NexGen Energy (TSE: NXE) has held preliminary talks with data center operators about financing its flagship uranium project in Saskatchewan, Canada, as AI infrastructure demand pushes tech companies to secure long-term nuclear fuel supply.
CEO Leigh Curyer disclosed the discussions on Wednesday at a Melbourne Mining Club event. “It’s coming. You’ve seen it with automakers. These tech companies, they’re under an obligation to ensure the hundreds of billions that they are investing in the data centers are going to be powered,” Curyer told reporters. He declined to name the companies involved.
NexGen is developing the Rook I project in Saskatchewan’s Athabasca Basin, which the company says could supply more than a fifth of global uranium demand. Full government approval is expected by June, with production targeted for 2030.
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NexGen stock climbed 3.6% on Wednesday following the revelation, and is up over 18% year to date.
The International Energy Agency projects average annual electricity demand growth of 3.6% between 2026 and 2030, driven in part by data centers and AI. Uranium prices currently trade around $88 a pound.
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