Meeting the Demand
The AI Energy Crisis
AI data centers will consume 948 terawatt-hours annually by 2030—equivalent to the entire electricity consumption of Japan—while demanding 24/7 carbon-free power that only nuclear can reliably provide.1,2
- Goldman Sachs Research projects data-center power demand to grow more than 160% by 2030 compared to 2023 levels3
- Microsoft, Amazon, Google, and Meta have signed or announced nuclear capacity deals exceeding 10 GW of potential new nuclear power4,5
- Canada, the U.S. and the U.K. were among a group of 20 nations that announced an agreement to triple nuclear energy capacity by 20506
- https://iea.blob.core.windows.net/assets/86ed1178-4d77-45ac-ab38-28e849f3b93f/EnergyandAI.pdf
- https://eta-publications.lbl.gov/sites/default/files/2024-12/lbnl-2024-united-states-data-center-energy-usage-report_1.pdf
- https://www.goldmansachs.com/insights/articles/is-nuclear-power-set-for-a-revival
- https://www.nytimes.com/2024/10/16/business/energy-environment/amazon-google-microsoft-nuclear-energy.html
- https://trellis.net/article/amazon-google-meta-and-microsoft-go-nuclear/
- https://www.nytimes.com/2023/12/02/climate/cop28-nuclear-power.html
- https://www.bnnbloomberg.ca/future-of-nuclear-energy-celebrated-at-cop28-lightbridge-ceo-1.200862
“If energy security goals are to be met, a substantial growth of nuclear power must be part of the growing energy mix.” 7
The Only Viable AI Power Solution
Tech companies are specifically choosing nuclear over renewables for AI infrastructure. Goldman Sachs and Deloitte reports confirm AI data center operators are pairing small modular reactors (SMRs) with hyperscale facilities for consistent energy.
- New small modular reactors are emerging as a leading choice for compact, safe, localizable energy for data centers1
- AI requires 24/7 baseload power; only nuclear can provide it (92.5% capacity factor)2
- Nuclear generation maintains large-scale, round the clock power output essential for high-load inference workloads
- https://introl.com/blog/smr-nuclear-power-ai-data-centers-2025
- https://www.energy.gov/ne/benefits-small-modular-reactors-smrs
Source: https://www.energy.gov/ne/articles/nuclear-power-most-reliable-energy-source-and-its-not-even-close
The Uranium Supply Crisis
The uranium market faces a supply deficit of about 50 million pounds annually, with demand expected to rise 28% by 2030 and potentially double by 2040. Growing power needs from AI are adding unaccounted pressure, while the 10–20-year timeline for new projects underscores the urgency to expand supply.
“The United States wants to be able to source its own fuel from ourselves and that’s why we are developing a uranium strategy”
— Jennifer Granholm, the U.S. Energy Secretary1
- https://www.reuters.com/markets/us/us-developing-domestic-uranium-strategy-energy-secretary-2022-10-26/
- https://www.congress.gov/bill/118th-congress/house-bill/1042
- https://www.morganlewis.com/pubs/2025/07/the-impact-of-the-one-big-beautiful-bill-act-on-nuclear-tax-incentives
- https://www.nuclearbusiness-platform.com/media/insights/tech-giants-are-investing-billions-in-nuclear
U.S. Response
- 2020: The U.S. forms the US Strategic Uranium Reserve to develop a >20Mlb uranium stockpile
- 2023: The Nuclear Fuel Security Act passes to ensure funding for domestic sources of supply
- 2024: House passes bill “Prohibiting Russian Uranium Imports Act” 2
- 2025: “One Big Beautiful Bill Act”: Preserves and enhances nuclear tax credits, Extends construction windows for new nuclear projects to 2033, Prioritizes “energy dominance” in domestic fuel production, and Incorporates aid for U.S.‑based uranium supply chains3
- 2025: Major tech firms’ U.S.-based nuclear contracts underscore need for secured supply chains and domestic uranium sources4
The Perfect Storm for Uranium & Nexus’ Strategic Positioning
AI Revolution + Nuclear Renaissance + Supply Constraints = Unprecedented Uranium Demand
- Tech sector capital flows ($500B+ committed) accelerating nuclear deployment
- First commercial SMR-powered data centers coming online by 2030
- Nexus poised to capitalize on the US demand resurgence with a portfolio of four US project that are all potentially ISR-amenable anchored by the resource-stage Chord project in South Dakota (2.75Mlb e U3O8 Inferred Resource)
