Shares of Kazatomprom, the world’s largest uranium producer, continue to reach new highs, driven by surging demand for reliable electricity and a constrained global supply of uranium, according to financial consultant Daur Imanmadirov.
On Jan. 20, 2026, Kazatomprom shares on the Kazakhstan Stock Exchange rose to 37,600 tenge ($74) per share, up by 4.44%.
The stock has gained for 11 consecutive trading sessions. Since the beginning of the year, shares are up 34%, rising from 28,100 tenge to current levels.
Renewed focus on nuclear energy
Imanmadirov said investors are reassessing nuclear power as a critical component of global energy security.
«Many countries no longer view nuclear energy as a technology of the past,» he said in comments to Kursiv.media. «The market has once again realized that without nuclear power there can be no stable electricity, and uranium is a scarce resource.»
He added that demand is also being fueled by the rapid development of artificial intelligence and the expansion of data centers, both of which require large volumes of uninterrupted power.
As a result, new nuclear power plants are being built across the U.S., Europe and Asia, while the operating lives of existing reactors are being extended. At the same time, governments are increasing strategic uranium fuel reserves.
Production growth and valuation appeal
Against this backdrop, Kazatomprom appears particularly attractive to investors. In the first nine months of 2025, the company increased uranium production by 12% to 8,700 tons, while sales rose 10% to 12,700 tons.
Imanmadirov also pointed to the company’s valuation, noting that Kazatomprom trades at a significant discount to Western peers based on standard market multiples.
«Its main competitor, Cameco, is more expensive despite producing lower volumes,» he said.
Uranium prices add momentum
Rising uranium prices are further supporting the stock’s rally. February uranium futures on the Chicago Mercantile Exchange were trading at $85.25, up about 4.4% since late 2025.
