Nuclear’s Turning Point: SMRs, Supply Deficits, and Big Tech Drive a New Uranium Era

Recording date: 5th September, 2025

The 2025 World Nuclear Association symposium in London marked a pivotal moment for the nuclear industry, with 1,100 delegates witnessing a fundamental shift from cautious optimism to genuine confidence in nuclear power's future. Industry participants reported a "buoyant, festive energy" that contrasted sharply with previous years' pessimistic outlook.

The conference's most significant revelation centered on small modular reactor (SMR) deployment projections. A comprehensive study commissioned by Urenco projects 700 gigawatts of SMR capacity by 2050 if the industry achieves scaling patterns comparable to successful technology companies like SpaceX. Even under constrained scenarios, analysts anticipate "multiple hundreds of gigawatts" of SMR capacity by mid-century, representing exponential growth from today's 7 GW global capacity.

Microsoft's membership in the World Nuclear Association symbolized mainstream corporate acceptance of nuclear technology. This development, which would have been "unthinkable" three years ago, reflects both shifted public perception and business necessity as hyperscale technology companies require reliable baseload power for data centers and artificial intelligence infrastructure.

Conference analysis revealed an "absolute undeniable" supply-demand deficit in uranium markets. Unlike previous investment cycles that relied on supply constraints while treating demand growth as upside potential, current analysis shows insufficient uranium availability even under conservative scenarios. This creates asymmetric investment opportunities with downside protection regardless of demand projections.

Geopolitical factors increasingly influence supply chains, with non-aligned countries like Namibia gaining strategic advantages. Unlike Canadian producers restricted from selling to China, Namibian suppliers can serve all global markets, providing pricing optimization and geographic diversification benefits.

Utilities are expected to begin replacement-level contracting within coming months, triggered by conference data demonstrating 2030s supply shortfalls. The convergence of supply constraints, demand growth, and new market entrants creates compelling investment opportunities across the nuclear fuel cycle.

Sign up for Crux Investor: https://cruxinvestor.com