'ChatGPT Father' Altman-Backed Startup... Pursuing Backdoor Listing

Oclo Bypasses Complex IPO Procedures
Through Merger with Acquisition Purpose Company

Sam Altman, the founder and CEO of OpenAI, the developer of ChatGPT, has invested in a small modular reactor (SMR) development company that is planning a reverse merger to go public.

Sam Altman, CEO of OpenAI

On the 11th (local time), Bloomberg reported that Oklo, an SMR developer based in California, USA, is planning to go public through a merger with a special purpose acquisition company (SPAC). The SPAC pursuing the merger with Oklo was co-founded by Altman and former Citigroup executive Mike Klein. It is analyzed that Oklo’s plan to go public through a merger with the paper company SPAC is largely aimed at bypassing the complex initial public offering process.

Oklo has a revenue model that involves developing next-generation SMRs and selling the electricity it produces. Currently, Oklo’s market value is estimated at about $850 million (approximately 1.1 trillion KRW). Although SMRs have about one-third the power generation capacity of large reactors, they have the advantage of producing parts in factories and assembling them on-site.

Altman has shown interest in clean energy alongside AI and has been investing in Oklo since 2015. He currently serves as the chairman of Oklo’s board. Altman stated, "I consider Oklo the optimal company to advance the commercialization of nuclear fission energy," and announced that he would provide up to $500 million in additional capital to support Oklo’s business plans.

In addition to traditional nuclear power based on nuclear fission energy, he has a strong interest in nuclear fusion technology. Nuclear fusion is a technology that artificially replicates the principle by which the sun generates energy, producing more energy than conventional nuclear power using fission. It emits almost no carbon during energy generation and poses less risk of radioactive leakage, earning it the nickname “dream energy.”

Foreseeing the potential of this field, Altman also invested $375 million in the nuclear fusion startup Helion Energy. Helion Energy recently signed a contract with Microsoft (MS) to supply electricity generated by nuclear fusion within five years.

He said, "In the future, humanity will require an enormous amount of energy to maintain AI systems, and to meet this demand, nuclear power generation such as fission and fusion is essential," adding, "My goal is to supply very cheap electricity worldwide."

This content was produced with the assistance of AI translation services.