# Who are Cameco's customers? Who does Cameco earn revenue from?
Canonical: https://valuechain.wiki/cameco · Facet: customers · Updated: 2026-07-12T03:46:43.252813+00:00 · Source: ValueChain.wiki (cited money-flow graph)

**Citable summary**: Cameco's confirmed revenue counterparties include Constellation Energy, Vistra, Talen Energy plus 2 undisclosed/aggregate relationships. Per the valuechain.wiki graph: 5 revenue edges, backed by 4 dated sources, 1 of them primary filings (as of 2026-07-12).

### 글로벌 원전·웨스팅하우스 (우라늄·연료서비스) (high)
- note: Uranium, conversion and enrichment fuel to nuclear plants worldwide, plus Westinghouse (49%) reactors and services.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-23) https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm: "Uranium, conversion and enrichment fuel to nuclear plants worldwide, plus Westinghouse (49%) reactors and services."
- [confirms] Carbon Credits (EN, research, published 2026-02-23) https://carboncredits.com/uranium-rally-lifts-cameco-stock-ccj-after-strong-2025-results/: "Uranium, conversion and enrichment fuel to nuclear plants worldwide, plus Westinghouse (49%) reactors and services."

### Constellation Energy (high)  → /constellation-energy.md
- note: Supplies uranium and fuel to nuclear generators like Constellation — downstream demand that rises as AI power needs drive reactor restarts.
- [confirms] SEC EDGAR (EN, filing, published 2026-02-23) https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm: "Supplies uranium and fuel to nuclear generators like constellation-energy."
- [confirms] Carbon Credits (EN, research, published 2026-02-23) https://carboncredits.com/uranium-rally-lifts-cameco-stock-ccj-after-strong-2025-results/: "Supplies uranium and fuel to nuclear generators like constellation-energy."

### Vistra (mid)  → /vistra.md
- note: Supplies uranium and fuel to nuclear generators like vistra.
- [confirms] Carbon Credits (EN, research, published 2026-02-23) https://carboncredits.com/uranium-rally-lifts-cameco-stock-ccj-after-strong-2025-results/: "Supplies uranium and fuel to nuclear generators like vistra."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-23) https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm: "Supplies uranium and fuel to nuclear generators like vistra."
- [confirms] The Deep Dive (EN, research, published 2026-02-23) https://thedeepdive.ca/cameco-2025-results-westinghouse-uranium/: "Westinghouse EBITDA +61%, uranium strength."

### Talen Energy (mid)  → /talen-energy.md
- note: Supplies uranium and fuel to nuclear generators like talen-energy.
- [confirms] Carbon Credits (EN, research, published 2026-02-23) https://carboncredits.com/uranium-rally-lifts-cameco-stock-ccj-after-strong-2025-results/: "Supplies uranium and fuel to nuclear generators like talen-energy."
- [confirms] SEC EDGAR (EN, filing, published 2026-02-23) https://www.sec.gov/Archives/edgar/data/0001009001/000119312525253372/d935274dex991.htm: "Supplies uranium and fuel to nuclear generators like talen-energy."

### NextEra Energy (mid)  → /nextera-energy.md
- note: Uranium and fuel to NextEra nuclear.
- [confirms] BIC Magazine (EN, news, published 2026-01-01) https://www.bicmagazine.com/industry/powergen/nextera-eyes-nuclear-power-expansion/: "Uranium and fuel to NextEra nuclear."

Reverse side: https://valuechain.wiki/cameco/suppliers.md · Ripple: https://valuechain.wiki/cameco/ripple.md

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Full node: https://valuechain.wiki/cameco.md · JSON: https://valuechain.wiki/cameco.json