Altman-Backed SPAC That’s Targeting Nuclear Firm Has Surged 22%

Investors have piled into the blank-check firm backed by Sam Altman and Michael Klein that’s taking a developer of advanced nuclear systems public, making it the top performing SPAC on the market.

The 22% rally over the past two weeks has pushed AltC Acquisition Corp. to trade at the largest premium to its underlying value of special-purpose acquisition companies with deals lined up, SPAC Research data compiled by Bloomberg show. The blank-check firm is working to take Oklo Inc. public in a deal that values the company at about $850 million.

AltC shares were trading as high as $13.70 each ...