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February 09, 2026
📊 This Week in Uranium
Spot Price: $94.28/lb — highest since February 2024
Weekly Change: -2.77% (futures declined from $99.27/lb to $96.50/lb on Feb 2)
Momentum: Consolidating after January's surge; elevated prices held firm despite profit-taking as positive industry developments provided support
🟢 1. Uranium Prices Reach 2-Year High at $94.28/lb
Uranium spot prices surged to $94.28 per pound by the end of January, marking the highest price since February 2024. The momentum carried into early February as futures prices remained elevated at $96.50 per pound on February 2. Over the past month, uranium prices have increased by 17.68 percent and are now 32.55 percent higher than the same period last year.
Key facts:
Spot price reached $94.28/lb—highest since February 2024
Futures at $96.50/lb on February 2
17.68% gain over past month
32.55% higher year-over-year
Why it matters: Persistent supply tightness and growing policy support continue to drive institutional buying and investor confidence in the sector's long-term fundamentals.
Sources:
Trading Economics: https://tradingeconomics.com/commodity/uranium
🟢 2. Hungary's Paks II Officially Enters Construction Phase
On February 5, 2026, first concrete was poured for the foundation of Hungary's Paks II nuclear power plant, marking the official transition to "under construction" status per International Atomic Energy Agency standards. The ceremony was attended by IAEA Director General Rafael Grossi, Hungarian Foreign Minister Peter Szijjártó, and Rosatom CEO Alexey Likhachev.
Key facts:
First concrete poured for Unit 5 foundation on February 5
Project officially designated "under construction" by IAEA standards
Two VVER-1200 reactors, 1.2 GW each
€12.5 billion project cost
Expected operational by early 2030s
Why it matters: Represents Europe's largest active nuclear new-build project and signals strong commitment to nuclear energy expansion despite geopolitical challenges.
Sources:
🟢 3. BWXT Reports "Significant Progress" on TRISO Fuel for Antares Reactor
BWX Technologies announced on February 5 that TRISO nuclear fuel production for Antares Nuclear is progressing on schedule to meet the July 4, 2026 target date for reactor criticality under the DOE's Reactor Pilot Program. Fuel fabrication began in October at BWXT's Lynchburg Specialty Fuels Fabrication facility and is on track for timely completion.
Key facts:
TRISO fuel fabrication on track for July 4 deadline
Fuel will be shipped to Idaho National Laboratory
Built on established manufacturing foundation from Project Pele
BWXT producing HALEU feedstock
Supporting DOE's executive order goals for advanced reactor testing
Why it matters: TRISO fuel is critical for advanced reactor designs and represents a key supply chain component for the emerging commercial nuclear sector.
Sources:
🟢 4. Multiple SMR and Advanced Reactor Partnerships Announced
The nuclear industry saw a flurry of contract signings and strategic partnerships during the first week of February, including deals from Terra Innovatum, Rolls-Royce SMR, Oklo, and others advancing small modular reactor deployment across multiple countries.
Key facts:
Terra Innovatum & Uvation: Letter of intent for deploying 1-MWe Solo reactor for AI/data center support, with option to scale to 100 MWe
Oklo & Siemens Energy: Supply chain contract for Aurora Powerhouse sodium-cooled reactor power conversion system at Idaho National Laboratory
Rolls-Royce SMR & Czech Republic: MOU deepening cooperation on SMR implementation with ČEZ for 3 GW capacity
Equinix & Stellaria: Preorder agreement for Stellarium molten salt reactor deployment beginning 2035
Arbor Halides: Secured NRC materials license for uranium and thorium fuel salt development for molten salt reactors
Why it matters: Demonstrates accelerating commercialization timeline for advanced nuclear technologies with major industrial and tech sector interest in nuclear power for data centers and grid support.
Source:
ANS Nuclear Newswire Industry Update: https://www.ans.org/news/2026-02-04/article-7704/industry-update-february-2026/
🟢 5. DOE Uranium Recovery Program Restarts at South Carolina Site
The Department of Energy announced it is restarting uranium recovery operations at the Savannah River Site in South Carolina on February 4 to support U.S. energy independence goals. This initiative aims to reduce domestic dependence on foreign uranium supplies and strengthen the domestic nuclear fuel supply chain.
Key facts:
DOE restarting uranium recovery at Savannah River Site
Part of broader U.S. strategy to reduce import dependence
Supports energy security objectives
Complements other DOE uranium enrichment and conversion initiatives
Related to broader regulatory streamlining for uranium infrastructure
Why it matters: Represents direct government action to bolster domestic uranium supply capacity amid rising demand from both traditional reactors and new advanced reactor deployments powered by AI data center demand.
Source:
📈 Market Consolidation Amid Positive Fundamentals
After January's strong surge to over $100/lb, uranium prices consolidated in early February at elevated levels. While spot prices remained near 2-year highs, futures prices retreated slightly, reflecting profit-taking. However, the steady stream of positive industry developments—construction milestones, supply chain deals, and government support—provided underlying support for prices during the pullback.
That's it for this week. More next Sunday.
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