Investment thesis
    Power generation

    Nuclear fuel for AI power

    Uranium for the reactor restarts and small modular reactors hyperscalers are contracting for 24/7 power.

    Hyperscalers are signing long-term nuclear power deals for always-on, low-carbon electricity. Uranium supply is concentrated in Kazakhstan and Canada, and Russian enriched-uranium supply to the US is restricted.

    This is the cleanest way to link mining to AI electricity demand. It is also the most sentiment-driven, with sharp swings in both miners and the physical uranium price.

    Context: Carnegie Endowment, Jun 2026

    Underlying minerals

    What drives the uranium bucket

    Supply status and the main constraint for each mineral, from its sourced profile in the database.

    Bull case

    • Reactor restarts, life extensions and SMR offtakes create long-dated demand.
    • Supply is concentrated in a few producers and jurisdictions.
    • Physical funds make it easy to own the commodity directly.

    Bear case

    • New reactors take many years; contract timing can disappoint.
    • Utility buying is lumpy and prices can retrace hard.
    • Developers depend on permitting and financing.
    The basket

    10 stocks and funds in this bucket

    Grouped from diversified majors to developers and funds. Market data as of October 6, 2026.

    CCJProducer

    Cameco

    HQ: Canada

    The largest Western uranium miner, plus fuel services and a stake in Westinghouse. Hyperscalers signing nuclear power deals make it the core AI-power-generation mining stock.

    Price
    $93.02
    Mkt cap
    $41B
    1 yr
    +10.5%
    YTD
    +0.2%
    KAP.LProducer

    Kazatomprom

    HQ: Kazakhstan

    Kazakhstan's state-controlled uranium company and the world's largest producer and seller of natural uranium, listed in London and Astana.

    Price
    $66.5
    Mkt cap
    $17B
    1 yr
    +25.5%
    YTD
    +22.0%
    UECProducer

    Uranium Energy Corp

    HQ: United States

    US in-situ uranium producer with a large US resource base and Canadian projects.

    Price
    $10.11
    Mkt cap
    $5.0B
    1 yr
    -23.5%
    YTD
    -17.2%
    UUUUProducer

    Energy Fuels

    HQ: United States

    Top US uranium producer whose White Mesa Mill in Utah also separates rare earths. In 2026 it reported pilot-scale terbium production from US monazite.

    Price
    $11.24
    Mkt cap
    $2.8B
    1 yr
    -31.8%
    YTD
    -23.1%
    NXEDeveloper

    NexGen Energy

    HQ: Canada

    Developer of Rook I in Saskatchewan's Athabasca Basin, one of the largest undeveloped high-grade uranium deposits.

    Price
    $9.43
    Mkt cap
    $6.2B
    1 yr
    +8.1%
    YTD
    +1.9%
    DNNDeveloper

    Denison Mines

    HQ: Canada

    Developer of the Wheeler River uranium project in Saskatchewan's Athabasca Basin.

    Price
    $2.71
    Mkt cap
    $2.5B
    1 yr
    -3.2%
    YTD
    +0.7%
    URAETF

    Global X Uranium ETF

    HQ: United States

    The largest uranium ETF, mixing miners with nuclear-component and utility-adjacent names.

    Price
    $41.8
    Fund size
    $4.2B
    1 yr
    -15.7%
    YTD
    -8.9%
    URNMETF

    Sprott Uranium Miners ETF

    HQ: United States

    Sprott uranium-miners ETF with higher purity to mining and physical uranium than URA.

    Price
    $50.3
    Fund size
    $1.2B
    1 yr
    -15.7%
    YTD
    -10.1%
    URNJETF

    Sprott Junior Uranium Miners ETF

    HQ: United States

    Sprott ETF of junior uranium miners and developers. Higher risk and higher beta.

    Price
    $21.33
    Fund size
    $205M
    1 yr
    -26.8%
    YTD
    -17.6%
    SRUUFCommodity fund

    Sprott Physical Uranium Trust

    HQ: United States

    Closed-end trust that holds physical uranium, so it tracks the uranium price without mining risk.

    Price
    $19.78
    Fund size
    $6.2B
    1 yr
    +2.8%
    YTD
    +0.7%
    Compare

    Side-by-side

    Company / fundMineralsTypeHQ12 mo
    CCJ
    Cameco
    UProducerCA$41B+10.5%+0.2%
    KAP.L
    Kazatomprom
    UProducerKZ$17B+25.5%+22.0%
    NXE
    NexGen Energy
    UDeveloperCA$6.2B+8.1%+1.9%
    SRUUF
    Sprott Physical Uranium Trust
    UCommodity fundUS$6.2B+2.8%+0.7%
    UEC
    Uranium Energy Corp
    UTiProducerUS$5.0B-23.5%-17.2%
    URA
    Global X Uranium ETF
    UETFUS$4.2B-15.7%-8.9%
    UUUU
    Energy Fuels
    UVDyTbProducerUS$2.8B-31.8%-23.1%
    DNN
    Denison Mines
    UDeveloperCA$2.5B-3.2%+0.7%
    URNM
    Sprott Uranium Miners ETF
    UETFUS$1.2B-15.7%-10.1%
    URNJ
    Sprott Junior Uranium Miners ETF
    UETFUS$205M-26.8%-17.6%
    10 of 10 shown. Size is market cap for companies and net assets for funds, in USD.

    Not investment advice. Critical-Minerals.si is an independent research site. Baskets and model allocations are illustrative frameworks for exploring exposure, not recommendations to buy or sell any security. Mining and commodity equities are volatile, and many names listed here are small, foreign-listed or pre-revenue. Do your own research and consider a licensed adviser. Market data as of the date shown; prices change constantly.