AI boom set to turbocharge uranium demand in 2026

Artificial intelligence (AI) is emerging as a new driver of global electricity demand, reinforcing the investment case for nuclear power and tightening the outlook for uranium heading into 2026.

A global investor survey commissioned by Uranium.io suggests the rapid expansion of AI systems and hyperscale data centres is reshaping long-term expectations for nuclear generation and uranium procurement. Based on responses from more than 600 investors, the survey found AI-linked electricity demand is increasingly viewed as structural rather than cyclical, at a time when uranium supply remains constrained.

More than 63% of respondents said AI-related consumption will become a material factor in nuclear planning over the next decade, arguing traditional demand models underestimate the power needs of large-scale computing. As a result, nuclear is drawing renewed attention as a reliable, carbon-free baseload option to support expanding digital infrastructure.

Limited supply relief

That demand signal is colliding with persistent supply challenges. A majority of surveyed investors expect mined uranium to meet less than 75% of future reactor requirements, citing years of underinvestment, long permitting timelines and declining secondary supplies. More than 85% anticipate higher prices into 2026, with many pointing to a US$100–$120 per lb. range and some citing upside scenarios as high as US$135 per lb. if supply fails to respond.

The findings are drawn from Uranium.io’s report, Uranium Unlocked: The Future of AI & Global Energy Demand.

Sprott Asset Management echoed that view in its latest uranium outlook, describing a market defined by “two speeds”: short-term volatility masking increasingly bullish long-term fundamentals. The firm expects the supply deficit to widen over the coming decade as mine production lags reactor demand, while utility contracting remains below replacement levels. In Sprott’s assessment, higher prices will be needed to incentivize restarts and greenfield developments.

Source: Uranium Unlocked: The Future of AI & Global Energy Demand.

Despite a choppy 2025, Sprott sees conditions aligning for a catch-up trade in 2026. Long-term uranium prices have begun to move higher, with utilities showing greater willingness to accept elevated contract levels even as spot prices remain relatively contained. The firm argues utilities can defer procurement only so long before replacement needs force them back into the market.

Incentives on the rise

Policy momentum is adding another layer of support. Uranium.io survey respondents pointed to planned and proposed nuclear capacity additions across North America, Europe, the Middle East and Asia as key demand signals. Incentives in the U.S. and Canada, Europe’s inclusion of nuclear within sustainable finance frameworks, and state-backed expansion programs in countries such as China, South Korea and the UAE are reinforcing nuclear’s role in future energy systems.

Source: Uranium Unlocked: The Future of AI & Global Energy Demand.

Taken together, AI-driven power demand, tightening uranium supply and improving policy support are shifting how investors frame the commodity. Rather than a fuel tied narrowly to reactor build cycles, uranium is increasingly viewed through the lens of energy security and critical infrastructure — a combination many expect will support a stronger market beyond 2026.