Oklo's stock price has fallen by nearly 50% since early 2026, due to market skepticism about whether its small modular reactor (SMR) customer pipeline can translate into actual projects, according to analysis. NuScale Power's (another SMR company) CFO expects its non-binding agreement with a major U.S. utility company to become a binding power purchase agreement by the end of this year. If the agreement is reached, it is expected to boost bullish sentiment across the SMR industry, which would benefit Oklo's long-term business strategy.