Goldman Sachs predicts record uranium price surge as AI data centers drive demand

Goldman Sachs says uranium is becoming the "new gold" as AI data centers and expanding nuclear projects create a sharp supply gap. The bank forecasts the commodity could reach $91 per pound by the end of the year and $120 per pound by 2027, with some analysts seeing prices as high as $135.

Global uranium production last year was about 173 million pounds, while reactors now need roughly 204 million pounds annually, leaving a deficit of 31 million pounds. Kazakhstan’s state miner Kazatomprom, which supplies about 40% of the market, announced a 10% cut to its 2026 output. Major reserves sit in Australia (28%), Kazakhstan (14%) and Canada (10%), with Russia and Namibia each holding about 8%. China is investing $27 billion in ten new nuclear units, the United States is reviving the Palisades plant, and tech firms such as Meta and Amazon Web Services are moving into nuclear‑energy contracts.