Amazon Invests in Nuclear Energy; Cameco and American Atomics Position for Supply Challenges
Amazon is investing significantly in nuclear power for its data centers, acquiring a 960 MW campus for $650 million. American Atomics is advancing its HALEU fuel strategy and developing a uranium mill, aiming to capture part of the growing U.S. nuclear fuel market amid supply shortages.
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Amazon has invested $650 million in a 960 MW data center campus near the Susquehanna Nuclear Power Plant and received approval for a 15-building expansion in 2024. The company reported $181.5 billion in revenue for Q1 2026, a 17% increase year-over-year, while free cash flow fell to $11.2 billion in 2025 due to substantial capital investments.
American Atomics is implementing its 'Rocks-to-Reactor' strategy, focusing on HALEU fuels with a recent acquisition of the Blue Streak project in Colorado. The project holds 29,000 short tons of uranium resources.
A uranium mill is in the permitting stage, and favorable market conditions may enhance American Atomics' position in the U.S. nuclear fuel market. Current market trends indicate a supply gap, pushing uranium prices above $100/lb, which could benefit both companies.
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