U.S. uranium production reached its highest level since 2017, climbing to 2.1 million pounds in 2025 and 2.13 million pounds during the first half of 2026, according to data from the Energy Information Administration. Second-quarter output increased 4.7% to 1.09 million pounds as six facilities operated across Wyoming, Texas and Utah. However, despite this substantial growth, domestic production remains minimal relative to national consumption patterns.
U.S. nuclear utilities purchased 46.9 million pounds of uranium in 2025, while domestic facilities supplied only 2.1 million pounds of that total. Uranium of domestic origin accounted for just 7% of deliveries to operators, with Canada, Kazakhstan and Australia providing a combined 75% of imports. The nation’s operating in-situ recovery plants maintained annual capacity of 13.3 million pounds at year-end 2025, though actual production fell significantly short of this figure.
The surge in domestic activity reflected substantial investment commitments. Exploration drilling increased two-thirds to 1.02 million feet in 2025, while spending on land, drilling, production and reclamation rose 47% to $234.7 million, marking the highest expenditure level since 2014. Seven additional proposed plants carried combined planned capacity of 10.5 million pounds, with five facilities on standby at year-end 2025.
Despite operational expansion, uranium equity prices declined significantly. The Sprott Uranium Miners ETF fell 45% from a January peak of $84.95 to $46.82 by late July, recovering to $56.81 by month-end August before declining 3.8% on September 1. The Global X Uranium ETF traded near $59 in late April, fell below $38 in July and ended August at $45.51. Individual producers including Cameco, Uranium Energy, NexGen Energy and Denison Mines traded 20% to 35% below their 2026 peaks in early September.
Market observers attributed stock weakness to timing mismatches between contract cycles and spot price movements. Long-term contracts accounted for 87% of uranium delivered to U.S. operators in 2025 at an average price of $55.91 per pound, while spot purchases averaged $76.01. U.S. utilities anticipated requirements approaching 360 million pounds through 2035, with existing contracts covering 174 million pounds and leaving 186 million pounds uncovered. Utilities held 118 million pounds in commercial inventories at year-end 2025, sufficient for approximately three years of reactor loading.
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