*For the purists out there... A 37-page report on the uranium market.*
*AI-data centre market boomed in 2025, but think about what's going to power them... This is a super long-form DD so I've only provided a very compressed format in this post, the attached link is the real bulk of the research.*
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`Uranium Market Research: Year of the Squeeze`
*Full Thesis:* [https://docs.google.com/document/d/1jQ-k9aKiZ2ABu9w2F5YfilR17vzIpZb-DVedoJgLVXM/edit?usp=sharing](https://docs.google.com/document/d/1jQ-k9aKiZ2ABu9w2F5YfilR17vzIpZb-DVedoJgLVXM/edit?usp=sharing)
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**Uranium spot price:** $80.00/lb
**My forecast 2026E: $115/lb**
**Equity implications:** Some uranium companies could see up to 300%+ upside in 2026, presenting an attractive investment opportunity before the pricing reset.
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The uranium market is approaching a structural break driven by a large and worsening U.S. supply deficit. The United States consumes \~50 million pounds of uranium annually while producing only 8% domestically, leaving it exposed across the fuel chain just as nuclear demand accelerates. Reactor life extensions, new builds, and the rapid emergence of SMRs (which is the only way AI can be powered) are lifting long-term demand into a market hollowed out by a decade of post-Fukushima underinvestment. With uranium now designated a U.S. critical mineral, fuel security has been reframed as a national-security priority, structurally tightening demand and shifting pricing power toward onshore suppliers.
>*Nuclear, and consequently uranium, is the critical sector that represents the only way in which the emerging American economy can be powered.*
These forces converge in 2026, when low-priced legacy contracts roll off and utilities are forced back into the market simultaneously to restore fuel coverage. SMR and HALEU fuel procurement begins pulling demand forward, while inventories fail as buffers and mine supply remains inelastic on a near-term timeline. Higher prices become the only clearing mechanism. This regime shift both lifts developer revenues and also restores economic justification for mine expansion, driving NAV uplift and setting the stage for a sharp re-rating of uranium developers as growth resumes after a decade of capital starvation.
**Structural Squeeze**
* A large cohort of post-Fukushima uranium contracts expires beginning in 2026
* Utility fuel coverage falls below levels acceptable to regulators, boards, and insurers
* Uranium supply cannot respond on a 2026–2028 timeline due to long mine development and restart lead times
**Nuclear Renaissance**
* Uranium designated a critical mineral, accelerating onshoring and long-term procurement amid an undersupplied market.
* SMR and HALEU fuel preloading begins, pulling uranium demand forward years before reactor operation.
* Nuclear demand growth collides with underinvestment, tightening supply after a decade of post-Fukushima capital starvation.
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