US uranium producers are increasing output in 2026 as spot prices hold at elevated levels and reactor demand strengthens. After passing 101 dollars per pound in January, the spot price consolidated through the second quarter, opening the period near 84.19 dollars and trading in a range of about 84 to 87 dollars a pound.
Production forecasts point sharply higher. Cameco has guided to uranium output of 19.5 million to 21.5 million pounds from all of its assets in 2026, while Energy Fuels produced 1 million pounds in 2025 and expects to grow to between 1.5 million and 2.5 million pounds this year, having already reported 1 million pounds through the first four months. Across the broader group of producers, total output is projected to expand from 58.5 million pounds in 2025 to 141.2 million pounds by 2033.
Policy and demand tailwinds continue to build. Uranium was added to the US critical minerals list by the US Geological Survey, and Denison Mines received regulatory approval in February to begin construction at its Phoenix asset, with production expected around mid 2028. Average realized prices across the group are forecast to climb from 59.6 dollars per pound in 2023 toward 98.7 dollars by 2033.
A new source of demand has emerged from artificial intelligence. Hyperscale data center operators are signing long term power purchase agreements that favor reliable nuclear generation, adding to reactor driven uranium demand and reinforcing expectations of a persistent supply deficit into the late 2020s.
Source: S&P Global - https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/02/uranium-s-next-decade-from-tight-supply-to-a-broader-mining-boom