Are these the best Uranium stocks to watch?

Uranium and the nuclear power backdrop

Nuclear energy has undergone one of its most significant re-ratings in decades. Governments across Europe, North America and Asia are extending reactor lifetimes, building new capacity, and in some cases reversing long-standing opposition. Italy announced plans to restore nuclear power in 2026. Japan has restarted multiple reactors. The US government targeted 10 new large reactors under construction by 2030, backed by an $80 billion deal for Cameco's Westinghouse subsidiary to build new US reactors.

AI data centres are an increasingly important additional demand driver. Microsoft, Meta and Amazon have each signed long-term power purchase agreements for nuclear energy, recognising it as the only technology capable of providing 24/7 carbon-free baseload power at the scale AI infrastructure requires.

Uranium market numbers: July 2026

Uranium stocks to watch

Cameco

Cameco is the world's largest publicly traded uranium company by production, with a market cap of approximately $42 billion. Its investment thesis has evolved into a 'nuclear fuel cycle' play following its 49% acquisition of Westinghouse Electric, which provides reactor services and maintenance. Cameco has secured long-term contracts for approximately 230 million pounds of uranium through 2030, providing strong earnings visibility. Bernstein named Cameco as its top uranium pick for 2026, citing its dominant position across the full nuclear fuel cycle.

Yellow Cake 

Yellow cake is a London-listed physical uranium holding company with a market cap of approximately £1.35 billion. It purchases and holds physical uranium through an annual purchase option with Kazatomprom. In February 2026 Yellow Cake raised $75 million and exercised its 2026 Kazatomprom purchase option at $86.15 per pound, growing its total holdings to 23.1 million pounds with further committed purchases taking that toward 24.4 million pounds. Its share price tracks the uranium spot price closely, making it the most direct UK ISA-eligible uranium exposure on the London Stock Exchange.

Kazatomprom

Kazatomprom is the world's largest uranium producer, controlling over 40% of global supply, with a market cap of approximately €15.4 billion. It is the lowest-cost producer globally and has cut 2026 production guidance by approximately 10% to support market pricing. The company trades on the LSE as global depositary receipts. Legislative changes in Kazakhstan announced in December 2025 have tightened joint venture ownership rules in favour of Kazatomprom at contract extension, increasing state control over its uranium assets.

NexGen Energy

NexGen holds the world's highest-grade undeveloped uranium deposit at the Arrow project in Saskatchewan's Athabasca Basin, with a market cap of approximately $9.5 billion (CAD). The project is in development phase with production targeted from 2027 onwards, making it a higher-risk, higher-potential-return position relative to producing companies.

Sprott Physical Uranium Trust

The Sprott Physical Uranium Trust holds physical uranium stored in licensed Canadian facilities and is one of the primary vehicles through which institutional investors gain physical uranium exposure. Listed on the Toronto Stock Exchange and accessible through UK dealing accounts, it provides a direct linkage to the spot price without equity or operational risk.

Uranium ETFs

For investors who want diversified sector exposure without selecting individual stocks, Uranium ETFs can be a viable option.

These ETFs are not currently listed on UK exchanges and are accessed through international share dealing accounts. Yellow Cake (LSE: YCA) remains the primary London-listed vehicle for physical uranium exposure and is ISA-eligible.

Source: Investing News

Risks of investing in uranium stock

1. Price volatility

Uranium spot prices can move sharply on geopolitical events, supply announcements and sentiment shifts.

2. Concentration risk

The global uranium supply chain is concentrated in Kazakhstan, Canada and Namibia. Disruption at any key node can affect multiple companies simultaneously.

3. Regulatory risk

Nuclear power policy can change. Countries that have reversed anti-nuclear positions could do so again, particularly if a significant safety incident occurs.

4. Development risk

Companies like NexGen carry years of permitting, financing and construction risk before production begins.

5. Geopolitical risk

Kazatomprom is a Kazakhstani state-controlled entity. Legislative changes tightening ownership rules for JV partners have reduced Western companies' operational control.

6. Currency risk

Uranium is priced in US dollars; UK investors face GBP/USD exposure on top of commodity price risk.

Uranium stocks FAQs