Uranium has held near $85 per pound through mid-2026, supported by a structural supply deficit and rising nuclear power demand, according to Sprott's uranium outlook. The spot price sat around $85 to $86 per pound in late July after peaking above $101 earlier in the year, and it remained well above levels of a year earlier.

Sprott attributed the firm pricing to a widening gap between reactor demand and mine supply. Utilities are extending the lives of existing reactors and contracting for new capacity, while operators of AI data centers have begun securing long-term nuclear power. On the supply side, Kazatomprom's decision to trim 2026 production guidance by 10% removed expected volume from an already tight market.

The outlook noted that incentive prices for new mine development sit well above current levels. Industry analysts have suggested uranium may need to reach $125 to $150 per pound, and sustain those levels, to justify the capital required to bring significant new production online. Until then, the deficit is expected to persist.

Demand growth is increasingly tied to electricity needs rather than only traditional utility planning. Data center power consumption has emerged as a new driver, with technology companies viewing nuclear energy as a reliable source of round-the-clock power. For US investors, the data points to a multiyear supply-demand imbalance that has underpinned uranium's move higher and kept prices elevated.

Source: Sprott - https://sprottetfs.com/insights/uranium-outlook-2026/