AI data center deals push uranium past $90 a pound

Uranium prices have climbed to around $90 per pound, buoyed by a wave of nuclear power deals tied to artificial intelligence data centers, as the broader commodity super cycle lifts mining and technology stocks to new prominence on the Toronto Stock Exchange.

The Wall Street Journal News Corp ↘ 0.21% reported Friday that data center demand is lighting a fire under uranium prices, with commodity market participants increasingly betting on further gains in U3O8 spot prices. The fuel has risen roughly 18% over the past year, according to Trading Economics, reaching $90.20 per pound as of September 10. Long-term contract prices have climbed even faster, closing August at $96.50 per pound, up $10 since December 2025, according to data from Cameco ↘ 0.76% and TradeTech.cruxinvestor+2

Nuclear Deals Underpin the Rally

The price gains reflect a structural shift in uranium demand. As of mid-2026, the four major U.S. hyperscalers — Microsoft ↗ 0.65%, Alphabet's ↗ 1.53% Google, Amazon Amazon.com, Inc. ↗ 1.94%, and Meta ↗ 0.57% — have committed over 9.8 gigawatts of nuclear capacity across 13 announced deals, though only about 1.9 GW is currently operational. Microsoft's 20-year power purchase agreement with Constellation Energy ↘ 0.43% to restart Three Mile Island Unit 1 and Meta's multi-gigawatt arrangement with TerraPower are among the largest commitments.axis-intelligence+1

The Sprott Physical Uranium Trust ↘ 1.40% has purchased roughly 7 million pounds of uranium in 2026 at around $90 per pound, its fastest capital-raising pace since inception. Analysts note that 70% of post-2027 reactor demand remains uncontracted, while primary mine supply covers only 74% to 90% of global requirements.discoveryalert

Mining Stocks Dominate TSX Rankings

The uranium rally sits within a broader commodity super cycle that has reshaped equity markets, particularly in Canada. Mining companies captured a record 60% of the 2026 TSX30, the exchange's annual ranking of top-performing stocks based on three-year returns, according to BNN Bloomberg BCE Inc. ↗ 0.60% and Mining.com. Eighteen miners made the list, a 57% increase from 2025, with Montage Gold posting a 2,502% three-year gain to rank second overall.mining+1

Five technology companies also made the TSX30, adding $85.3 billion in combined market capitalization over the three-year period, reflecting how the AI data center buildout is driving gains across both sectors. Wood Mackenzie noted that data centers are creating new pressures across commodity markets spanning copper to coal, as the energy and material intensity of AI infrastructure ripples through supply chains.bnnbloomberg+1

With world uranium production running below demand for years and utilities drawing down stockpiles to bridge the gap, the supply-demand imbalance shows few signs of easing.wsj