Uranium long-term contracts hit $90, a level not seen since 2008, while AI data centers increase demand and blockchain projects target tokenized trading. Cameco and Hut 8 are key players.
Uranium long-term contract prices have hit $90 per pound, a level not seen since 2008, according to data from Cameco. Spot prices are holding near $85.
Data center electricity demand is projected to more than double by 2030. Nuclear plants supply the baseload power that hyperscale computing facilities require. Several major tech companies have signed nuclear power purchase agreements.
New uranium mining projects take years to come online. Even if every planned mine broke ground tomorrow, production would not catch up with demand for years.
Bitcoin miners are repurposing their infrastructure for AI computing. Applied Digital, Cipher Mining, and Hut 8 have all announced such moves. Hut 8, which trades under HUT, now focuses on high-performance computing alongside crypto mining.
Separately, Uranium Digital plans to tokenize uranium trading on the Solana blockchain. The platform aims to start operations in early 2026 and has secured backing from family offices. The spot uranium market is thin and bilaterally negotiated, making it difficult for smaller participants to access.
Cameco, the uranium producer, reported the contract price data. Its stock page is at CCJ stock page. Hut 8's stock page is at HUT stock page.
More than 85% of surveyed investors said 2026 would be a defining year for uranium pricing, the report said. Analyst forecasts project prices of $100 to $120 per pound if AI demand continues, though those projections remain speculative.
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