Comparing FCEL and OKLO: Which Data Center Power Stock is More Promising?

Artificial intelligence (AI) and cloud computing are driving changes in how data centers source power, with Oklo Inc. (OKLO) and FuelCell Energy (FCEL) emerging as two distinct approaches. OKLO is focused on advanced nuclear reactors for long-term, large-scale baseload power, while FuelCell Energy is delivering deployable fuel cell systems that cater to immediate demand. Recent data shows OKLO’s stock rose 182.6% over the past year, outpacing FuelCell’s 143% increase, reflecting investor enthusiasm amidst a growing power demand from AI-driven data centers.

OKLO is positioned for long-term growth, with a partnership with Meta highlighting its potential to deliver 1.2 GW of data center power by around 2028. The company also forecasts initial revenue from its isotope business around 2026, although its first commercial reactor won’t be operational until 2028. Conversely, FuelCell Energy is experiencing strong traction from data centers, with 80% of its project pipeline linked to this segment and over 1.5 GW of proposals submitted recently, indicating a shift toward decentralized power solutions.

From a financial standpoint, FuelCell Energy is improving with strong revenue growth despite ongoing cash burn and negative margins. In contrast, OKLO is in the pre-commercial phase, with anticipated earnings declines of 4% in 2026 and 36% in 2027. The price-to-book ratio reflects investor sentiment, with FuelCell trading under 1X while OKLO’s multiples approach 8X, indicating a premium placed on its long-term potential.