Nuclear Stocks Are Surging — Here’s the Expansion Fueling the Rally

TLDR

• Urenco USA plans to expand the U.S.’s only commercial uranium enrichment facility by nearly 50%
• The multibillion-dollar project adds 2.1M SWU of capacity at its New Mexico site, starting in 2032
• Uranium stocks surged Tuesday, with Ur-Energy up 22.8% and Uranium Energy up 13.6%
• The U.S. banned Russian uranium imports in 2024, with full restrictions kicking in by 2028
• Three Mile Island received federal approval to restart, targeting 2027 to power Microsoft data centers

Uranium and nuclear stocks jumped on Tuesday after Urenco USA announced plans to expand America’s only commercial-scale uranium enrichment facility by nearly 50%.

The company will add 2.1 million separative work units of annual enrichment capacity at its site in Eunice, New Mexico. That would bring total capacity from 4.3 million SWU to 6.4 million SWU.

Urenco is a consortium owned by British, Dutch, and German interests. It uses gas-centrifuge technology to produce low-enriched uranium, enriched up to 5%, which powers today’s nuclear reactors.

The first new centrifuge cascades are expected to come online in 2032. Additional units will be installed through 2036.

The project is backed by long-term contracts with U.S. customers. Urenco said the expansion is a multibillion-dollar investment.

Stocks React Sharply to the News

Markets responded quickly. Ur-Energy led the pack, rising 22.8%. Uranium Energy gained 13.6%, Energy Fuels climbed 10.9%, and Oklo rose 9.8%.

Oklo Inc., OKLO

NexGen Energy was up 9.1%, NuScale Power gained 8.2%, and Cameco rose 7%. Denison Mines also added 7%. Centrus Energy rose 5.3%, Lightbridge climbed 5%, and Nano Nuclear Energy added 2.9%.

The broad gains across the sector show how closely uranium stocks track supply-side news.

Russia Ban Adds Urgency to Domestic Supply

The backdrop matters here. Russia currently supplies up to a quarter of U.S. uranium needs. The U.S. banned imports of Russian enriched uranium in 2024.

Limited waivers are in place until 2028, when the ban becomes fully effective. That timeline is pushing utilities and investors toward domestic supply options.

Urenco’s expansion fits directly into that gap. Its New Mexico facility is currently the only commercial enrichment plant operating in the country.

Three Mile Island Restart Gets the Green Light

Tuesday also brought news on a separate front. Federal energy regulators approved a waiver allowing Constellation Energy to transfer grid rights, clearing the path to restart Three Mile Island.

The company is targeting a 2027 restart. The plant is expected to supply power to Microsoft data centers once operational.

Federal officials also approved the transfer of weapons-grade plutonium to five energy startups last week, including Oklo. Companies say these stockpiles can fuel reactors quickly as the industry scales up.

GE Vernova also traded higher on Tuesday alongside the broader nuclear sector gains.

The combination of Urenco’s expansion plans, the Three Mile Island restart approval, and ongoing domestic supply pressure from the Russia ban all pushed nuclear stocks higher on the day.

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