Oklo Sinks 5% as PJM Pulls Its Meta-Backed Ohio Project, NuScale Power Barely Budges

Oklo Sinks 5% as PJM Pulls Its Meta-Backed Ohio Project, NuScale Power Barely Budges

David Moadel

Tue, September 1, 2026 at 8:57 PM GMT+3 4 min read

Quick Read

• PJM's removal of Oklo's 750MW Meta-backed Ohio project threatens a 14-month delay, sending OKLO down 5% while NuScale fell less than 1%.

• META's data center campus deal anchors Oklo's 1.2GW Pike County project, while URA dropped 3% as rising Treasury yields hit nuclear valuations sector-wide.

• Oklo asked FERC to restore its queue position with a PJM response due September 4, making interconnection status a key risk alongside licensing and construction.

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Two separate stories are stacked on the nuclear sector today, and Oklo (NYSE:OKLO) sits at the center of both. Rising long-term Treasury yields are pressuring every pre-revenue reactor developer, and Oklo carries an added company-specific hit after PJM Interconnection pulled its Meta-backed Ohio project from the grid queue.

Oklo stock is down 5% to $38.46 in early afternoon trading, a fresh reminder that the shares were already down 43% year to date (YTD) through Monday's close. The move sets Oklo apart from the rest of the sector today.

Meanwhile, NuScale Power (NYSE:SMR) stock is down 0.8% to $9.20, barely moving despite Oklo's slide. Centrus Energy (NYSE:LEU) stock is down 3% to $166.53, tracking the sector rather than Oklo's project-specific news.

FERC Complaint Over Meta-Backed Ohio Queue

Oklo filed an emergency complaint at the Federal Energy Regulatory Commission on Friday, August 28, arguing that PJM Interconnection improperly removed a 750-megawatt generating project from its interconnection study cycle. The project combines 150 megawatts of advanced nuclear generation, 300 megawatts of fuel cells, and 300 megawatts of gas-fired generation.

PJM withdrew the project on August 3, citing application shortcomings that included Oklo not showing its project could ride through a sudden drop in grid voltage. Oklo says the removal will delay the project by at least 14 months and significantly increase development costs, that the deficiencies are fixable, and that PJM violated its own tariff by failing to flag problems and allow a chance to cure them.

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The project sits inside Oklo's planned 1.2-gigawatt power campus in Pike County, Ohio. Meta Platforms (NASDAQ:META) agreed in January to back the campus, which is intended to supply its data centers.

PJM spokesman Jeffrey Shields said the grid operator doesn't comment on individual interconnection applications, and noted that nearly 90% of the 811 projects submitting new service requests met the requirements to be studied in the most recent cycle. The most probable outcome from here remains a project delay.

Rates Weigh on the Wider Nuclear Complex

A global bond selloff has lifted the 10-year Treasury note yield to 4.786%, above its prior one-year high of 4.75% set on July 31. Pre-revenue nuclear developers are long-duration assets whose value sits years out, so they discount harder as yields rise.

Also, Global X Uranium ETF (NYSEARCA:URA) is down 3% to $44.16, tracking the broader repricing across uranium and nuclear names. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.7% to $761.68, a milder pullback that highlights how much pressure sits in duration-sensitive corners of the market.

The nuclear complex is falling harder than the broad market, and Oklo is falling harder than the nuclear complex. The pressure on Oklo today comes from grid interconnection, an execution risk that runs across every pre-revenue nuclear developer regardless of how sound its reactor design (we mapped five ways to play the restart, utilities and fuel included, in a free nuclear guide).

What to Watch

Oklo asked FERC to restore its original queue position and to order PJM to respond by September 4, and PJM plans to file its response by Friday. Interconnection queue position is an unglamorous variable that decides whether any of these reactors ever sells power, and it now sits alongside licensing and construction as something to track.

Position sizing on Oklo stock should reflect that queue removal can compound with rising discount rates to widen drawdowns. Investors holding existing shares can trim into strength if the FERC response arrives on schedule, while new buyers can wait for clarity on whether the Ohio queue slot is restored.

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