Uranium8 Jul 2026 10:00
VERY VERY specific references to DISA and Red Basin (Myriad Subatomic) narrative
https://app.dealroom.co/news/note/goldman-forecasts-a-2-3bn-lb-uranium-deficit-to-2045-and-a-new-class-of-capital-is-chasing-it
Goldman forecasts a 2.3bn lb uranium deficit to 2045 — and a new class of capital is chasing it
● 3 days ago
Goldman forecasts a 2.3bn lb uranium deficit to 2045 — and a new class of capital is chasing it
Goldman Sachs forecasts a cumulative uranium supply deficit of roughly 2.3 billion lb U₃O₈ between 2025 and 2045, with the gap widening from ~366m lb over 2025–2035 to ~1,079m lb by 2040 and ~2,332m lb by 2045 (Goldman Sachs Global Investment Research, July 2026). The structural shortfall reflects surging electricity demand — led by AI data centres and electrification — colliding with years of underinvestment in new mine supply and a concentrated, geopolitically exposed production base.
Why it matters for producers. A multi-decade deficit of this scale underpins a constructive long-run price backdrop for primary uranium miners and developers. Established producers and near-term developers — including Cameco, Orano, NexGen Energy, Denison Mines, Uranium Energy, enCore Energy and Ur-Energy — are the incumbents best positioned to close it, several of them scaling low-cost in-situ recovery (ISR) capacity in the US and Athabasca Basin.
A new class of capital is entering the fuel cycle. The deficit thesis is drawing technology and venture investors upstream into the raw material and fuel supply chain, not just reactors. Standard Nuclear raised a $140m Series A in January 2026 (Decisive Point, with Chevron Technology Ventures, StepStone and Andreessen Horowitz) to scale HALEU/TRISO fuel; General Matter, backed by Founders Fund with Peter Thiel on its board, is pursuing HALEU enrichment; and DISA Technologies (backed by Galvanize and BHP Ventures) is commercialising high-pressure slurry ablation for processing and legacy-mine remediation. Explorers such as Myriad Uranium have crystallised the trend, flipping a US deposit to Subatomic Industries — a mining-tech venture backed by 8VC and Overmatch Ventures — for a ~6x return in 2026.
The frontier. Beyond conventional mining, seawater uranium extraction — which could in principle tap ~4.5 billion tonnes of dissolved uranium — has seen notable 2025–2026 breakthroughs in electrochemical and MOF/COF adsorbent methods, though the work to date remains largely academic and state-backed rather than venture-funded, leaving an open white space for Western technology investors.
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