Cameco predicts uranium demand to jump 140% as AI fuels nuclear growth

The Nuclear Energy Agency and the International Atomic Energy Agency project world nuclear capacity to rise sharply, which could lift uranium demand by about 140% by 2050. Analysts link the surge to the growing need for reliable baseload power for AI‑driven data centers, suggesting a long‑term price increase for uranium.

Cameco’s second‑quarter earnings call confirmed the company’s 2026 production outlook of 19.5‑21.5 million pounds of U₃O₈ remains unchanged despite temporary road‑access disruptions at its Key Lake, McArthur River and Cigar Lake mines in northern Saskatchewan. CEO Tim Gitzel highlighted expanding ownership in the Cigar Lake mine, strong government and industry support, and a U.S. Department of Energy commitment to AP1000 reactors as reinforcing the firm’s growth strategy.