Oklo, a company developing advanced nuclear fission technology, is an example of a company that has performed well after going public through a de-SPAC business combination transaction. The performance of companies that have become publicly listed through a de-SPAC transaction is mixed, with many companies losing substantial value post-merger. Oklo’s post-business combination success can be attributed to a number of factors, but one key factor was the strong alignment between Oklo’s founders and the SPAC sponsor.

A de-SPAC transaction occurs when a publicly traded special purpose acquisition corporation (SPAC) merges with a private target company. Compared with the traditional initial public offering (IPO) process, pursuing a de-SPAC business combination is often a faster route to becoming a public company.

Oklo was founded by Jacob DeWitte and Caroline (Cochran) DeWitt in 2013. Jacob and Caroline, who are now married, met while studying nuclear engineering at MIT. Jacob serves as the Chief Executive Officer while Caroline serves as the Chief Operating Officer.

Oklo joined the Y Combinator program in 2014 and Sam Altman quickly became intrigued by the company’s vision. In 2015, Sam Altman became the chairman of Oklo. In July 2021, a SPAC vehicle co-founded by Sam Altman and Michael Klein went public in an IPO. SPACs typically have 18-24 months following a SPAC IPO to find a private target company to merge with. The alignment between Sam Altman and Oklo’s co-founders on Oklo’s long-term vision made it a key fit.

In July 2023, Oklo signed a definitive business combination agreement with AltC Acquisition Corp., a SPAC vehicle co-founded by Sam Altman. The de-SPAC transaction closed in May 2024 and Oklo become a publicly traded company on the New York Stock Exchange (NYSE).

Since becoming a public company, Oklo has performed exceptionally well. Oklo’s stock price has risen more than 600% and it has a market capitalization of approximately $13 billion. Demand for clean and reliable energy sources has surged as a result of AI data center boom. Nuclear energy, and specifically small modular reactor (SMR) technology, has gained attention as a potential solution to the data center power problem.

Although Oklo is still a pre-revenue company, many believe it has a promising outlook. Oklo has entered into a number of strategic partnerships with companies such as Meta and NVIDIA. The company also has received a materials license from the U.S. Nuclear Regulatory Commission and multiple approvals from the Department of Energy.

Another nuclear company that went public using a de-SPAC transaction structure is NuScale. Similar to Oklo, NuScale, is a SMR nuclear technology company that currently operates at a significant loss. NuScale completed its business combination with Spring Valley Acquisition Corp., a SPAC vehicle, in May 2022.

Other examples of successful companies that went public using a de-SPAC transaction structure include USA Rare Earth (merged with Inflection Point Acquisition Corp. II in March 2025),

DraftKings (merged with Diamond Eagle Acquisition Corp. in April 2020), and Blue Owl Capital (merged with Altimar Acquisition Corp. in May 2021).