Uranium stocks are climbing in 2026 as a persistent supply deficit meets rising demand for nuclear power. Uranium traded around $85.70 per pound in early June, after the spot U3O8 price opened the year above $80 and spiked to $101.41 on January 29 before settling into an $80 to $90 range, with long-term contracts approaching or exceeding $90 per pound.
The market outlook leans positive. Average realized uranium prices are forecast to rise from $59.6 per pound in 2023 to $98.7 by 2033, and analysts expect the supply deficit to persist and potentially widen into the late 2020s. That imbalance provides a supportive backdrop for both prices and mining equities.
Demand drivers have shifted toward U.S. power needs. Policy support for small modular reactors and the electricity demands of data centers have accelerated interest in nuclear generation. AI-driven electricity demand has emerged as a powerful tailwind, with hyperscale operators signing long-term power purchase agreements that favor reliable, dispatchable nuclear output.
Production is set to expand to meet the gap. Total uranium output across major producers is expected to grow from 58.5 million pounds in 2025 to 141.2 million pounds by 2033, a near 2.5-fold increase in less than a decade. Cameco is forecast to produce about 21 million pounds in 2025, while Kazatomprom leads global output.
New supply is also advancing through approvals. Denison Mines received final regulatory clearance to construct its Wheeler River project in Saskatchewan's Athabasca Basin, with production targeted for mid-2028.
Source: S&P Global Market Intelligence - https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/02/uranium-s-next-decade-from-tight-supply-to-a-broader-mining-boom