Cameco, a C$54 billion (£28.8 billion) nuclear-industry supplier, is positioned to benefit from the global push for zero-carbon baseload power. The company covers the spectrum from uranium mining and refining to reactor design and servicing.
Geopolitical tensions, including the Iran war and potential conflicts involving China or Russia, have highlighted supply chain risks. This, alongside demand from AI data centres, is strengthening the case for nuclear power. There are currently 436 nuclear reactors worldwide, with 70 under construction and another 115 planned.
Cameco's planned production is expected to fall below demand by 2033, reaching only 50% of demand by 2041. The company focuses on long-term supply contracts with utilities rather than the spot market. In March 2026, it signed a nine-year agreement with India to supply nearly 22 million pounds of uranium ore, with an estimated value of C$2.6 billion.
The company also holds a 49% stake in Westinghouse Electric Company, which has 30 AP1000 reactors under construction and 16 planned. In October 2025, the US government agreed to facilitate financing for new reactors worth at least $80 billion to power AI-heavy data centres, raising the prospect of a separate initial public offering for Westinghouse.
Cameco's 2025 results showed revenue up 11% to $3.5 billion and adjusted diluted earnings per share up 321% to C$1.44. The average uranium price in the fourth quarter of 2025 was C$91.3 per pound, compared with C$80.9 in the same period of 2024.