Cameco (CCJ)

Uranium + nuclear fuel leader (Cameco) — fuel for the nuclear-powered AI buildout

AI exposure 14% — derived from reported segment revenue, not asserted.

Where it sits

Energy Supply & Critical Minerals → Uranium & Nuclear Fuel · figures rebased to Q2 2026, reported 2026-07-31

Uranium is 81.2% of revenue (C$659M in Q2 2026) and fuel services the remaining 18.8% — Cameco mines, refines and converts nuclear fuel, which is what this sub-tier holds. Its 49% Westinghouse interest is EQUITY-accounted and contributes no revenue line, so it no longer carries an SMR tag: placement rule 3 requires a visible feeder business, and an equity stake is not one. Westinghouse filed confidentially for an IPO in July 2026.

Reported segments

• Uranium — 81.2% of revenue
• Fuel Services — 18.8% of revenue

Cameco (C$814M Q2 2026 revenue, -7% YoY; gross profit C$190M, -26%). Uranium 81.2% (C$659M — sales volume down 18% to 7.1M lb but the average realized price up 18% to US$67.79/lb) = primary B4 Uranium & Nuclear Fuel; Fuel Services 18.8% (C$152M at C$41.67/kgU, +13%). Westinghouse is a 49% EQUITY-accounted interest and contributes no revenue line — its adjusted EBITDA of C$163M (Cameco's share) fell 54% on the absence of the Dukovany construction contribution, and it filed confidentially for an IPO in July. The prior model carried Westinghouse as 15% of revenue, which double-counted an equity…

How the 14% is built

• Uranium — 81.2% of revenue × 15% AI-driven (disclosed). Uranium fuels the nuclear plants being contracted to power data centres, but the pounds are sold under long-term utility contracts rather than to AI buyers
• Fuel Services — 18.8% of revenue × 10% AI-driven (disclosed). Conversion and fabrication services follow the same reactor fleet

Investment read

Moat. Top-tier uranium reserves + low-cost mines + the Westinghouse stake (fuel + reactor services); a vertically-integrated nuclear-fuel champion.

Bottleneck / pricing power. Strong and demonstrably rising pricing power: new market-related contracts carry floors in the high-$70s/lb and ceilings around $160/lb, both escalated, against a ~230Mlb uranium and 83M kgU UF6 contract book with 5-year commitments averaging >28Mlb/yr. Cameco also withholds ~4-5Mlb/yr of licensed McArthur River capacity as a call option on higher prices. Realised prices lag spot because much of the book was contracted before the cycle peaked.

Role in the AI stack. The uranium + nuclear-fuel + reactor-services layer.

Connected companies

• Constellation Energy (CEG) — CCJ supplies: uranium + fuel services
• Mirion Technologies (MIR) — CCJ is supplied by: detection/measurement across nuclear fuel cycle
• Centrus Energy (LEU) — CCJ competes with: Adjacent fuel-cycle stages (Cameco mining/conversion vs Centrus enrichment/HALEU); direct overlap only via Cameco's GLE enrichment stake
• Energy Fuels (UUUU) — CCJ competes with: Both uranium producers, though very different scale — Cameco global tier-one vs Energy Fuels small US producer
• Vistra (VST) — CCJ supplies: uranium/fuel for Vistra nuclear fleet
• Oklo (OKLO) — CCJ competes with: Advanced microreactor overlap — Oklo (Aurora) vs Westinghouse eVinci, to which Cameco has only indirect 49% exposure
• NuScale Power (SMR) — CCJ competes with: SMR design overlap — NuScale VOYGR vs Westinghouse, to which Cameco has indirect 49% exposure
• Talen Energy (TLN) — CCJ supplies: uranium/fuel for Talen nuclear (Susquehanna)
• BWX Technologies (BWXT) — CCJ competes with: Partial microreactor overlap — BWXT (Project Pele) vs Westinghouse eVinci; Cameco's exposure is indirect (fuel + 49% Westinghouse)

Others in Uranium & Nuclear Fuel

• Centrus Energy (LEU)
• Energy Fuels (UUUU)

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