Based on the September 30, 2026 month-end spot price of $89.63/lb U3O8 (Cameco, UxC/TradeTech average). Not a retail price.
Uranium price converter
Uranium units explained
- lb U3O8 — the market standard. Mine output, spot and term prices and futures all use US dollars per pound of triuranium octoxide.
- kgU / tU — kilograms or tonnes of uranium metal equivalent. Used for production statistics (World Nuclear Association, IAEA) and conversion services. U3O8 is about 84.8% uranium by mass, so 1 kgU = 2.5998 lb U3O8 and 1 tU = 2,599.8 lb U3O8.
- Short tons and metric tonnes — 1 metric tonne U3O8 = 2,204.6 lb U3O8.
Example: Kazakhstan produced 23,270 tU in 2024 (World Nuclear Association). That is about 60.5 million lb U3O8, worth roughly $5.4 billion at $89.63/lb.
What does reactor fuel cost?
Natural uranium contains only 0.711% of the fissile isotope U-235. To make one kilogram of typical light-water reactor fuel enriched to 4.5% U-235 you need roughly 9.2 kg of natural uranium (about 24 lb U3O8, with 0.25% tails) plus about 6.9 separative work units (SWU) of enrichment, conversion to UF6 and fuel fabrication. Each step is priced separately, so finished fuel costs many times the value of the U3O8 it contains — yet the raw uranium is still a small share of the cost of nuclear electricity.
Can you buy uranium?
Not physically, as an individual: U3O8 is a controlled nuclear material stored at licensed conversion facilities. Investors gain exposure through physical uranium funds (Sprott Physical Uranium Trust, Yellow Cake plc), COMEX uranium futures, or uranium mining stocks and ETFs — see our uranium ETF guide and uranium stocks list.
FAQ
How much is 1 kg of uranium worth?
At $89.63/lb U3O8 (Sep 2026), one kilogram of U3O8 is worth about $197.60, and one kilogram of contained uranium (kgU) about $233.02. Enriched reactor fuel costs far more because of conversion, enrichment and fabrication.
How much does 1 gram of uranium cost?
About $0.20 for a gram of U3O8 at the Sep 2026 spot price (roughly $1.98 for 10 grams). Individuals cannot legally buy bulk uranium; small mineral samples sold to collectors are priced as specimens, not by uranium content.
How much is uranium worth per ounce?
About $5.60 per ounce (avoirdupois) of U3O8 at $89.63/lb. Uranium is not priced in troy ounces like gold; the industry unit is the pound of U3O8.
Why is uranium so cheap compared with gold if it is so powerful?
Uranium is about 40 times more abundant than silver in the Earth’s crust and is mined at industrial scale (around 60,000 tonnes a year). One kilogram of natural uranium, enriched and burned in a reactor, releases about as much energy as 20 tonnes of coal, which is why fuel is a small part of nuclear power costs.
Values are simple unit conversions of a month-end spot indicator and are for information only. Not investment advice.