The new nuclear age – why physical uranium matters now

Published date: 16/02/2026 | Author: Jake Coulson

Nuclear power is accelerating globally as countries prioritise energy security, decarbonisation and reliability.
Major economies including Japan, France and the United States are expanding or restarting nuclear capacity.
Electricity demand is rising sharply, driven by electrification and AI-powered data centres.
Uranium supply is constrained relative to demand, tightening market dynamics.
Physical uranium exposure offers investors a direct way to access this structural shift.

“We have entered the nuclear age, and uranium is set to become more important than ever before. “

What Is Driving the New Nuclear Age?

We have entered the nuclear age, and uranium is set to become more important than ever before.

The trend that characterised recent years – a widespread embrace of nuclear power – has picked up pace, as countries around the world seek to address the need for clean and secure energy sources.

This month, Japan restarted a reactor at the world’s largest nuclear power plant for the first time since the 2011 Fukushima disaster. With a capacity of 1,356MW – enough to power more than one million homes, equivalent to a city the size of Birmingham – the move is symbolically and strategically significant.

It marks the 15^th reactor Japan has brought back online since 2015. For a country that once turned decisively against nuclear power in the wake of Fukushima, the steady restart of its fleet speaks volumes. It underscores not only Japan’s shifting energy priorities, but also the broader global re-embrace of nuclear power as countries balance energy security, decarbonisation and reliability.

Which Countries Are Expanding Nuclear Power?

Elsewhere:

France has announced that six new nuclear power plants will be built by 2035 as part of its multi-year energy programme (PPE),
The U.S. is committed to quadrupling its nuclear capacity by 2050.

And nuclear power is not just being adopted to power life on Earth – NASA recently completed a cold-flow test for its flight reactor engineering unit, the first milestone of its kind since the 1960s. Nuclear propulsion could significantly cut travel times and expand mission capabilities, helping pave the way for deeper exploration of the solar system.

Nuclear is rapidly becoming the defining energy source of the 21^st century – but just as oil and coal underpinned the industrial revolution, so too must uranium power the nuclear revolution.

Rising Electricity Demand

But energy demand is rising faster than it has for 15 years, driven by electrification and power-hungry AI data centres. The IEA forecasts that global electricity demand will grow at least 2.5x through 2030, as we enter the “Age of Electricity”.

Is Uranium Supply Keeping Pace with Demand?

U.S. mine production of uranium is expected to be around 1 million pounds in 2026, compared to its annual consumption of 50 million pounds. This is tightening supply, and driving uranium prices higher, reaching levels not seen since early 2024.

If expansion continues at the current rates, supply will be unable to keep up with demand, and uranium prices could rise higher still.

“Oil powered the 20th century. Uranium may power the 21st. “

And if history is any guide, strategic commodities that underpin global growth rarely remain undervalued for long.

How Can Investors Access Physical Uranium?

Sprott Physical Uranium ETC (SPUT) is designed to offer investors an effective way to access the performance of physical uranium.

To achieve this, the ETC holds the Sprott Physical Uranium Trust, which seeks to provide exposure to the performance of physical uranium, before fees and expenses, by holding physical stock in warehouses of three different providers.

Key Risks

The price of uranium can be volatile, and can go up and down. When you invest in ETCs your capital is fully at risk. Investors may not get back the amount they initially invested. The uranium and nuclear industry can be impacted by changes in politics/government regulation, breaches of security, ill-intentioned acts of terrorism or natural disasters. While the Sprott Physical Uranium Trust intends to track the proposed investment objective, the issuer does not guarantee the performance of the Trust. The price of the ETC should reflect the price of the Underlying Asset. However, the price of the Underlying Asset will be influenced by factors including (i) the value of the underlying commodity and (ii) any premiums or discounts when the Underlying Asset’s price differs from its Net Asset Value. Any changes in this premium / discount will result in a difference between the ETC’s return and the underlying commodity’s return, and may negatively impact securityholders’ returns.

Q&A

Why is nuclear power gaining momentum again?

Countries are prioritising energy security, decarbonisation and reliability, leading to reactor restarts and new build commitments.

What is driving uranium demand?

Rising electricity consumption, electrification and AI data centres are increasing long-term power requirements.

Is supply keeping pace with demand?

Current production levels, particularly in the U.S., remain significantly below consumption levels.

How can investors gain exposure to physical uranium?

The Sprott Physical Uranium ETC provides access by holding units in the Sprott Physical Uranium Trust, which stores physical uranium.

To continue reading about commodities, check out our other article below.

Critical Commodities for 2026

Q&A

Why is nuclear power gaining momentum again?

Countries are prioritising energy security, decarbonisation and reliability, leading to reactor restarts and new build commitments.

What is driving uranium demand?

Rising electricity consumption, electrification and AI data centres are increasing long-term power requirements.

Is supply keeping pace with demand?

Current production levels, particularly in the U.S., remain significantly below consumption levels.

To continue reading about commodities, check out our other article below.

Critical Commodities for 2026

Adapting precision warfare: How US defence spending priorities are changing

ottobre 2026

The new nuclear age – why physical uranium matters now

﻿ “We have entered the nuclear age, and uranium is set to become more important than ever before. “

What Is Driving the New Nuclear Age?

Which Countries Are Expanding Nuclear Power?

Rising Electricity Demand

Is Uranium Supply Keeping Pace with Demand?

﻿ “Oil powered the 20th century. Uranium may power the 21st. “

How Can Investors Access Physical Uranium?

Q&A

Why is nuclear power gaining momentum again?

What is driving uranium demand?

Is supply keeping pace with demand?

How can investors gain exposure to physical uranium?

Q&A

Why is nuclear power gaining momentum again?

What is driving uranium demand?

Is supply keeping pace with demand?

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“We have entered the nuclear age, and uranium is set to become more important than ever before. “

“Oil powered the 20th century. Uranium may power the 21st. “