As Big Tech bets on nuclear power, startup Uranium Digital raises $16.5 million to modernize uranium trading

As the AI boom fuels the demand for energy-intensive data centers, nuclear power is gaining attention—and with it, the need for the uranium that fuels reactors. Traditional commodity markets for most goods, including uranium, have remained manual. To modernize this antiquated system, New York-based startup Uranium Digital is bringing uranium trading onto the blockchain.

The company recently raised $16.5 million in a Series A funding round to expand its electronic trading platform, with blockchain tracking the ownership of the material stored in a facility. Uranium Digital's CEO and co-founder, Alex Dymala-Dolesky, aims to build the technical infrastructure akin to traditional financial trading of gold, oil, and gas.

Notably, major tech firms like Amazon, Meta, and Google have recently announced partnerships with nuclear reactor developers, all of which will require uranium. The startup's innovative approach seeks to streamline uranium trading not only for investors seeking price exposure but also for miners and utilities that need to secure fuel.