Reverse mergers for electric vehicle start-ups have disappointed investors. Perhaps a nuclear electric investment vehicle can do better. On Tuesday, atomic energy start-up Oklo announced that it would list shares in the US at an $850mn valuation.
It will do so by merging with a special purpose acquisition company backed by the tech and AI entrepreneur Sam Altman, along with financier Michael Klein. Altman is also the chair of Oklo.
In the 2020-21 Spac heyday, emerging companies needed to pitch aggressive financial projections to attract investors. Revenues would start off near zero but accelerated quickly. But many have failed or will do so soon when their cash dissipates.
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