The Nuclear Renaissance: 30 New Reactors Under Construction Drive Uranium Supercycle

Key Takeaways

• The IAEA counts 30 reactors currently under construction globally, with 90 more in advanced planning stages.
• Each 1,000 MW reactor requires approximately 200 tonnes (440,000 lbs) of uranium annually at full operation.
• The U.S., Japan, and South Korea have all announced major nuclear expansion programs in the past 18 months.
• Microsoft, Google, and Amazon have all signed deals for nuclear power to fuel AI data centres, adding a new demand vector.
• Annual uranium demand is projected to reach 220-240 million pounds by 2035 versus current mine supply of roughly 160 million pounds.

The nuclear industry is experiencing its most significant expansion in 50 years. Driven by AI data centre power demand, energy security concerns, and carbon reduction commitments, governments and corporations alike are racing to build, restart, and extend nuclear capacity. For uranium markets, the demand implications are transformational.

The Numbers Behind the Renaissance

The International Atomic Energy Agency (IAEA) currently tracks 30 reactors under construction across 15 countries, with an additional 90 in advanced planning stages. At full operation, each 1,000 megawatt reactor consumes approximately 200 tonnes of uranium per year roughly 440,000 pounds. The 30 reactors under construction alone represent a demand increment of approximately 6,600 tonnes annually, equivalent to adding a new Cameco to global demand.

The U.S. Nuclear Revival

The United States, which had not licensed a new reactor in decades until the Vogtle expansion, is now moving aggressively. The Department of Energy’s Loan Programs Office has approved over $20 billion in guarantees for new nuclear projects since 2024. Small modular reactors (SMRs), while not yet commercially operating, have attracted capital from Bill Gates-backed TerraPower, NuScale, and Kairos Power.

Perhaps more consequentially, the U.S. is requiring that uranium purchased for domestic reactors be of non-Russian origin. The Russian Suspension Agreement, extended in 2024, effectively excludes Rosatom from the U.S. market redirecting utility procurement toward Cameco, Kazatomprom, and junior developers.

The AI Data Centre Demand Vector

The newest and most unexpected source of nuclear demand is the technology sector. Microsoft has signed a 20-year power purchase agreement with Constellation Energy for output from Three Mile Island Unit 1, which Constellation is restarting. Google has signed agreements for output from Kairos Power’s SMRs. Amazon has invested in X-energy, another SMR developer.

For Canadian uranium producers, the message is unambiguous: the demand for their product is set to grow structurally for the next decade. The challenge and the opportunity is that mine supply cannot keep pace.