Why Wall Street Is Raising Uranium Price Forecasts to $140
Big Tech's appetite for AI compute is driving yellowcake contract prices to 18-year highs, turning nuclear energy into Silicon Valley's ultimate baseload power play.

Silicon Valley’s relentless appetite for artificial intelligence compute has triggered an unexpected feeding frenzy in one of the quietest corners of the commodities market: raw uranium.
Long-term yellowcake contract prices have surged to their highest levels in at least 18 years, driven by tech giants hunting for round-the-clock clean energy. With spot prices for U3O8 yellowcake floating near $90 a pound, nearly five times higher than their post-Fukushima lows, the nuclear market is undergoing a dramatic transformation that analysts say is only just beginning.
The primary catalyst stems from hyperscalers realizing that intermittent renewables cannot reliably fuel massive data center expansions without overtaxing local power grids. Just recently, Alphabet Inc. (NASDAQ: GOOGL) inked a deal with Finnish utility Fortum Oyj (HEL: FORTUM) to draw power for its data centers from the Loviisa nuclear plant, extending the facility's operational life. Financial institutions are rapidly revising their models to reflect this structural shift. Analysts at Jefferies Financial Group (NYSE: JEF) raised their long-term uranium price target by 36% to $95 a pound, while strategists at Citi (NYSE: C) suggest spot prices could rocket toward $140 a pound by late 2027.




