AI hyperscalers move to secure long-term uranium supply from mining companies — fuel required for nuclear plants to power future data centers

NexGen Energy, a Canadian uranium firm, is in discussions with data center providers to potentially finance its uranium project in Canada, ensuring a uranium source for future nuclear power plants to power data centers. The company aims to secure long-term contracts similar to automakers securing lithium for EVs. The Saskatchewan mine could supply up to 20% of global demand by 2030, pending final approvals. The move aligns with tech giants investing in small modular reactors for power, crucial for AI development and competition with China. By securing uranium sources early, companies aim to prevent future fuel shortages for their power-hungry data centers.