U.S. Nuclear Projects Advance as Fuel Supply Chain Faces Shortfalls

Nuclear developers have begun construction and restarted plants to meet rising electricity demand linked to data centers. The domestic supply chain for uranium mining, conversion, and enrichment remains limited ahead of a 2028 restriction on Russian enriched uranium imports.

Antares completed initial operation of its Mark-0 microreactor in June under a federal pilot program. TerraPower broke ground on a commercial plant in Wyoming, and Kairos Power started work on a demonstration facility in Tennessee. Restart projects are planned at sites in Michigan, Iowa, and Pennsylvania.

The AI hyperscalers have signed contracts for light-water reactors, small modular reactors, and microreactors. They have not yet invested in uranium mining or refining steps. Roughly 98 percent of uranium used by U.S. reactors is imported. Christo Liebenberg, co-founder and president of LIS Technologies, said the industry is in a renaissance but that all reactor types require nuclear fuel.

He added that hyperscalers need to develop the supply chain urgently.

Cameco president Grant Isaac said new mines take 15 to 20 years to develop and that some company mines remain mothballed. He noted that roughly 30 percent of Cameco’s North American mining capacity is currently shut in. Uranium conversion prices have risen from historic lows, yet many Western conversion facilities remain underutilized, Isaac said.

Urenco operates the only active enrichment facility in North America, located in Eunice, New Mexico. The company announced in June plans to increase capacity nearly 50 percent by 2036, including production of high-assay low-enriched uranium. LIS Technologies aims to bring a Tennessee facility online by the end of 2032.