Big Tech Turns To Uranium As Data Center Power Demand Soars

Big Tech is considering supporting new uranium mining projects as companies need additional reliable power capacity for their huge data center expansion, according to the top executive of Canadian uranium miner NexGen Energy.     

“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 centres are going to be powered,” NexGen Energy’s CEO Leigh Curyer said at a Melbourne Mining Club luncheon on Wednesday, as carried by Reuters.

As OilPrice reports, NexGen Energy, which is developing Canada’s largest uranium project, Rook I in Saskatchewan, has held early talks with technology companies over potential financing from data center developers, Curyer said.   

The uranium developer has also discussed long-term uranium supply with data center firms.

Yet, potential funding or supply deals will not involve any changes to the control of NexGen Energy, the chief executive told Reuters.  

Global electricity demand increased by 3% annually in 2025, following growth of 4.4% in 2024, the International Energy Agency (IEA) said in its recent Electricity 2026 report.

Between 2026 and 2030, the annual average growth rate would be 3.6%, driven by higher consumption from industry, electric vehicles (EVs), air conditioning, and data centers, according to the agency.

Artificial intelligence, data centers, and advanced manufacturing support the return to growth in power demand in advanced economies, the IEA said.

U.S. electricity demand rose by 2.1% in 2025 and is expected to grow by nearly 2% annually through 2030. The rapid expansion of data centers will drive half of the increase, the agency noted. 

The U.S. is backing nuclear power generation to help meet rising electricity demand.

Nuclear energy will be one of the winners of the U.S. AI and data center boom, as Microsoft and other hyperscalers have been looking to purchase zero-carbon electricity to power up their data centers, which are consuming growing amounts of electricity.