones on the path to start up.

We deliberately pursued interconnection applications across potential sites in PJM. Building a fleet requires developing several opportunities in parallel and managing the risks associated with each. Today, we have 900 megawatts under active consideration in PJM's 2026 cluster study. PJM withdrew one of our applications for a potential site in Virginia and FERC ultimately dismissed our complaint challenging that withdrawal. That decision does not affect our Ohio project or our broader announced pipeline, and we are continuing to work constructively with PJM on those other interconnection applications. The Ohio site continues through the interconnection process supporting development of our planned campus of up to 1.2 gigawatts under our agreement with Meda. We are advancing that work alongside fuel procurement, site development and execution planning. This demonstrates the practical value of Oklo pursuing multiple applications. A setback at one location, these other development opportunities moving forward. Our focus is progressing these opportunities through the studies and agreements required to deliver power.

This is not uncommon in power development efforts. You pick sites, you evaluate them, you pursue them and often only if you make it. We acquired ARMEC and CEI to address specific execution needs, shortened development cycles, strengthen procurement and improve our ability to manage costs. ARMEC is already advancing component specifications, evaluating supplier proposals and supporting reactor module development at Aurora, Idaho. Its manufacturing expertise helps us assess with other vendors, how components should be built and what they should cost. CEI brings decades of sodium systems experience and has built sodium test equipment and pumps for Oklo, bringing that expertise inside the company gives our engineering team direct access to the people designing, manufacturing and testing these systems. These are world-class capabilities that we now have in-house at Oklo and bringing these capabilities in-house also supports our deployment schedules and allows us to prioritize and coordinate iterations directly. It also creates an opportunity to retain manufacturing margin within Oklo and lower project costs as we put these capabilities to work. It is early days, but we are already finding opportunities for their value to extend across powerhouses, fuel fabrication and recycling. We bought capabilities that support execution today and can serve a growing fleet over time.

Alongside our internal capabilities, we are securing external manufacturing capacity for repeated Aurora deployments. Oklo has signed an agreement with U.S. Forge Rings or USFR to provide capacity equivalent to 27 Aurora modules across 2030 through 2035, and covering large components such as vessels, lids and support structures. These components require specialized manufacturing and advanced planning. Reserving capacity now gives us a stronger foundation for coordinating future orders and deployment schedules. The agreement also enables us to expand to include expansion options on additional eligible new capacity. USFR has planned U.S. manufacturing campus would support domestic production with deliveries dependent on facility completion and qualification. Individual purchases will be documented in subsequent orders. This relationship complements our broader supplier network. We are using our capital and purchasing commitments to address potential bottlenecks early and give suppliers visibility into our needs. That is what planning for a fleet looks like, arranging the production capacity today that multiple deployments will require.

AI is also accelerating and impacting how our businesses can execute more quickly and efficiently. We are already using AI to accelerate technical work and make our engineering expertise go further. One example is that Groves, where in less than a week, a single engineer used AI to adopt existing Aurora POWERHOUSE multiphysics models into a modeling prototype for growth. Our team estimates that this compressed months of modeling work in today's engineering work originally developed for our powerhouses directly accelerated progress in our isotope business, a prime example of our integrated platform at work. We are also automating repetitive technical documentation. Legacy document conversion that took days can now take minutes, with document control rules encoded in software to automate checks.

The broader opportunity is to connect engineering knowledge inside Oklo. That includes our models, technical data, documents and the people responsible for them. We are working to make those relationships more explicit in our software. So teams can trace where information came from, how it changed and who is responsible for it. That can reduce time spent finding information, checking consistency and recreating work while supporting a clear audit trail. Reusable AI agents and workflows are allowing teams to share those improvements across engineering, coding, documentation and analysis. Our objective is to reduce the time and cost of delivering technical work and give our people more capacity to solve engineering problems. As we expand, those capabilities can support more projects across Oklo.

Now turning to fuel, which is the foundation for bringing our first powerhouse online and scaling the fleet. We are building the Aurora, Idaho powerhouse and the capability to fuel it in parallel. We have secured access to recovered EBR-II fuel for our first powerhouse. And at the Aurora Fuel Fabrication facility or A3F, we are preparing to turn that material into finished fuel assemblies for its first core. Facility equipment installation is underway. We are targeting our first full fuel assembly in 2027 with fabrication activities coordinated to support Aurora, Idaho's targeted startup. That coordination matters. Our teams can align fuel specifications, manufacturing processes, qualification and delivery directly with the reactors requirements. We are also exploring opportunities for A3F to serve third-party customers to further support revenue generation from its fabrication capabilities. The immediate priority is delivering the first core. The manufacturing experience and quality systems we established can also inform future fuel facilities. We are putting the material equipment and manufacturing capability in place alongside the powerhouse that will use the fuel.

DOE has selected Oklo for approximately $6.8 million to advance recycled metal fuel with Idaho National Laboratory. This supports a specific part of our strategy, turning material recovered through recycling into fuel for Aurora and other reactors. The project addresses fabrication and qualification together. Its scope includes developing manufacturing methods, fabricating and testing fuel specimens and using performance modeling to inform recycled fuel qualification. The objectives are to retain higher fabrication yield and throughput with less process waste, which could impact the economics of supplying recycled fuel to our entire fleet. The work also includes preparing specimens for future radiation testing at Auror, Idaho. That connection is important. We are building Aurora, Idaho, while developing the fuel capabilities that can support subsequent informs future fuel development. We are developing recycling and fabrication capabilities around the needs of the fleet we intend to operate and for additional opportunities to serve other reactor customers. This project advances the technical work needed to make recycled fuel a scalable source of supply for our reactors and other reactors for third-party revenue. It is important to highlight that our goals with our recycling and fuel fabrication capabilities are to become leading fuel suppliers, not just for our reactors, but for other reactors as well, opening a potential fuel revenue stream from third parties.

Turning to isotopes, starting with what we delivered at Groves-1 and what that experience makes possible. We discussed Groves-1 on last quarter, but I want to put the scale of that achievement back into context. The photograph here looks straight down into the reactors core structure. We completed substantial construction in 229 days and reached first criticality less than a year after groundbreaking. That is an extraordinary pace for a complex industrial facility. Groves-1 was built on private land and financed with private capital. It's major systems, components, fuel and construction services were commercially sourced or manufactured by Oklo. DOE provided rigorous safety oversight in the authorization pathway while Oklo supplied the capital and lead execution. The build cost was approximately $65 million, plus approximately $10 million for commercially sourced fuel from [indiscernible].

Groves-1 is a low-power test reactor designed to establish experience for future isotope production facilities. We took that project from an open field through construction authorization, commissioning and startup of a nuclear facility in less than a year. The significant some Groves-1 1 goes beyond the reactor physics. We built a complete nuclear facility, and in doing so, created the organization required to deliver and operate nuclear assets. That capability creation was substantial. We developed a site and completed civil construction. We built the safety basis and engineering documentation required for DOE review along with the quality assurance and configuration controls needed to manage the project. We established security, radiation protection, emergency preparedness and maintenance programs.

We've built the operating organization that meant hiring, training and qualifying the people responsible for the facility, writing and testing their procedures and demonstrating to DOE that the facility and organization were ready to operate safely. On procurement, we qualified suppliers, negotiated commercial terms, completed factory acceptance testing and took specialized equipment through installation and commissioning. The project controls behind that work also had their function together, cost, schedule, supplier performance, construction sequencing and readiness planning. Oklo built these capabilities. We used them and demonstrated them through Groves-1. We now have real construction data, trained operators, operating experience and DOE authorization experience inside Oklo. The organization required to deliver a nuclear asset has been tested through completed work.

Our build, own and operate model allows us to retain that experience and apply it across the company. For future isotope facilities, the transfer is the most direct we can reuse and improve the operating programs, supplier relationships, authorization experience and workforce capabilities established at Groves-1. For Aurora powerhouses, we can adapt the project controls, procurement processes, construction sequencing and commissioning and readiness practices to a larger and more complex facility. That experience is already informing our approach at Aurora, Idaho. For fuel fabrication and recycling, we can apply experience with nuclear quality systems, material handling, radiological controls and security programs. Each project still requires its own engineering, safety analysis, authorizations and execution plan and our teams now address these requirements with experience from a completed nuclear deployment. We retain the people and procedures, we retain the cost and schedule data, operating experience and lessons learned. Each project gives us an opportunity to improve how we deliver the next one. that meaningfully changes the starting point for future assets. And it's how we are building the capability to deploy repeatedly across the business.

Groves-2 builds on that foundation with a broader integrated isotope production facility. At Groves-2, we plan to bring a radiation processing and product finishing together in 1 facility. Groves-1 test facility established our reactor capability. Groves-2 adds processing and product finishing facilities in addition to its reactor and irradiation capability. This integrated scope would allow us to produce isotopes, separate and purify them and prepare finished products for delivery. Bringing those steps together is intended to shorten turnaround times, reduce costs and deliver products that meet more of our customers' needs. We can directly build on experience from Groves-1 in construction, procurement, operations and completing the DOE authorization process. that gives our team a practical starting point for executing this broader scope. We have already purchased and secured fuel from Framatome for Groves-2. The project has also been selected for DOE's Nuclear Energy launch pad, which will enable us to begin construction through DOE authorization. We are still finalizing the site location and developing the integrated facility scope.

We have never been in a better position to execute. We have the capital and experience needed to advance our work across all businesses. The milestones on this slide show what we intend to accomplish next. At Aurora, Idaho, we are targeting installation of major reactor components and A3F we intend to complete equipment installation and fabricate our first fuel assemblies. In recycling, we are targeting pilot facility commissioning in 2027. And isotopes, our targets are to beginning construction of Groves-2 and complete our first contracted isotope delivery. These are ambitious targets. They give our teams clear priorities and investors' concrete measures of our progress. Timing will depend on execution and required approvals. Our balance sheet allows us to secure equipment and fuel early build critical capabilities and advance multiple projects in parallel. We are putting the capital to work against specific deployment requirements. Groves-1 demonstrated our ability to bring those pieces together and deliver a nuclear facility. We are applying that experience across the business and building the capabilities required for repeated deployment.

And with that, I'll turn it over to Craig to walk through our financial results and capital position.

Richard Bealmear

Thanks, Jake. Through the first 9 months of 2026, we continue to advance projects across our business units while maintaining a strong balance sheet. Year-to-date, net loss through the third quarter was $123.3 million. This included a loss from operations of $195.2 million, partially offset by $72.4 million of net interest and dividend income. Cash used in operating activities was $110.9 million year-to-date. This includes the net loss of $123.3 million, adjusted primarily for $49.1 million of noncash stock-based compensation and $36.7 million of net changes in working capital and other adjustments. We continue to expect cash used in operations to be within our guided range of $120 million to $150 million.

Cash used in investing activities was $1.3 billion. That included $965.1 million of net cash used for purchases of marketable securities related to the cash generated from our ATM program. Year-to-date, capital spend was $280.9 million as we continued planned investments in the deployment of assets across our 3 businesses. We expect cash used for property, plant and equipment to be within our guided range of $400 million to $500 million. At September 30, we had $3.1 billion of cash, cash equivalents and marketable securities. This included $1.5 billion of cash and cash equivalents and $1.6 billion of marketable securities. The balance also reflects $2.3 billion raised through our ATM offerings, during the first 3 quarters of the year. We proactively and intentionally raised capital to build the financial capacity to advance projects across our platform.

The balance sheet is giving us the financial flexibility to fund planned work across all 3 business lines as projects progress, including development and construction activities, long lead equipment purchases and fuel acquisition for powerhouses and isotopes. It also allows us to make project investments when required and enables commercial flexibility to support execution against our planned milestones.

Before we move to questions, I want to connect our financial position with the progress Jake described and what we are targeting next. We've positioned the company to be in execution mode and are taking actions to build assets to generate revenue for each business line. Our balance sheet allows us to secure fuel and equipment early, build critical capabilities and advanced projects in parallel. That capital is being put to work. Groves-1 is complete. Aurora I&L is advancing through construction with its preliminary documented safety analysis approved and A3F equipment installation is underway. We are also preparing for the projects that follow. Our internal manufacturing capabilities, supplier agreements and fuel strategy are intended to support repeated deployment. Customer commitments reinforce that work. Meta's prepayment supports Ohio development and fuel procurement and developing customer agreements are advancing our isotope business into space applications.

Our model as well as our M&A strategy is designed to retain and leverage the operating experience across our power, fuel and isotope businesses. and we are seeing ways for fuel fabrication and recycling to not only support our fleet, but also create opportunities to serve other customers and generate revenue. Our responsibility is to deploy capital with discipline and convert these capabilities into operating assets and customer deliveries. The milestones Jake outlined provide concrete measures of that progress.

Thank you for joining us today. Operator, we are ready for questions.

Operator

[Operator Instructions] Your first question comes from the line of Joseph Osha with Guggenheim.

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Joseph Osha

I'm wondering if we could drill a little bit more into the fuel business, in particular, the potential for third-party revenue. I'm wondering about the timing for that and also what that might look like? Are we thinking is that all going to be highly in rich fuel standard in rich fuel? And would that be fed entirely by recycling or procurement from elsewhere? Just more detail there would be great because that's interesting.

Richard Bealmear

Jake, do you want to take that one or you want me to? And you're on mute.

I'll take it since it looks like Jake is having a few technical difficulties. So I think it's a really good question, and thanks for it. It could take a couple of forms. So we're building out strategically a recycling business. And we've always said that business is not only being developed for the production of fuel for Oklo powerhouses, but we're also starting to explore other non Oklo customers for that business. but maybe closer to the here and now, Ryan Webster, who leads our fabrication division and is leading the charge on A3F. There's a fabrication that we think we could do for others, some of the investments that we are looking into and some of the partnerships around conversion, deconversion could also be sources of revenue, and maybe the other thing I keep pushing right on is, is there a world even before we're ready to fabricate and produce fuel for others where we could offer technical services. So we're really trying to explore all those options in parallel at the moment.

Jacob Dewitte

And I'll just chime in and add a little bit more. I think there's a couple of things that kind of add the capabilities. If you think about what we have at fuel fabrication, to answer your question in a number of ways, it's really a capability that is, frankly, our goal is to be the leading fuel fabricator for advanced fuel forms. We're not working on [indiscernible] obviously, but for what we're doing with metallic fuel with high-calorie plus oxide fuels for advanced reactors as well as for support for next-generation fuel forms like nitrides and hydrides, things like that, that we will have the capabilities and expertise and capacity to be able to support. That's worked for others, right? And the reason we highlighted those is because we've seen interest and we know there's demand and we know there's a capacity shortage to make fuel to serve those markets.

And primarily, that's been a focus on stuff that's above LEU, but there's going to be the capacity to work with LEU given that there's some unique things you can do with some of those fuels with normal low and retraining. And when I say above [indiscernible], I'm talking about things that live between 5% and all the way up to just under 20%, right? So that spectrum is going to be a pretty strong focus area. And how we look at that is that's not all the capabilities we necessarily have to do. We have the infrastructure in the building and the facility. Others can come in and rent that space from us, bring their own like basically frankly, machinery and equipment to fabricate where we can partner with them and do it for them given our expertise. But it creates a diverse set of -- frankly, it's a field fabrication platform really that allows for folks to plug and play or us to make for others. I think this is where we see a lot of excitement because when we kind of extend this outward, there's a huge amount of opportunity in fuels, not just supporting what we're doing, what other fast reactor companies are doing what other microreactor company concepts are exploring and doing and enabled by advanced fuel forms what space reactors need but also even as we look at advanced fuel forms going to next-generation it want to reactors or just upgrades at light water reactors.

All of that can tie into because we have a significant shortage of fuel fabrication capacity today for the light water fleet looking outward, not something that's core to us to get into making the kind of bread and butter of the light water fleet today, but being able to be supportive, be a place for or even be a direct manufacturer for advanced fuel forms that can support those is pretty important. And then we can work with, yes, that fresh uranium infrastructure feed that comes in, but also with the output of what comes from the recycling facility. So it gives us quite a bit of flexibility in terms of being able to make what we need to support fabricating. And again, either we make it and sell those services, we sell the fuel to them. or we provide them the space to come do that. So there's a number of different ways we can offer kind of in the value chain and be able to capture some of that in terms of revenues.

Joseph Osha

And just very quickly, some rough sense of first revenue on this? I know it's hard, but I got to ask.

Jacob Dewitte

I think it depends on a couple of variables for how this goes. I mean there's some potential for early sort of services revenue that could come over the course of sort of the next 2 years, but the real ramp rate is going to happen after the facilities are scaled into operation and beyond and other companies' reactor deployment is going to move forward into those areas. But were you looking at ways that that's evolving. And frankly, as we develop this capability and people pay more attention to it, we keep sort of seeing new folks showing up with different ideas and concepts. So it brings a couple of different ways for that to come to the table.

Operator

Your next question comes from the line of Dimple Gosei with Piper Sandler.

Unknown Analyst

And just a big shoutout, I thought the deck was excellent, so well done on that. Can you please remind us on the DSA submission timing, Jake? And also once Aurora is operating, does it power commercially under DOE authorization only of det moves to NRC license under this new DOE to NRC rule, right? And then just on that still, what is the expected timing if the transition happens. Can you remind us of this and the offtake?

Jacob Dewitte

Yes. So a couple of variables to that. So the PDSA is a very important milestone allows us to build, which is why we're in construction and the depth we are. DSA will happen much closer to construction completion. So we don't imagine that going forward until 2028, being the thing that makes sense to do. Then in terms of timing for transition at NRC, it's going to depend on our operational milestones and other things we can do. One important thing about Aurora, Idaho is yes, it can sell power, but it can also sell radiation services. There is no fast radiation -- fast new trends, sorry, radiation capability. really in the Western world operational [indiscernible] today, right? And the U.S. government was going to spend billions of dollars to build a new capability that ultimately didn't go anywhere as the lift of that, but that's what Aurora, Idaho is going to be able to produce and provide for.

So it's going to be able to monetize that to support next-generation materials and fuel research for everything from federally funded research programs all the way through private investment. I mean we've seen companies in the United States and in Europe, well, all throughout the world. have to invest and spend money to send things to Russia, to be tested. And that's in the past. Obviously, those things aren't open and available anymore. So we'll have the capability and capacity to support those things here as well as tremendous potential for isotope production. So it's all sort of enhancements with that planned -- revenue enhancements with that plant from power sales, which is obviously a foundational piece, but also radiation services where people pay to put things in and get access to the new trends there. And then also isotope production.

So it's a pretty cool sort of three-pronged approach for how that can look. A lot of those can be done, like those other ones can be done largely like isotopes and radiation services. can largely be done to varying degrees under DOE authorization. And so can power sales under certain use cases. But ultimately, it allows us to have a much more unconstrained point of operations. when we convert that over to the NRC and give us a lot more flexibility. So that's kind of the why and the timing of that.

But one of the things, for example, that's nested pretty significantly into the executive orders from May 2025 was the ability to sell power to the data centers under DOE authorization. So in other words, sell power 2 data center offtaker directly under DOE authorization. So that is another pathway that could be something that makes sense to do under that sort of trajectory. But again, having the flexibility from the NRC conversion and given the confidence we see in the time that we spent with the NRC to date, do not forget that about 1.5 years ago, we completed a readiness review preparing to submit the application before the accelerated pathways that came from DOE opened up. So we're excited to be able to actually go through that effort and we see the NRC's preparedness to be able to take an application and move it forward to be converted into NRC space. So ultimately, that's the end state will end up. But there's a number of things you can do before that happens. We have a pretty wide degree of flexibility.

Richard Bealmear

And then Dimple, in terms of power cells, under the DOE permit, we can sell power to the labs, which we've always seen that as being the first initial customer for power coming out of the powerhouse and then we will transition to an NRC permit. I think the good news is it doesn't really feel like DOE and NRC are working collaboratively to find ways to streamline that process because they're, I think, rebuilding the streamlined process at time. Hard to put a definitive time line on it, but it definitely feels like an accelerator. And I'll make sure that Sam and the team get to thank you on the deck because they did all the hard work.

Operator

Your next question comes from the line of George Gianarikas with Canaccord Genuity.

George Gianarikas

My question is on plutonium. What's your current time line and potential expected cost structure for receiving some of the government health surplus?

Jacob Dewitte

Yes, I think we see -- so there's a couple of variables developing there. We continue to make progress through sort of the DOE's programs and engagement to set the stage for that. I think what we're expecting is a tranching of material from different sources and sort of availability and "manufacturability" more directly. So some of it might need them work before it becomes manufacturable. And so the point is to work with stuff that's more readily available. The -- and so that's continuing to progress. We're eager and excited to see that continue. And we're obviously very excited about the traction at that point. Unfortunately, I think the time line for what that's going to look like, we expect to become a lot clearer in the next few months in terms of when that material is going to be able to come out and move available or move forward on that. But we're hopeful and optimistic there'll be various interim milestones along the steps there over the course of the next few months for that material to release into being able to fabricate.

The question is then about like cost structure. I mean, in general, again, one of these things that is somewhat dependent on programmatic structures and contours, but generally in clients to being provided to you as is with no specific fee or cost, but then the cost of fabrication is obviously burdened by the recipient. So that's kind of the thing. So it provides a pretty attractive cost of feedstock. That's basically 0. But then obviously has to be fabricated and going to fuel from there.

Operator

Your next question comes from the line of Marc Bianchi with TD Cowen.

Marc Bianchi

I wanted to ask about the Ohio project and Meta there. Is the agreement with Meta binding to build the reactor? And if not, when would you get to that point? And maybe walk us through some of the milestones that would need to occur to get there?

Jacob Dewitte

Yes. So it's not binding as is to build the reactor a little bit natural for a project like this and especially one where [indiscernible] to help drive forward a kind of a new model that's constructive to nuclear here because let's just remember, there really is no example for this from like a nuclear sort of developer operator model to bring it forward, but obviously, it's attractive to them to select that, and that's why they've done it. It kind of progresses through various stages to move through the site development, the long-lead procurement like fuel and also into interconnection and then into full execution. but it's a relational buildup.

And what's important about that for us too is it brought them to bring capital at the beginning to help with that, to show a path then to continue to scale and execute and illuminate the or path to when delivery is going to be. And then also the costs. And when I say the cost, I just don't mean the Oklo cost, but the actual prevailing cost of power, too, and sort of how those things converge in a constructive way. So it works for everybody. But with the recognition that they -- I think generally, when you look at kind of how I think the strategies went into what they did to put these things together and this program together, it was about finding the partners to help advance this because they see the technologies being significantly enabling to them. And instead of just being a purely transactional partner, they want to be a development partner as well in ways that also makes sense for us.

And so finding a way to do that was what we were pretty excited about landing in with this deal, but it has a very clear trajectory, right, line of sight to execution to actually turn into turning power plants on. And when you look at the power -- when we look at a scarce market and when you look at the time lines of power delivery and where we are largely at the lead of or in the near front of that pack from nuclear-generated electrons, especially advanceness that gets them pretty interested and excited. I think that's part of why they selected us on that process to develop into this. So it's kind of a buildup along a normal development project before it executes into that stage. And we like that because, again, it brings them to the table with us as a partner and not just as kind of a transactional customer.

Richard Bealmear

Mark, there are some binding elements to it, such as they've provided some capital that gives them reservation capacity and we have milestones in terms of doing things with that capital with probably the first kind of big milestone around that being the securing of fuel, and we are working on that. process as we speak, and then there'll be other milestones further down the line as we progress the project.

Operator

Your next question comes from Brian Lee with Goldman Sachs.

Brian Lee

Maybe just a big picture one. I know it's early days, but we obviously had a bit of a pivot in the political landscape period this week, and then you've had a lot of these sort of state level moratorium is starting to pop up and become pretty meaningful point of debate for data center development going forward. So I guess in that context, a lot of folks kind of assume you guys are mostly going to be focused on data center PTM type of applications with the Aurora Powerhouse. But given the 75-megawatt configuration, it seems like you guys would be better suited than some of your larger-scale SMR peers, larger scale in terms of their capacity to go after other types of applications on data center related. Have you guys given any thoughts to sort of a shift in go-to-market or at least allocating more of a push to nondata center opportunities going forward just in the context of all that's going on?

Jacob Dewitte

Yes. I think to get into it, too. I mean, one of the things that's -- I mean, yes, the answer is yes, and that was always kind of a posture we had. Obviously, data centers are well yield, fast-moving, needing a lot of power and consuming it in chunks. And now we see maybe some various dynamics evolving. I do think that you're going to see continued concentration in data centers of states that are supportive of this because there are states that are going to be supportive and interested in having these things, and that's just going to further pull demand and do some different locations. And to be honest, our [indiscernible] gives us flexibility to respond into that.

But when you look at what's happening just broadly speaking, I think I always think of 3 major vectors around what's been driving electric demand and why we see a lot of upward price pressures are largely influenced by demand. Obviously, data centers are a flagship piece of that, but let's not forget that for the last 10, 15 years, we've seen large shifts towards electrification in many, many ways. And that is putting load on the grid, right, albeit maybe less gigantic and noticeable chunks of data centers, but it is. I'll add to that, significant efforts around reindustrialization, which is obviously something that supports the jobs in America and is quite bipartisan in nature, looking at policies of the last several administrations, we've, in many ways, from an energy policy perspective, we, as a country, saw the shift of those kind of baseload consuming industries and assets and factories being shuttered and moved overseas. Well, when they come back, they need that kind of power again. And so we see this manifesting even in things we've done at states when we've been looking at going to states and siding there. they're seeing that when they used to be able to go and try to attract new factories or new manufacturing presences coming to their states.

However, it was taken for granted that it was available and now they're realizing they have -- that's like a huge either weakness or vulnerability or maybe if they have a little bit of strength, but most of them don't have enough at all. And so we find that, that is going to be, I think, a pretty sizable driver. So I think we're pretty confident just in general. And like you said, our sizing and our posturing gives us flexibility to do that. But I think the other thing that's important is nuclear has a strong bipartisan level of support. It -- I think one thing we're going to see probably is a focus on also moving and heavily incentivizing in the ways that are possible, clean power generation to come in and support whether it be for data center generation or just new generation as a whole in light of the election results. Nuclear is really well positioned to do that. So I feel pretty optimistic that either the policy shifts that are going to be moving towards maybe just the continued effort of saying, bring your own power if you're going to build here as well as policies that are trying to attract continue to try to attract manufacturing jobs in the states so they're going to need power production and nuclear is just incredibly well suited to do that and our positioning at our size range is very ideal for that, too. It's not too small at the megawatt scale for some of that to matter and it's not so big that you can't sort of serve either an industrial facility or an industrial park and said it's pretty well suited to serve in that sweet spot and I think.

Richard Bealmear

And Brian, I would just also point out the Advanced stack, which was great for our sector and our business came under the prior -- under the Biden administration. I've attended the U.S. governors conference, and there were as many Democrats as there were Republican governors who wanted to talk to Oklo. So I think that demand for the clean, affordable, reliable power is -- I don't think that demand profile is going away, which we definitely have not had -- the elections happened, but I didn't have our corporate development team saying suddenly customers are calling saying they're not interested. So I think it's -- which is why we're so focused on putting assets on the ground.

Operator

Your next question comes from the line of Nate Pendleton with Texas Capital Bank.

Nathaniel Pendleton

And congrats on the continued progress. I wanted to touch on the ARPE funding for recycled fuel on Slide 18. How much of the EBR-II fuel data carries over to recycled fuel given the residual lanthanides and acted in the recycled fuel and I guess, what still has to be proven through testing? Or is this more around process optimization?

Jacob Dewitte

Yes. I mean in this program is largely around process optimization as well as like supporting field qualification in different ways. But part of our -- what we're approaching is like there is data from a radiated -- we, as a country, have a radiated transgenic [indiscernible] fuels in a number of different reactors and platforms to generate data that is directly applicable and extendable to use for qualifying transgenic fuels a full kind of commercial usage. That said, we do look to augment and enhance that with the fact that we'll have the Aurora plant running, and we'll be able to use that to actually radiate test pens and lead test assemblies of transgene fuel to, I think, fully characterized and basically "qualify" that out for our usage.

There's not really such thing formally it's fuel qualification. People like to use it as a colocal term to describe it, but generate enough data so that we have enough confidence for our own use as well as enough data and confidence to support its behavior and understanding it's kind of [indiscernible] emergent effects to justify it's used to the regulators as well. So I think at the end of the day, that's what we see the intent and mission is, broadly speaking, this is a really important step in that. I think what's also invested in there that's pretty exciting in support for other programs, not just ours of using transgenic material, which is great for us because the recycling facility will produce transgenic material. So it's clearly showing that there's interest in a market emerging for customers to want that material. given that it has some huge benefits, right, and advantages. So it's pretty exciting to see what that's looking like across the board.

Operator

Your next question comes from the line of Derek Soderberg with Cantor Fitzgerald.

Derek Soderberg

So just regarding U.S. Forge Rings, I was curious if you could talk about your expected capital commitment there, if there's anything. And then what sort of component volumes are contemplated in the agreement? And then finally, just any additional color on why you're moving forward with USFR over maybe some other more established steel companies?

Jacob Dewitte

Yes. I mean I think we work with a number of partners here. So we're excited about and feel confident about how we kind of approach having offtake. I think we're -- I'm sorry, not enough to take supply for what we need to do to deliver. But I think at the end of the day, like what we saw here was a group that has the ability to stand up and support some large capacity that we expect to be able to grow into and would like to have that decongest some of the backlog in other areas. Again, because of our pace and where we're at, especially the work projects, we feel very good about what we need in the in the near term. The question though is, is that scale is under the longer term. And that's where we see new entrants are needed because the capacity is just not going to be there. And so that's why we're going to be able to be supportive and drive that forward.

Richard Bealmear

And at the moment, I guess it's an initial small investment and then it gives us reservation and capacity that as they scale up, then we can access that capacity. And that -- but that would be a commitment for procurement that we would be doing as we scale up the fleet.

Operator

Your next question comes from the line of Ryan Pfingst with B. Riley.

Ryan Pfingst

What are some of the remaining items that we should be thinking about coming next on the supply chain or procurement and manufacturing for both Aurora I&L and then the longer-term fleet deployment strategy?

Jacob Dewitte

I think -- so I think in general, like what we look at across the board there, and [indiscernible] chime in on this. But I think as we see kind of the stack of what we need to do to support this is we're trying to solve to build, obviously, what we need to do for one, there's sometimes solutions you find for that, that are important for time, right? And we've been working really aggressively for time optimization to build that quickly. Sometimes some of the suppliers or providers don't necessarily have the scale to do the Beyond 1 at the rates we expect to go to. So you kind of want to balance and work with that in a number of ways and also balance that with having -- not having just a single supply risk and work with a number of suppliers. Well, then also evaluating what is it that we want to bring in-house and make ourselves.

And I think a view we've long had is -- it's great to theoretically talk about all we do everything in-house. We verticalized every single thing. That's -- that's a great thing to do when you have an update and understanding of what you actually need and want to do based on having built a few of these things rather than doing it all upfront because you're inevitably going to have to go back and retool and there's a lot of capital needs to do that and all those kinds of things. So finding that right balance is something of intentional focus for us. That's why you build the one to go to many and have that kind of vector in line. And so as we think about how that works, we've been fortunate to bring in some fantastic team on procurement and on supply chain as well as internally for manufacturing capabilities. And that's kind of dictated why we've gone out and built out capabilities in-house. We've acquired capabilities like ARMEC to really expand the things that we need to build ourselves, but also find those suppliers that can actually need what we need to do what we're trying to do here.

I don't know, Craig, do you want to add anything on that?

Richard Bealmear

Well, I would say in terms of I&L, I meet with Rob [indiscernible] at our procurement team every other week. And we've got procurement plan for I&L. It's in place and we are executing against it, and we knew what the critical pass items were, and we acquired accordingly. But I think in terms of what's next, we're already starting to work with [indiscernible] what can we do differently and what will we do differently for subsequent powerhouse deployments, how might we use to Jake's point, ARMEC and other things that we brought in-house, and then we'll start working on that procurement strategy then. And I won't name the vendor, but we actually had one of our key suppliers visiting us this week down at Groves and the nature of those conversations was more about what more can we do together. So I think it's great that we've got partnership with our key suppliers. And it's a twofold conversation. Part 1 is deploying the -- working on the deployment of the assets that are going on the ground today. But the second part of the conversation is what's next.

Operator

Your next question comes from the line of Jeffrey Campbell with Seaport Research Partners.

Jeffrey Campbell

Just to shift gears a little bit over to Groves-2, was wondering if you're currently working with any drug industry participants to refine your view of the isotopes that might be in greatest demand when the facility is capable of producing product?

Richard Bealmear

So Jeff, I think the short answer to that question is yes, and Ray Wang and the team. I think Groves-2 is kind of interesting because it's got 2 access points as we're working on getting ready to start that project. One is clearly where is it going to go? How do we leverage the learnings from Groves-1. It will be a larger asset. It will be a commercial asset, but the other bit is the conversations we're having with pharma and other customers so that we make sure that the isotopes we intend to produce can meet their needs, and that's a very -- I think that's probably where Ryan and his team spent a good chunk of their time at the moment.

Jacob Dewitte

Fully echo that. That's the great thing about this is it's a versatile platform. We've coupled that with the demonstration of execution of Groves-1, and it gives us the ability to work with a number of different folks I think the thing I see excitedly on the radio sub side is there's kind of a strategy that's approaching, right? One is having the ability to produce for what the markets want and need in the very -- in the kind of immediate term that's known, right? And there's a few clear isotope examples for that. But then there's a spectrum of others, and that was always kind of the intent of the reactor platform here as being virtual in production that are much more in the exploratory stages.

One thing that I think we've been observing is the capabilities -- the application of computational biology to explore the ligands to explore the different molecular carriers of these isotopes has been pretty significantly underexplored, frankly, radically underexplored. And now with AI, it's just not really being done because there wasn't a lot of interest to say, well, let's spend a lot of -- like I spend those resources. looking at things to carry isotopes. So just we can't buy. So why wouldn't we do that? So they don't. Our view is now you can start to change that considerably and then you open up a really awesome sort of co-development opportunity where when you think about, okay, from the pharmaceutical side as they're starting to apply computational biology, unlocking massively new well expanded capabilities for different ligands and carriers of different radioisotopes, and we can work with them closely and say, at the developmental stages in the exploratory stages, the fundamental research stages, right? We can work with them and say, "Hey, what do you need, okay, in these cases, we can make these here they are. And then from there, you've been able to start producing the quantities needed to support that early-stage R&D that can then maybe translate into and propagate all the way out to something that's in full production, but then we'll have the capability to actually have that flexibility to provide across the number of use cases. And then that opens up the door from any more, right?

So it's that kind of two-pronged approach of got what's clear new, but we've got extra new translating around that we're not going to always -- we're not going to need to use for producing things like the [indiscernible] other similar isotopes that are kind of flagship isotopes at the moment. but that can be used to start making these exploratory quantities of others. And then hopefully, that's going to be a huge boon when that sort of helps support and drive further investments, applying AI and computational biology to explore and develop these carrier molecules and then the use of other isotopes, right, that aren't being produced at all today that might be transformative in that capability at the therapeutic level, all of sudden, we can start to bring those forward, right? I mean it's just super exciting to think about what this all looks like, but you need that capability in the platform, and it doesn't exist, and we're excited to be building them.

Operator

Your next question comes from the line of Christopher Souther with Truist Securities.

Christopher Souther

Just wanted to follow up a little bit on supply chain in U.S. [indiscernible].

Richard Bealmear

Chris, you're breaking up. We're not getting the question, I don't think. We can't really hear. Operator, I think we should move on and then maybe we can bring back.

Operator

Your next question comes from the line of Seth Basham with Wedbush Securities.

Seth Basham

My question is regarding the Virginia application at the PGM rejected. And if you wouldn't mind just recapping I was rejected. And does that reasoning applies to energy or other interconnection requests, including Ohio?

Jacob Dewitte

Yes, I think just to add a little color on that. I mean we're active in engagement on, I believe it's 900 megawatts of development capacity. It does in Ohio does not affect our plans in Ohio. I was really focused on some other opportunities developing that we're still continuing to explore and look at ways that can develop and advance in different alternative pathways. -- it's a very interesting time, right? Because I think one of the things that's been observed broadly speaking, has been a general, I think, in general, realization that there's need to continue to enhance the interconnection process. It's obviously been a focus of priority and policy for the current administration and for various state leaders, and it's a focus by partisan interest to make sure that we can get power plants online. And one of the things that some of these interconnection processes struggle with is novelty is key to going to the future, and that was one of the things that stood out about this was we were bringing in a mix of fuel sources and their processes just didn't how to handle it and the kind of default is, but we don't know what to do right now, but we're going to try to figure it out to go somewhere maybe in the future in a different way.

And I think as you look across the spectrum, as an example set of those, where folks are plying innovatively to that. Obviously, things -- there are things that went through and carried along as anticipated, which is great. We continue to develop those in Ohio. We also remain excited about some of these future other opportunities, just given their proximity to where we see very attractive and exciting markets developing.

Richard Bealmear

Yes. And it was 1 application. It was rejected for technical reasons. We're -- actually, we don't agree with the technical reasons for why it was rejected, but we got to play the ball where it lies. But I actually think it just reinforces the strategy we had to have more than 1 application. So -- and we're moving forward from there, but no read across to Ohio.

Christopher Souther

Got it. And just as a follow-up on Ohio itself, what's the expected time line for that application?

Richard Bealmear

We're working through the PJM process, which I think is going to take place over the next 24 months. But I always think there are things you manage things you influence and things of the environment. And definitely, I think the PJM process is 1 more that we influence and manage.

Jacob Dewitte

I'll just say, I mean, that was part of this last wave, and it's continuing to kind of progress through, right? So it's not for a new set. It's 1 that came through for the last way even it's continuing to go forward.

Operator

Your next question comes from the line of Sameer Joshi with H.C. Wainwright.

Sameer Joshi

Great. Congrats on the progress. Just a quick question on the relationship with [indiscernible] and was there any progress? Or what is the next 9 to 12 months an of action on that front?

Jacob Dewitte

Yes, I think what we see is like we continue to be quite engaged with them and with various intent partners to continue to develop the market there. We're in a great position given we have the projects we have given, for example, like Craig pointed out to, again, Meta is prepayment, like we're continuing to advance these and develop those opportunities. I feel if you ask me, what kept me up the most at night 2 years ago, fuel and the responsiveness in the enrichment markets was going to be 1 of the biggest ones. not because like we feel for our first plant, that's great. But what I was worrying about was what does it look like to get beyond that. And I feel today more confident than I've ever felt. -- about what's happening in the entrustment markets where you've had such a stagnant industry for so long now being spurred to life for so many reasons that you're seeing the incumbents and the legacy players stepping up and executing in exciting ways, you see new entrants coming forward. So I'm quite excited about what's happening there. But again, we continue to have a deep relationship with [indiscernible] that goes way back and we continue to advance that forward while also continuing to help be supportive of other players in the ecosystem because our view is it's a really important space that's going to be -- have a lot of growth in room ahead of it. We're facing a lot of demand growth there, not just for new advanced reactors, but for sustaining the existing plants because we're looking at an import ban and cliff hitting pretty hard next year and to that, then also just growth and upgrades. It's an exciting time in the space. So we're here to be supportive and helping mobilize that while also being at the front of the line, so to speak.

Richard Bealmear

And Sameer, it's really amazing to me that 3 years on, in my time in Oklo, this time 3 years ago, we made have predominantly been talking about regulatory risk and fuel supply risk. And I think we're doing things to derisk those every day, and it feels like we've got momentum on all fronts. And at the risk of getting in trouble. Jake now has a 2-year-old and a newborn. So there are other things keeping them up at night.

Operator

Your next question comes from the line of Eric Stein with Craig-Hallum.

Eric Stine

Just curious, you talked about kind of your optionality in PJM, given that 1 situation. And it just makes me curious if you have other agreements and certainly, you're pursuing other agreements like the meta agreement, do you anticipate that those agreements would be site-specific would there be some flexibility if you ran into issues like you did in one area that someone might sign an agreement for just x amount of power rather than power at that specific location?

Jacob Dewitte

Yes. I think what we're finding is the biggest interest is broadly in power. And I think what we've seen and what we've observed is a very interesting set of dynamics where you have a steady uptick. And obviously, like, well, basically a steady expansion of interest in where data centers are going to everywhere they can find power. And I think that's the trend line that we're tracking pretty heavily is they went from being, obviously, in the core corridor states to now looking at sort of, hey, wherever there is power, that's where we're going to go. And I think that's going to play out then to the next stage, which is for new power development, not just from existing assets, but from new car development, going to go to where that is. And that's somewhat coiterative because obviously, you have some flexibility to define where that power is rather than if you're trying to go buy it from an existing plant that's obviously already built and operating. But in this case now, there's this dynamic where it's like, hey, do you -- if okay, Oklo, where can you put power or that's sort of more like then we respond to, hey, these are the places we're going. And this is the capacity we either do have or don't have in those areas. And then they came like, okay, yes, great, these ones make sense for these ones don't. And then we can use that to make sure we're focused on the areas we want to go, which gives us a lot of power and flexibility.

Again, I think what we're seeing is [indiscernible] traction, obviously, with the sites we have. It's not abnormal for power development to go through, you pick a number of sites because that's what we see the market moving us to, to say we're going to develop these forward. some drivers reasons and it kind of went us down to a few, and you just kind of repeat and build that muscle and keep going with that cycle to ultimately find the right places where you're building and scaling and finding customers too. But at this point, I feel like we're entering more and more of a field of dreams stage, which is build it and they will come. I mean that's not universally true everywhere, but it's quite -- it's a lot more supportive of that. broadly speaking, across the United States. And for example, 1 of the things that I think I'm particularly excited about is when you think about these nuclear life cycle innovation campuses, you -- as you think about those look like, you start anchoring fuel production infrastructure government policy supporting that in these areas, the natural -- and then you're building power plants naturally nearby those, you start creating these campuses that have the power capacity and we're finding some of the data center folks starting to be like, hey, okay, this is very interesting.

And when you think of the 6 states that are in the sort of final stages now, I think it's going to be an example of that kind of build it and they will come mindset that's going to start aggregating more entries that way. Couple that then as well with just a broader like just broadly supportive price environment too. It gives us a lot more flexibility, which is nice. Part of -- it all just be clear that part of what helped us with driving the partnership with Meta was we saw the opportunity in Ohio, and we went to it. And we didn't go there asking customers who wants this. We had enough knowledge of discussions with customers that, that was a good place to go, but having that in the sort of in the hopper, so to speak, really helped accelerate the interest from Meta. And I think we see similar dynamics to be evolving in other places. So informed by customer interest, but increasingly flexible to go where it makes sense to go and then look at others coming to us in cases. Now obviously, in light of sort of recent trends this ties also to a different dynamic where this will also start, I think, attracting other industrial development and infrastructure, which I think is attractive for diversifying the customer base. but also kind of moves to places that are going to be broadly just more supportive of development and folks coming in to anchor into those because then kind of the bring your own new power is being taken care of as part of the development aspects to this. So it's going to be interesting in those areas, but our model is very well suited for that because of the flexibility we can have.

Richard Bealmear

The ability to -- and I think we'll see more of this as we build out more power campuses in places like Ohio that will be contracting through virtual PPAs. And so it's great that that's a construct that already exists that we can leverage.

Operator

Your next question comes from the line of Christopher Souther with Truist Securities.

Christopher Souther

Sorry about before. Is this better?

Richard Bealmear

Much better. Sorry, we had to bounce you.

Christopher Souther

Maybe just on the supply chain for I&L versus the fleet, Jake, you kind of discussed that a little bit. You guys have talked about working with Keith to kind of formalize portfolio deployment. Can you talk about how the USFR capacity reservation, it seems to imply about 2 gigawatts by 2035. Like what are the other long lead items for that 2030 to 2035 that you need to reserve over the next year or 2? And then can you give us a sense like what percent of the supply chain for Idaho is finalized versus the percent of the planned fleet supply chain that you guys have already formed last year?

Jacob Dewitte

Yes. I mean I think -- I mean for now for the Idaho plant, I mean, we're pretty done. I think we're in a good spot with that. We're obviously building and integrating and all that's kind of belong -- and some -- a lot of that is going to be carryover to what's next for where we go beyond it. I think there's a few cases where we're looking at expanded capacity that exceed what was out there or offer better opportunities, but wasn't quite there and USFR is an example of that. But for example, like obviously, the partnerships we formed with Siemens go long lasting and rooted into mini plants at scale, and that's awesome fuel. We talked about [indiscernible] other componentry our partnerships that we've been able to develop to not just support we have here but go beyond it. And then I think it's one of those things that we're looking at kind of some of the major lifts are obviously fuel, vessel pumps, certain things in the instrumentation control stack, steam turbine generators. and the heat exchangers and steam generators. So I think as we look at what we've done with Aurora I , a lot of that has direct carryover and beyond. And then we continue to develop for having also optionality for -- no optionality but Flex -- sorry, it's a plan sort of extra capacity for what's beyond that, just given what we expect to see happening and where we see the markets moving and the customer demand that we keep seeing coming in. So I think that's where we look at solving kind of at scale through those.

Operator

Your next question comes from the line of Drew Scott with Needham.

Unknown Analyst

I read in the 10-Q, this Aurora I&L comes online 2028 to 2029. Should we read that as a modest push out to 2029, if so, I guess, why?

Jacob Dewitte

I think -- yes. So I mean, Aurora, as you look at Aurora house kind of timing for full commissioning and start-up. One of the things we've learned from grows is the variables that come into play to manage sort of things that are going to pop and kind of come up to mitigate through and the potentiality for equipment recalibration and testing and putting back in. And as we look at kind of the schedules and the stack of when everything comes and how that looks those are pretty important variables to make sure we kind of have the right buffer and bandwidth to support. And that's in a direct application of things you learned from the Groves. We're already tying some of those in electrical noise management is a huge thing in nuclear plans. It's one of those things that's kind of like everyone kind of knows it and then you kind of -- you don't forget it, but each site is so different for so many reasons based on what the building is and where the steel is and what structures you use and when you do the grounding and the soil and the atmosphere and the time of the year when you're doing it, there are so many variables.

And so having that extra capacity, that extra flexibility is critically important. And if you think about why, when you're detecting single new tranche, which is literally what you're able to do more or less, right? You're seeing detecting single nuclear reactions as part of some of these new term monitoring systems, how that works is you have this charge applied in a detector and it detects the energy basically imparted from a nuclear reaction. Sometimes it's efficient event depending on the thing on the detector technology. But some of them use almost there that the Vision try to hit, and that imparts energy, and it deflects that field and you measure that perturbation, that's a really small number. And so you have to have really strong noise insulation and isolation. And so if you have issues, you have to be able to route those things out. You have to be able to calibrate well. All this stuff takes quite a bit of time.

And at scale with Aurora, some of those things you can only do so much before the whole plant is put together because the whole system is obviously like coupled. So it's just having the flexibility to do that while also allowing for what the firm finals are for things we're obviously bringing in and what we're stacking up to have everything installed by. But I think that's one of the longest leads is really tied over to the variables around the instrumentation side and the full plant integration and commissioning and start-up based on what we saw and learn from Groves. So we're doing some things that can pull some of that schedule. We're starting to -- over to the left, we've seen some wins there. But based on what we know and what we've learned, which is why we do these things, that's kind of how we see the buffer going with stacking the time for all the parts coming in, installing and then doing everything you need to do to make sure everything is commissioned and run up. Ideally, hopefully, we're able to get in front of some of those things and we can maybe pull you in more to the left.

But at the end of the day, I want to have that buffer in there because time is going to take time to do all this stuff. I know that sounds a really funny thing to say, but -- this is why we did Groves-1 and to allow us to understand these things. Now we try to get in front of it. Now we try to manage what we can there, but some of the stuff can only really be done when you fully assembled and built everything. There's some things you can do to kick it down and knock it down a little before, but that's stuff you got to do. And that's one example. There's others too, but that's kind of a prevailing example.

Sorry, I'll just add a little more. I think one thing that's important about that is given the nature of the system and its ability to produce radiation services to produce be important for characterizing and developing out next-generation fuels and materials for us for others, given its capabilities for isotopes, some of the calibrations we want to do and need to do to enable those benefits. And those revenues are -- can be quite attractive in some ways not to mention just enduring kind of national asset value, are important to get that stuff buttoned up kind of above and beyond so that we're really well positioned to take advantage of the incredible performance that the system will have. So that's part of where also that comes to bear is making sure we do it in those ways and not just the lens towards kind of the -- from going to power generation, but also supporting the other aspects and being well positioned with that there. And also being a training platform that informs everything we go forward on right, because we're doing things in this plant to teach us how to do it better or more efficiently in the future ones. So having that capacity is pretty important.

Operator

There are no further questions at this time. I will now turn the call back to Jake Dewitte for closing remarks.

Jacob Dewitte

All right. Well, thank you all for joining us today. Back in August, we were able to turn online the fastest privately sided and fully privately built reactor in history as far as we know and can tell from all the work we've done in the study prior examples, and that's a pretty exciting achievement to be the very first one. Similarly with Aurora, Idaho, we're making incredible progress at incredible pace, which I think where we're on trajectory to is similarly on Page 2 set a world record for fastest privately built fast reactor, and that's pretty cool. We're learning a lot. Obviously, we're applying it into it. We are executing meaningfully at scale. That site is a buzz with activity. We had a tour recently with some folks and some partners who came out, and when we looked at it, they were shell-shocked and these are folks used to seeing large-scale infrastructure development and projects from power to semiconductors to manufacturing equipment, I mean all sorts of things, and they were rather excited to see the activity and the pace of progress and just the commitment that the team has to be successful in getting this done.

It also puts us in a unique territory where we have this unique vector of control to actually complete the project go forward and do more with the resources and capabilities and capital we have to get this done and not be in the sort of position that nuclear has often found itself which is where you start a project, but you're contingent on many other things for it to actually get done and built. We don't have that. We have everything we need, and that's an incredible position to be in and something that hasn't been very present in the United States for decades. But here we are. And I think the team is incredibly excited. I'm incredibly excited about how that's positioning us for that part of the business. But we also continue to advance other very important things that we're doing. We can't turn reactors on without fuel. This is something that we discovered and learned very early on, well, not that fast, but that we needed to do that ourselves to solve that issue and control our destiny on that and hence, setting up a leading fuel fabrication capability to make QR reactor, but also develop the capability and capacity to make fuel for others.

There are other reactors that use the same or very similar types of fuel we use so we can make fuel for them but also have the infrastructure, the overhead, just the floor space in the fuel fabrication facility that can then be either rented at least at or used to support other fuel forms and types that we see quite a bit of growing interest and demand in which are already -- which are being used today, but are not being produced or supplied adequately. So we're pretty excited about how that opens it or not just to provide the critical capabilities we need but also capabilities others need, and that opens for additional revenues and other partnerships.

And then on top of that, we have the ability on recycling. to make not just transgene paying fuel forms that we can use, but also feedstock for others. And in light of the current fuel markets and the dynamics at hand, just last week, we saw a clear endorsement from a variety of companies pursuing this and the government investing in and supporting capabilities to look at various uses of transgenic material, which we can produce, not just for use in our own reactors, but for feedstock for others. So very exciting stuff progressing all along the fronts there, and it puts us in a great spot in the fuel business where we are. And then, of course, on the isotope side, what we continue to learn from the Groves-1 experience and apply that forward. continue to deepen our buildup of the muscles needed to actually move from isotope production isotope shipping and very excited about how we're seeing ourselves be positioned there. with a huge amount of opportunity set to open in front of us.

We've not lived in a world of isotopic abundance in probably 50 to 60 years or longer. and we're hoping to change that. And what that can change is a fundamental rethink about how we use these things, how we develop drugs and treatments. If you combine the capabilities of computational biology and AI to then that capability of having diverse and flexibly produced isotopes, you can open entirely new frontiers for drug discovery and development, which we can be anchored into, which is an incredibly exciting thing for the business, both just from a human impact side but also from an economic side and perspective. And I think at the whole and the highest level, what we see happening is a generalized shift into recognizing that the key things that need to happen across the entire nuclear value chain to nuclear to be successful in where you're uniquely positioned and are uniquely executing to enable and support those things, whether it be by offtake, by partnering, by investing and doing with offtake or doing ourselves. or mix of those things so that we are ensuring that those things are functioning for our benefits and then also having economic upside associated with some of those activities for the benefits of nuclear at large, and that's a huge benefit, obviously, for Oklo, specifically. because we're tying in the success ourselves into aspects of the success for nuclear everywhere.

And we do that so that we guarantee we can build what we need to build and then get the associated benefits of opening that ecosystem up. So it's an exciting time for where things stand. and appreciate folks joining us. Craig said it earlier, so I decided I'd save until here, I did welcome our second child, who's approaching 4 weeks old, not getting as much sleep as I was before, not losing sleep though to fuel, losing sleep more to the baby. But on the other hand, having more time to think about how we continue to solve these things and kind of scale into these opportunities as we see and have the ability to look around corners and get in front of those as much as we can. But again, I could not be more excited about seeing nuclear coming to meet the opportunities in [indiscernible] or rather seeing an entire ecosystem and broad capital mobilized and actual innovation coming in and challenging the cost paradigm and bringing these things forward.

We talked about the cost of Groves-1. When I grew up in the near industry, when I was younger, when I was looking at IsretorsIwseing presentations, the lowest numbers I saw and people talk about were $300 million, $400 million, $500 million. And that was pre inflation 15 years ago, and we were able to do what we did for around 75 all in. That's a pretty impressive achievement and indicated for how we see and how nuclear can be significantly disrupted. And I just think that's one of the most exciting things in front of old today. So thank you for the time and look forward to talking to you the next time.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.