Uranium market grows amid rising AI and data center energy demands

The global uranium market is experiencing significant growth driven by rising electricity demands from data centers and artificial intelligence. The International Energy Agency (IEA) reports that data center power consumption rose 17% in 2025 and could double by 2030, creating a structural need for reliable, low-emission baseload power. Consequently, technology companies like Microsoft, Amazon, and Meta are increasingly pursuing long-term nuclear power agreements.

The World Nuclear Association (WNA) projects reactor fuel requirements could rise from approximately 68,920 tonnes of uranium in 2025 to over 150,000 tonnes by 2040. This demand is compounded by supply-side constraints, including delays at Kazatomprom’s sulphuric acid plant and rising production costs for miners. Analysts have raised long-term uranium price forecasts to approximately $95 per pound as utility companies face potential supply bottlenecks.

In the United States, Uranium Energy Corp. has commenced new production at Burke Hollow in South Texas. Meanwhile, in the Australian market, Paladin Energy has reported significant revenue growth following the ramp-up of its Langer Heinrich mine in Namibia.