Uranium futures have climbed above $82 per pound, reaching their highest levels since mid-2024. This increase is driven by stronger demand from datacenters and increased purchasing activity by physical funds. In the United States, regulatory requirements for building and permitting uranium converters and enrichers have been relaxed. In addition, the government has announced new agreements for constructing power plants, including a collaboration with Cameco for the development of Westinghouse reactors, and new contracts totaling $2.7 billion with Centrus and two other reactor and enrichment companies. This is part of a strategy to compensate for the disrupted supply caused by sanctions on Russian nuclear fuel. The expectation of heightened sector investment, fueled by governmental efforts to boost energy security and commitments to finance energy-intensive datacenters, has further stimulated interest from physical uranium funds. Notably, Sprott's physical uranium fund, the world's largest, has expanded its holdings by acquiring an additional 100,000 pounds of yellowcake.