June 17, 2026 · 10 min read
AI data centres need 24/7 carbon-free power. Nuclear is the only answer that works at scale — and uranium is the fuel. Microsoft, Google, Amazon, and Meta have all signed multi-decade nuclear power purchase agreements in the past 18 months. Here's the complete guide to uranium stocks.
Every investor knows NVIDIA benefits from AI. Far fewer have connected the dots to uranium. The link is electricity: a single large AI data centre training a frontier model can consume as much power as a small city. Hyperscalers — Microsoft, Google, Amazon, Meta — have committed to 24/7 carbon-free electricity for their data centres, and intermittent renewables (solar, wind) cannot provide that reliability.
Nuclear can. In 2025–2026, every major hyperscaler signed a multi-decade nuclear power purchase agreement: Microsoft restarted Three Mile Island through a deal with Constellation Energy; Google backed Kairos Power's modular reactor programme; Amazon purchased a nuclear-powered campus in Pennsylvania. Each of these deals requires uranium — and the global uranium market is already structurally short.
Supply constraints compound the demand surge. Kazakhstan produces ~45% of global uranium and must transport it through Russia, which faces Western trade restrictions. Canada (Cameco) and Australia are the primary alternative sources, but new mine permitting takes 10–15 years. This supply/demand imbalance is the structural foundation for the uranium trade in 2026.
Largest Western uranium miner; long-term contract book provides revenue visibility
Arrow deposit in Saskatchewan — one of the largest undeveloped uranium deposits globally; pre-revenue
Fastest-growing US domestic uranium miner; in-situ recovery projects in Wyoming and Texas
Only US mill processing both uranium and rare earth elements; strategic asset in a US-centric supply chain
Holds physical uranium; NAV tracks spot price; no operating leverage — pure commodity exposure