Oklo’s new Centrus agreements convert the June fuel letter of intent into multiple definitive, multi-year HALEU purchase contracts, but they do not complete an Aurora reactor or create power revenue. The agreements cover multiple years of fuel for up to five Aurora powerhouses, with deliveries scheduled to begin in 2029. Meta’s power prepayment supports Oklo’s fuel prepayments. Price, uranium quantity and the Oklo-specific prepayment were not disclosed.
Information cutoff: November 12, 2026, 10:05 p.m. KST. Oklo’s November 12 release adds scope to a supply agreement already partly disclosed in its November 6 Form 10-Q; it should be read as a contract-stage advance, not a new reactor authorization or commercial-operation milestone.
Three findings
- The June 2026 letter of intent became multiple definitive contracts; Oklo described their prepayments as meaningful.
- The fuel covers up to five Aurora powerhouses for multiple years, with Centrus deliveries from Ohio scheduled from 2029.
- The contracts reduce one supply-chain risk; licensing, construction, final project economics and on-time fuel production remain separate gates.
What changed from the June letter of intent
The June announcement described an intended transaction: Centrus would supply enough domestically produced high-assay low-enriched uranium, or HALEU, for several years of fuel requirements for up to five Aurora powerhouses, with deliveries expected in 2029. The parties still had to negotiate and execute definitive agreements.
Oklo now says it signed multiple definitive, multi-year contracts. Oklo will prepay for future HALEU, helping Centrus fund new U.S. enrichment capacity. The supply is intended for the first phase of Oklo’s planned 1.2-gigawatt Ohio campus, future Aurora deployments and later refueling of the Aurora-INL project. That is a stronger commercial commitment than an LOI because the procurement and financing path is contractually defined.
| Item | June 2026 | November 12, 2026 | Still undisclosed |
|---|---|---|---|
| Legal stage | Letter of intent | Multiple definitive multi-year contracts | Conditions and termination economics |
| Fuel coverage | Up to five Aurora units, multiple years | Confirmed in final agreements | HALEU kilograms and enrichment profile |
| First delivery | Expected 2029 | Scheduled to begin 2029 | Annual delivery curve |
| Funding | Possible Oklo prepayments | Oklo prepayments supported by Meta funding | Oklo-specific dollar amount and price |
| Commercial power | Not established | Still not established | Construction completion, authorization and electricity revenue |
The 10-Q disclosed part of the event before the press release
Oklo’s November 6 10-Q said it entered into a HALEU supply agreement with Centrus on September 30 in connection with the Meta prepayment agreement, subject to certain conditions. It also said an initial amount from Meta was released from escrow on November 2 and paid directly to Centrus as a credit toward fuel orders.
The November 12 release is therefore not the first evidence that a final fuel contract existed. Its incremental value is the clarified structure: multiple contracts, prepayments that Oklo described as meaningful, and enough fuel for up to five units across initial Ohio deployment, later projects and Aurora-INL refueling.
Why fuel security matters—and what it cannot solve
HALEU is a core bottleneck for many advanced reactors because commercial domestic supply is limited. Contracting fuel years before planned operation can align enrichment capacity with reactor deployment and reduce the chance that an otherwise ready project waits for initial cores or refueling.
That does not make fuel equivalent to generation. Oklo must still complete project-specific design, authorization or licensing, construction, commissioning and customer delivery. Centrus must build capacity and deliver on the scheduled 2029 start. The Oklo release says Centrus has $5.4 billion of LEU and HALEU customer contracts and commitments tied to new capacity; that is Centrus’s broader customer book, not the value of Oklo’s contracts.
What Meta’s prepayment does
Meta’s prepayment connects future power demand to an early supply-chain payment. Economically, it lets Oklo advance fuel procurement without waiting for the Ohio campus to produce electricity. It also directs capital to Centrus before large-scale commercial HALEU output exists.
Investors should still separate three flows: Meta’s prepayment to support development, Oklo’s fuel prepayments to Centrus, and future electricity revenue after operating powerhouses deliver power. The first two are funding and procurement events. They are not recognized Aurora electricity sales.
Next verification points
- Centrus’s funded enrichment expansion and the first qualifying HALEU delivery in 2029.
- Oklo’s disclosure of contract conditions, prepayment accounting and any additional restricted cash or commitments.
- Project-specific authorization, construction and commissioning milestones for the Ohio units and Aurora-INL.
- Proof that delivered fuel becomes operating capacity and contracted electricity revenue.
The agreements strengthen Oklo’s deployment chain because a scarce input moved from an intended purchase to definitive contracts. The investment thesis still depends on converting fuel, capital and permits into licensed operating reactors.
Related coverage
- Oklo Q3 2026: liquidity, dilution and deployment spending
- Why Groves-1 clearance is not an Aurora power license
- Oklo research: deployment, cash flow and valuation
Sources and original documents
- Oklo–Centrus definitive fuel agreements, November 12, 2026.
- Oklo Form 10-Q for the quarter ended September 30, 2026, filed November 6, 2026.
- Oklo–Meta Ohio development agreement, January 9, 2026.
This article is for information and education, not investment advice. Contracted fuel is not the same as licensed generation or recognized electricity revenue.
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