Environmental impacts due to engineered nanomaterials arise both from releases of the nanomaterials themselves as well as from their synthesis. In this work, we employ the USEtox model to quantify and compare aquatic ecotoxicity impacts over the life cycle of carbon nanotubes (CNTs). USEtox is an integrated multimedia fate, transport, and toxicity model covering large classes of organic and inorganic substances. This work evaluates the impacts of non-CNT emissions from three methods of synthesis (arc ablation, CVD, and HiPco), and compares these to the modeled ecotoxicity of CNTs released to the environment. Parameters for evaluating CNT ecotoxicity are bounded by a highly conservative "worst case" scenario and a "realistic" scenario that draws from existing literature on CNT fate, transport, and ecotoxicity. The results indicate that the ecotoxicity impacts of nanomaterial production processes are roughly equivalent to the ecotoxicity of CNT releases under the unrealistic worst case scenario, while exceeding the results of the realistic scenario by 3 orders of magnitude. Ecotoxicity from production processes is dominated by emissions of metals from electricity generation. Uncertainty exists for both production and release stages, and is modeled using a combination of Monte Carlo simulation and scenario analysis. The results of this analysis underscore the contributions of existing work on CNT fate and transport, as well as the importance of life cycle considerations in allocating time and resources toward research on mitigating the impacts of novel materials.