Daily Nuclear & Uranium Market Recap
2/24/26
Daily Nuclear & Uranium Market Recap
Tuesday, February 24, 2026
Market Overview
A broad risk-on session across the nuclear and uranium complex, with 22 of 24 tracked names closing green and several posting 4%+ gains. Uranium futures (UXA front month) settled at $88.92/lb today, down 0.53% on the session, pulling back modestly from the $89.40 level as the February contract rolled past first notice. The futures curve has traced a dramatic path in February: from $99.30 on Feb. 1 to a $85.21 low on Feb. 9, recovering to $89.40 by Feb. 23 before today’s minor pullback. The uranium spot market closed last week at $89.50/lb per Uranium Spotlight, with the long-term contract price continuing its steady grind higher, an important signal of structural tightening underneath the volatile spot tape.
Key Equity Movers, Winners
NuClear (NKLR) closed at $4.80, +9.59% on 402.4K shares, the day’s top performer. Thinly traded but catching a bid alongside the broad nuclear rally.
Energy Fuels (UUUU) closed at $22.75, +8.23% on 10.9M shares, the highest-volume move of the day among uranium producers. UUUU reports Q4 earnings on Thursday, February 27, and Nasdaq previewed expectations of a wider Q4 loss with revenues declining 32% on weaker realized uranium prices. Despite the earnings headwind, the market is pricing in the strategic value of UUUU’s debt-free balance sheet, ramping uranium production, and its planned acquisition of Australian Strategic Materials to build a vertically integrated U.S. rare earth supply chain.
NuScale Power (SMR) closed at $13.38, +6.19% on 24.5M shares, a sharp dead-cat bounce after three sessions of litigation-driven selling that took the stock from $14.55 to $12.50. Range: $13.37 to $13.38, closing at the highs. The securities fraud overhang remains with the April 20 lead plaintiff deadline, but today’s volume suggests short-covering drove the move.
Constellation Energy (CEG) closed at $311.72, +6.10% on 4.6M shares, breaking back above $310 and printing a new multi-week high. Range: $311.72 to $311.99, a strong close near the top.
NexGen Energy (NXE) closed at $12.91, +4.20% on 7.2M shares, rallying as the broader Athabasca Basin complex (DNN, NXE) continued to attract institutional flows post-DNN’s CNSC approval.
Nano Nuclear Energy (NNE) closed at $25.50, +4.34% on 1.3M shares, bouncing with SMR after Monday’s sympathy selloff.
Bloom Energy (BE) closed at $166.31, +3.76% on 11.0M shares, its second consecutive rally as the AI power demand narrative continues to drive outsized flows into the name.
Denison Mines (DNN) closed at $4.29, +2.39% on 38.6M shares, the fourth consecutive session above 38M shares. DNN broke above the Roth MKM $4.25 target, closing at $4.29, with an intraday high of $4.36. Cumulative volume since the CNSC approval is now 180M+ shares in five sessions.
Cameco (CCJ) closed at $121.70, +2.48% on 3.5M shares, reclaiming the $121+ level and sitting near the top of its three-week $112 to $122 range. MarketBeat highlighted CCJ as up 135% over the past year.
Centrus Energy (LEU) closed at $206.98, +2.98% on 711.7K shares, reclaiming $207 after Monday’s dip below $200.
Key Equity Movers, Laggards
Skillful Craftsmen (SKBL) closed at $3.00, down 3.54% on 96.4K shares, the only meaningful decliner. Micro-cap noise on negligible volume.
NuScale AI (NUAI) closed at $5.03, down 1.37% on 3.2M shares, giving back a portion of Monday’s +7.79% gain.
Catalysts & Headlines
BWX Technologies (BWXT) Q4 Earnings Beat, Raises 2026 Guidance BWXT reported Q4 earnings of $1.08/share, up 17.4% YoY, beating analyst estimates, with revenue also surpassing projections. The company issued an optimistic 2026 forecast, reinforcing its position as the primary supplier of nuclear reactors to the U.S. Navy. Cathie Wood’s ARK Invest sold BWXT shares on Monday ahead of the print, yet the stock rallied +2.99% today to $204.31 on 1.4M shares, a buy-the-dip reaction.
Kazatomprom Calls Extraordinary Meeting for Major India Deal Uranium Spotlight reported that Kazatomprom has called an extraordinary shareholder meeting to approve a significant uranium supply agreement with India. This is a major demand-side catalyst: India is rapidly scaling its nuclear fleet and becoming a price-insensitive buyer alongside China. Any long-term offtake from Kazatomprom to India further constrains available supply for Western utilities.
Amazon Secures First Nuclear Fuel License in 50 Years Benzinga reported that Amazon has obtained a nuclear fuel license, the first in half a century, breaking a key bottleneck for deploying SMRs and restarting the HALEU supply chain. This is a significant validation of Big Tech’s commitment to nuclear-powered AI infrastructure and directly benefits LEU, OKLO, and the broader advanced reactor ecosystem.
“Burgeoning Supercycle” Framing FN Arena published a uranium week recap titled “Burgeoning SuperCycle,” noting that recent spot price signals underscore volatility and upside risks against a growing future supply deficit. The piece emphasized that the long-term contract price grind higher is the more important structural signal than day-to-day spot moves.
SEQH Desk View
Today was the most uniformly bullish session for the nuclear complex since Feb. 9’s +5% rally, with 22 of 24 names green and the average move north of +3%. The breadth of the bid, from upstream miners (UUUU +8.23%, DNN +2.39%, CCJ +2.48%) to advanced reactors (SMR +6.19%, NNE +4.34%, OKLO +2.84%) to power-gen (CEG +6.10%, VST +2.43%), signals that new capital is entering the sector, not just rotating within it.
The Kazatomprom-India deal is the most structurally significant headline today. India joining China as a long-term, price-insensitive buyer of Kazakh uranium further constrains the supply available to Western utilities. This is exactly the kind of demand-side tightening that Sprott and the Oregon Group have been flagging: the 2.1 billion lb uncovered requirement through 2040 just got harder to fill.
UUUU’s +8.23% move ahead of Thursday’s Q4 earnings is notable. The Street expects a wider loss on 32% revenue decline, yet the stock ripped higher. The market is looking through near-term earnings noise and pricing the strategic value of UUUU’s domestic uranium production ramp and rare earth diversification. If management guides constructively on Thursday, UUUU could retest the February highs near $23.
DNN at $4.29 has now cleared Roth’s $4.25 target and traded as high as $4.36 today. With 180M+ cumulative shares traded in five sessions post-CNSC approval, the institutional accumulation phase appears to be transitioning into a breakout setup. A weekly close above $4.30 would be technically significant.
CCJ at $121.70 is testing the top of its three-week range. A clean break above $122 on volume opens the door to the January highs near $130. The bellwether confirming a breakout would likely pull the entire miner complex higher.
The long-term contract price grind remains the most important data point that nobody is talking about. Spot gets the headlines, but utilities signing multi-year deals at steadily higher prices is what drives the fundamental re-rating of producers. The “burgeoning supercycle” framing is earned.
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