Centrus Wins $900M DOE Contract, Plans First HALEU Cascade in 2029
Centrus Energy won a $900 million DOE task order to fund Piketon U.S. enrichment expansion, targeting HALEU capacity ramp-up with first cascade online in 2029 and 12 metric tons production. The company holds a $3.8 billion backlog as SWU spot prices hit record highs and shares slumped over 20%.
1. DOE Task Order Secured
Centrus Energy received a $900 million task order from the U.S. Department of Energy in January 2026 to fund HALEU enrichment expansion at its Piketon facility. This milestone-based procurement agreement supports new centrifuge manufacturing and limits equity dilution by providing milestone-based funding.
2. Piketon Expansion and HALEU Ramp-up
The company is advancing a multi-billion-dollar upgrade of its 150,000-square-foot Piketon site, aiming to bring its first new enrichment cascade online in 2029. Over time, Centrus plans to scale up to roughly 12 metric tons of annual HALEU production to supply advanced reactors.
3. Market Tightness and Pricing
Global separative work unit spot prices reached record highs in Q4 2025 due to structural tightness in the uranium enrichment market. Western utilities’ shift from Russian enrichment services and new reactor builds are driving demand for domestic capacity.
4. Financial Outlook and Share Performance
Centrus holds a $3.8 billion backlog across its enrichment and fuel production contracts, backed by federal initiatives and customer offtake agreements. The stock has slumped over 20% following broader uranium sector volatility, reflecting near-term execution risks.