Uranium spot prices reached $95 per pound in March 2026, near the highest levels since 2007 and up approximately 180% from the $34 low in late 2020. The rally reflects a fundamental shift in sentiment toward nuclear energy, driven by three converging forces: government decarbonisation targets, energy security concerns following the European gas crisis, and the rapidly growing power demands of AI data centres.
The Nuclear Renaissance
At COP28 in December 2023, twenty-two countries, including the US, UK, France, and Japan, pledged to triple global nuclear energy capacity by 2050. Since then, multiple new reactor projects have been announced. France committed to building six new EPR2 reactors. South Korea resumed construction on previously suspended projects. The UK approved Sizewell C. China continues building at the fastest pace, with 24 reactors under construction.
Small modular reactors (SMRs) have attracted particular interest. NuScale Power received the first US design certification for an SMR in 2023, while companies including TerraPower (backed by Bill Gates), X-energy, and GE Hitachi are advancing their own designs. SMRs offer lower upfront costs and faster construction timelines than traditional large reactors.
Data Centres and Nuclear Power
Technology companies have emerged as surprise champions of nuclear energy. Microsoft signed a power purchase agreement to restart a unit at Three Mile Island in Pennsylvania. Amazon has acquired a data centre campus adjacent to a nuclear plant in Pennsylvania. Google signed agreements with Kairos Power for SMRs. The appeal is simple: AI training requires enormous amounts of reliable, carbon-free baseload power that solar and wind alone cannot consistently provide.
Supply Side
Uranium supply remains constrained. Cameco, the world's second-largest producer, has been ramping up its McArthur River mine in Saskatchewan after a years-long shutdown. Kazakhstan's Kazatomprom, the world's largest producer (accounting for 43% of global output), has faced production challenges and reduced 2025 guidance by 17%. The US banned Russian uranium imports in August 2024, adding further complexity to supply chains.
For uranium prices, visit Trading Economics. For nuclear energy data, see the World Nuclear Association.