Centrus Energy Corp. (NYSE: LEU) stock moved sharply higher on December 19, 2025 after the company announced a milestone that goes well beyond a typical corporate update: it has begun domestic centrifuge manufacturing to support commercial low-enriched uranium (LEU) enrichment at its Piketon, Ohio site—an early, concrete step in a multi-year plan to rebuild U.S.-owned enrichment capacity. [1]
As of 15:34 UTC on December 19, LEU stock traded around $255, up roughly 11% on the session (after opening near $235 and ranging roughly between $230 and $257 intraday). The move underscores how tightly Centrus is tied to one of the market’s hottest energy narratives: the scramble to secure a non-Russian nuclear fuel supply chain.
What Centrus Energy announced on December 19, 2025
Centrus said it has started manufacturing centrifuges in the U.S. to support its planned expansion of enrichment operations at Piketon. The company framed this as the “commencement” of industrial-scale centrifuge manufacturing for commercial LEU enrichment and said new enrichment capacity is expected to come online in 2029. [2]
A few details from the announcement matter for investors because they map directly onto the bull case for Centrus Energy stock:
- $2.3 billion in contingent LEU sales backlog: Centrus says its expansion is aimed at serving a $2.3 billion backlog of contingent LEU sales to U.S. and international customers—important visibility, but not the same thing as fully locked-in revenue because the agreements depend on the company hitting milestones tied to building the new capacity. [3]
- HALEU ambitions remain central: Alongside conventional LEU for today’s reactor fleet, Centrus reiterated that it is targeting future commercial-scale HALEU (high-assay low-enriched uranium) production—fuel widely viewed as critical for many next-generation reactor designs. [4]
- A funding “stack,” not a single bet: Centrus outlined multiple potential funding channels, including being a finalist for Department of Energy task orders (with DOE indicating they could be about $900 million per task order), private capital already raised, customer contracts/commitments, and even possible foreign investment. [5]
- Capital already raised + more optionality: The company highlighted $1.2 billion raised via convertible notes (Nov. 2024 and Aug. 2025), a cash balance above $1.6 billion as of Sept. 30, 2025, and the launch of a $1 billion at-the-market (ATM) offering—a reminder that future dilution is possible even as the balance sheet looks unusually liquid for a company in heavy buildout mode. [6]
The announcement was also filed with the SEC via an 8-K, reinforcing that management sees this as materially relevant to shareholders. [7]
Why this matters for LEU stock: the U.S. enrichment bottleneck is becoming investable
Uranium enrichment is the part of the nuclear fuel cycle where geopolitics, industrial capacity, and regulation collide—loudly.
In its release, Centrus emphasized that the last U.S.-owned, large-scale uranium enrichment plant shut down in 2013, leaving the U.S. heavily dependent on foreign suppliers. The company also pointed to the approaching policy backdrop: imports of Russian enriched uranium “completely banned starting in 2028,” which, if realized as expected, increases the urgency to stand up domestic capacity well before the end of the decade. [8]
Here’s the key translation for general-market investors: centrifuge manufacturing is the “factory floor” prerequisite for scaling enrichment. Building enrichment capacity isn’t like flipping a switch; it’s more like building a semiconductor fab—long lead times, specialized supply chains, and an unforgiving regulatory environment. So markets tend to react when a company moves from “plans and PowerPoints” to “we’re manufacturing the hardware.”
Jobs, facilities, and the tangible buildout narrative
Beyond the strategic angle, Centrus is leaning into the “real economy” footprint that often accompanies U.S. industrial policy tailwinds.
The company projects the enrichment expansion could support:
- 1,000 construction jobs and 300 new operating jobs in Ohio (while retaining 150 existing jobs at Piketon),
- hundreds of direct jobs at its centrifuge manufacturing plant in Tennessee,
- and thousands of indirect jobs across its supply chain. [9]
That matters because large federal funding programs and national-security procurement decisions often favor projects with visible domestic employment and manufacturing capacity.
Centrus also highlighted the national security angle, stating its AC100M centrifuge is the only U.S.-origin enrichment technology it describes as deployment-ready for missions that require U.S. technology, and noted an October indication of intent from the National Nuclear Security Administration related to LEU enrichment. [10]
Centrus Energy stock performance: a rocket ride, then a reality check, then today’s pop
Today’s rally is happening inside a stock that has already lived several lifetimes in 2025.
One widely circulated take published today noted that LEU began 2025 around $74, surged to a 52-week high around $464 in mid-October, then fell roughly 50% from that peak before today’s bounce—classic “nuclear trade” volatility. [11]
Another analysis published December 19 described Centrus as up about 210% year-to-date despite a sharp near-term pullback, arguing that the market may already be pricing in significant optimism. [12]
In other words: investors aren’t just reacting to enrichment news. They’re negotiating a constantly shifting question—how much future dominance is already in the price?
Analyst forecasts for Centrus Energy (LEU) stock: big spread, polarized conviction
If you want a clean, single-number “forecast” for LEU stock… the market is not in the mood to give you one.
A mainstream analyst-aggregation snapshot shows a “Moderate Buy” consensus, with an average 12‑month price target around $239, but a massive range: low near $104, high near $357. [13]
Meanwhile, analyst commentary cited in market recaps shows just how wide the debate is:
- Needham initiated coverage with a Buy rating and a $357 price target (per a December market recap). [14]
- UBS maintained a Neutral stance with a $245 target, with commentary flagging near-term challenges tied to SWU price dynamics (SWU = “separative work units,” a measure used in enrichment economics). [15]
- A separate note circulated today reiterated that Evercore ISI maintained an Outperform rating and referenced a $390 target, treating the centrifuge manufacturing start as confirmation of Centrus’ first-mover positioning. [16]
- Another “as of today” analyst snapshot referenced a Buy rating with a $299 price target as the most recent rating highlighted in its feed. [17]
What to do with this mess of numbers?
The spread usually signals that the Street is not arguing about next quarter’s EPS; it’s arguing about the shape of the next decade—how fast the U.S. rebuilds enrichment, how contracts convert from contingent to firm, what returns regulators will allow, and how much capital (and dilution) it takes to get there.
Valuation and sentiment: bullish thesis, nervous stomach
Several December 19 commentaries converged on the same tension:
- The strategic story looks strong, and the news flow supports it.
- The stock’s valuation and technical setup look stretched, especially after a huge run.
A valuation-focused analysis published today pegged an intrinsic value estimate around $215 per share using its DCF framework and noted Centrus trading at a P/E multiple in the high 30s, well above broader industry averages it referenced—suggesting the market is already paying up for the enrichment narrative. [18]
Separately, a market note today said analysts remain constructive long-term but highlighted that Centrus trades at a high earnings multiple and shows mixed technical signals, potentially limiting near-term enthusiasm even as the strategic backdrop improves. [19]
And one mainstream retail-investor piece published today argued the sell-off from October highs likely reflects a valuation “reset” across nuclear-themed stocks, while noting Centrus’ ongoing execution on DOE-linked HALEU work. [20]
The near-term and long-term catalysts for Centrus Energy stock
The December 19 announcement is a milestone—but it’s also a signpost on a long road. Here are the most market-moving checkpoints investors are likely to track next.
1) DOE funding decisions and task orders
Centrus says it is a finalist for DOE task orders for both LEU and HALEU, with DOE indicating they could be roughly $900 million per task order. Any award details—timing, scope, cost-share structure—could re-rate expectations quickly. [21]
2) Converting “contingent” backlog into firm revenue
The $2.3 billion backlog is meaningful, but it’s tied to milestones. The market will likely reward updates that clarify how much of that backlog becomes binding as capacity buildout progresses. [22]
3) Evidence of execution speed
Centrus says it began expanding manufacturing capacity in Tennessee in late 2024 and is already hiring, with first new production capacity expected in 2029. Investors will watch for incremental, verifiable “de-risking” updates: supplier readiness, facility upgrades, staffing, and regulatory progress. [23]
4) Capital strategy (and dilution risk)
The company highlighted a $1 billion ATM program alongside major cash on hand and prior convertible offerings. That gives flexibility—but the market may punish dilution if it’s perceived as unnecessary or poorly timed. [24]
5) Policy clarity on Russian uranium and U.S. industrial policy follow-through
Centrus explicitly pointed to a full ban on Russian enriched uranium imports “starting in 2028,” a policy-driven demand catalyst that will remain central to the narrative. [25]
Key risks investors should keep in frame
Nuclear fuel is not a “move fast and break things” business. It is, unfortunately for adrenaline-seeking traders, a “move carefully and document everything” business.
Some of the biggest risks implied by today’s news flow include:
- Timeline risk: “Capacity online in 2029” is far enough away for delays to happen the normal way (construction) or the exciting way (politics). [26]
- Funding and procurement risk: DOE and national-security procurement decisions can shift with budgets, administrations, and program priorities. [27]
- Contract risk: A backlog labeled “contingent” can shrink if milestones slip, customers change procurement plans, or competitors offer alternatives. [28]
- Valuation risk: Multiple analyses circulating today stress that LEU’s valuation already reflects major optimism, which can amplify volatility on any disappointment. [29]
Bottom line: Dec. 19’s news strengthens the strategic thesis—but the stock remains a high-volatility arena
Centrus Energy’s December 19 announcement is the kind of update that can change how investors handicap the company: not “talking about” domestic enrichment, but building the industrial capability needed to scale it. [30]
At the same time, forecasts and analyses published today show a market split between two instincts:
- This is a strategically positioned first mover in a U.S. energy-security rebuild.
- This is already priced like a future winner, leaving little room for execution mistakes.
For LEU stock, the next leg likely won’t be decided by vibes. It’ll be decided by documents: DOE awards, customer conversions, production milestones, and financing disclosures.
References
1. www.centrusenergy.com, 2. www.centrusenergy.com, 3. www.centrusenergy.com, 4. www.centrusenergy.com, 5. www.centrusenergy.com, 6. www.centrusenergy.com, 7. www.sec.gov, 8. www.centrusenergy.com, 9. www.centrusenergy.com, 10. www.centrusenergy.com, 11. www.fool.com, 12. simplywall.st, 13. www.marketbeat.com, 14. www.investing.com, 15. www.investing.com, 16. www.gurufocus.com, 17. www.tipranks.com, 18. simplywall.st, 19. www.tipranks.com, 20. www.fool.com, 21. www.centrusenergy.com, 22. www.centrusenergy.com, 23. www.centrusenergy.com, 24. www.centrusenergy.com, 25. www.centrusenergy.com, 26. www.centrusenergy.com, 27. www.centrusenergy.com, 28. www.centrusenergy.com, 29. simplywall.st, 30. www.centrusenergy.com
