Cameco Shares Surge as U.S. Revitalizes Nuclear Energy Agenda

Cameco Corp., a leading uranium producer based in Saskatchewan, has seen its stock price experience significant growth in response to a renewed global interest in nuclear energy. As of January 2026, the company’s share price reached over CAD$138.83, a dramatic recovery from a low of CAD$52.24 recorded on April 8, 2025. Analysts attribute this surge to expectations of increased long-term demand for uranium, particularly as various countries, including the United States, China, and France, adopt nuclear-friendly policies.

The current momentum in nuclear energy is partly driven by the rising demand from energy-intensive technologies, such as artificial intelligence, alongside an urgent need to address climate change through decarbonization strategies. In a recent development, the U.S. Energy Department awarded US$28 million to Global Laser Enrichment, a company jointly owned by Cameco, to advance uranium enrichment technology. This funding is part of a broader US$900 million initiative aimed at supporting three companies—Centrus Energy Corp., Orano SA, and the startup General Matter—all focused on next-generation reactor fuel.

Strategic Partnerships and Future Prospects

Cameco’s future looks promising following its partnership with Westinghouse Electric Co. and Brookfield Asset Management Ltd. In October 2023, the three entities announced a plan to develop over US$80 billion in new nuclear reactors across the United States. Cameco holds a 49 percent stake in the nuclear reactor manufacturer, while Brookfield owns 51 percent. This collaboration is expected to significantly enhance the deployment of Westinghouse’s nuclear technologies and rejuvenate supply chains within the U.S. and beyond.

Tim Gitzel, CEO of Cameco, expressed optimism regarding the U.S. government’s commitment to expanding nuclear power capacity through proven technologies. He stated, “We are pleased to see the U.S. government make this commitment to expanding nuclear power capacity using Westinghouse’s proven technology. We expect that our highly successful partnership with Brookfield as owners of Westinghouse will be further strengthened through this strategic collaboration with the U.S. Government.”

Cameco is also involved in several uranium mining joint ventures in northern Saskatchewan’s Athabasca Basin, including the notable Cigar Lake and McArthur River sites, alongside its partner Orano. These ventures position Cameco well to capitalize on the anticipated surge in uranium demand as nuclear energy gains traction worldwide.

As nations increasingly turn to nuclear energy to meet growing energy needs and combat climate change, Cameco is poised to benefit from both its existing operations and new partnerships. The company’s strategic initiatives suggest a proactive approach to the evolving energy landscape, aligning with global trends that favor sustainable energy solutions.