Uranium ETFs Post 62% Gains as DOE Loans Anchor Westinghouse Reactor Pipeline
A $17.5 billion conditional DOE loan package and data-center power projections are driving sustained inflows into nuclear and uranium equity funds.
The Global X Uranium ETF (URA) traded at $45.25 on Thursday (2026-08-13), essentially flat on the session. Over the 12 months through June (2026-06-01), the fund had returned 62%, making it one of the stronger-performing commodity funds in that window, according to research published at that time.2
The sustained gains reflect real shifts in the power demand outlook. The U.S. Department of Energy projects data centers will account for up to 12% of U.S. electrical demand by 2028, with Lawrence Berkeley National Laboratory estimating the range at 6.7% to 12% of total annual consumption. That is a load intermittent renewables cannot meet on their own.2
Nuclear plants run at a capacity factor of roughly 92%, per DOE data — about 1.5 times higher than natural gas and four times that of solar. For technology companies signing long-term power purchase agreements, firm baseload capacity commands a premium that variable generation cannot easily replicate.5
The DOE backed that argument with money. It conditionally committed $17.5 billion in loans to fund up to 10 Westinghouse AP1000 reactors, a package that has not yet been formally disbursed.5
Cameco holds a 49% stake in Westinghouse Electric Company, with Brookfield Renewable Partners owning the remaining 51%. The company operates some of the highest-grade uranium mines in the world from its base in the Athabasca Basin in Canada, and has locked in delivery commitments averaging 28 million pounds annually through 2030. That contracted volume insulates revenue from near-term spot price swings.5
First-quarter 2026 results were uneven on the surface. Cameco revenue of $606.3 million missed consensus by 26%, and earnings per share of $0.33 came in just below the $0.34 estimate. But Westinghouse's adjusted EBITDA rose 33% in the same quarter, and adjusted net earnings at that unit nearly tripled to $145.59 million. The reactor services business outran the mining segment.3
Cameco's equity was down 31% from its 52-week high as of early August (2026-08-05); Motley Fool characterized the pullback as an entry point given the company's locked-in supply contracts through 2030.5
Constellation Energy sits on the demand side. The largest nuclear power operator in the United States, it controls 22 gigawatts of capacity across 14 generating stations and supplies roughly 10% of U.S. clean, carbon-free electricity. Operating as a merchant, Constellation's economics are tied directly to power prices. The EIA expects U.S. residential electricity prices to rise 5% in 2026, a trend that favors dispatchable nuclear over variable alternatives.5,2
Three fund structures dominate the investable universe. URA provides the deepest liquidity, concentrating on uranium miners. The Range Nuclear Renaissance Index ETF (NUKZ) targets reactor operators and small modular reactor developers; it was near $72 with a 14% year-to-date gain and a 42% one-year return as of June (2026-06-01), trailing URA on raw returns but more concentrated on the infrastructure side. VanEck's NLR blends regulated utilities with miners, limiting both upside and volatility.2
A fourth option, the Uranium & Nuclear ETF (URAN), offers targeted exposure to Japanese and South Korean reactor builders at lower cost than the larger funds. Both countries are actively rebuilding their nuclear programs after the political retrenchment that followed Fukushima, and both carry reactor export ambitions that add an international dimension to the trade.1
That international dimension sharpened on July 22 (2026-07-22), when President Trump announced a deal to allow Saudi Arabia to enrich uranium for civilian nuclear power plants. Congress had not yet approved the agreement as of early August (2026-08-01). Critics cited the Saudi-Iran rivalry as a proliferation risk; supporters argued the deal could open a substantial new market for U.S. reactor technology and fuel services.4
Congressional action on that enrichment deal remains the next concrete test for the uranium and reactor equity complex. Approval would expand the addressable market for Westinghouse and allied fuel suppliers; rejection would leave the Saudi program open to bids from Russian and Chinese competitors.4