AI boom set to turbocharge uranium demand in 2026

Ben Graham · 3 horas atrás

Artificial intelligence is emerging as a major new driver of global electricity demand, reinforcing the investment case for nuclear power and tightening the outlook for uranium markets heading into 2026.

A global investor survey commissioned by Uranium.io shows that the rapid expansion of AI systems and hyperscale data centres is already reshaping long-term expectations for nuclear generation and uranium procurement. Based on responses from more than 600 investors, the study finds that electricity demand linked to AI is increasingly viewed as structural rather than cyclical, at a time when uranium supply is already constrained.

More than 63% of respondents believe AI-related consumption will become a material factor in nuclear planning over the next decade, arguing that traditional demand models underestimate the power needs of large-scale computing. As a result, nuclear energy is gaining renewed attention as a reliable, carbon-free baseload option capable of supporting surging digital infrastructure.

Limited supply relief

That demand signal is colliding with a market facing persistent supply challenges. A majority of surveyed investors expect mined uranium to meet less than 75% of future reactor requirements, citing years of underinvestment, long permitting timelines and declining secondary supplies. Against that backdrop, more than 85% anticipate higher prices into 2026, with many pointing to a $100–$120/lb range and some referencing upside scenarios as high as $135/lb if supply fails to respond.

Sprott Asset Management echoes that view in its latest uranium outlook, describing a market defined by “two speeds”: short-term volatility masking increasingly bullish long-term fundamentals. The firm expects a supply deficit to widen over the coming decade as global mine production continues to lag reactor demand, while utility contracting remains below replacement levels. In Sprott’s assessment, higher prices will be required to incentivize restarts and greenfield developments needed to close the gap.

Despite a choppy 2025, Sprott sees conditions aligning for a catch-up trade in 2026. Long-term uranium prices have begun to move higher, with utilities showing greater willingness to accept elevated contract levels, even as spot prices remain relatively contained. The firm argues that utilities can defer procurement only so long before replacement needs force them back into the market.

Incentives on the rise

Policy momentum is adding another layer of support. Investors surveyed by Uranium.io highlighted planned and proposed nuclear capacity additions across North America, Europe, the Middle East and Asia as key demand signals. Incentives in the US and Canada, Europe’s inclusion of nuclear within sustainable finance frameworks, and state-backed expansion programmes in countries such as China, South Korea and the UAE are reinforcing the role of nuclear in future energy systems.

Taken together, the rise of AI-driven power demand, tightening uranium supply and improving policy support are shifting how investors frame the commodity. Rather than a fuel tied narrowly to reactor build cycles, uranium is increasingly viewed through the lens of energy security and critical infrastructure. For many market participants, that combination points to a structurally stronger uranium market beyond 2026.