BofA upgraded Oklo after citing a firm agreement to supply nuclear power to Meta, Forbes reported. AI data center electricity demand is colliding with licensing capacity, forcing power procurement into Nuclear Regulatory Commission approval schedules.
Meta is defending its past dealmaking in court while its current strategy relies on infrastructure scale, especially power procurement for AI data centers
Before the appeal notice, regulators challenged past acquisitions as AI compute growth pushed data center expansion. Big Tech increasingly uses long term nuclear agreements for 24/7 supply, conditioned on regulator sign off. Facebook bought Instagram in 2012 for about $1 billion as antitrust scrutiny later hardened. Facebook bought WhatsApp in 2014 for about $19 billion as agency theories fixated on consolidation.
Oklo targets commercial power in 2027 or 2028, placing delivery behind NRC licensing gates. Oklo shares surged 238% in 2025 with no revenue, according to Barron’s. Meta spent over $70 billion on data centers in 2025, according to a Forbes column. The FTC filed a notice of appeal of the district court’s November 2025 ruling for Meta, according to the Congressional Research Service. "change the risk profile," said Dimple Gosai, Analyst at BofA Securities, according to Barron's.
The FTC appeal targets Instagram and WhatsApp history, while Oklo’s Ohio nuclear campus needs NRC approval before sales. Constellation’s 20 year Microsoft deal seeks a 2028 restart, as NRC safety and environmental review gates the schedule. Meta’s $25 million prepayment funds fuel procurement and site preparation, while licensing still blocks electricity sales. The Congressional Research Service flagged factual findings and market definition as appeal hurdles, as regulators review record evidence. Meta’s 2025 $70 billion data center outlay is an input, while the FTC appeal remains tied to acquisition conduct.
Oklo can’t generate revenue before NRC approval, while its 238% 2025 share surge priced progress absent sales. Corporate nuclear contracts are conditioned on sign off, while prepayments shift financing burden earlier. The FTC’s theory centers on past acquisitions, while TikTok and YouTube appeared as competitive constraints in the district court findings. Power contracting pulls activity into licensing calendars, as the antitrust case remains in appellate procedure. Meta’s deal mechanics fund early development, while the regulator remains the gate between construction and selling power.
Exact timing and scope of the Meta nuclear campus buildout remain unspecified. Final commercial terms and pricing for future Meta Oklo power purchase agreements stay undisclosed. Nuclear Regulatory Commission approval timing constrains when Oklo can sell electricity. The court timeline and likelihood of success for the FTC appeal adds legal schedule risk. Meta’s early procurement and development prepayments frame infrastructure backed competition in AI data centers. How quickly NRC approval arrives and whether the FTC appeal survives remain open variables shaping the regulatory perimeter around Meta’s scale strategy.
