Keel Infrastructure Corp. (KEEL) saw its shares climb past the $6 mark again on Tuesday, as investor enthusiasm around the company's transformation from a bitcoin mining operation to an AI-focused data-center power provider remains strong. The stock rose 2.29% to $6.24 by 2:04 p.m. EDT, with heavy trading volume of 33.02 million shares and a market capitalization hovering near $3.68 billion, according to Stocktwits.
The shift in narrative is significant: Keel is increasingly being viewed not as a cryptocurrency miner but as a developer of power infrastructure and land for AI campuses. In a May 31 market note, Christopher Ruppel, the company's senior vice president for power, emphasized that the AI buildout has moved "past the announcement phase, into the execution phase," adding that success hinges on delivering electricity to projects on schedule.
Keel's stock rally was part of a broader uptrend among former bitcoin miners, including Cipher Digital, TeraWulf, and IREN, as investors bid up shares in companies pivoting to high-performance computing (HPC) for AI and other data-heavy workloads. This movement occurs even as bitcoin prices remain subdued.
The company completed its redomiciling to the United States on April 1, taking over as the U.S. parent of Bitfarms, according to an SEC filing. Its common stock began trading on both Nasdaq and the Toronto Stock Exchange as KEEL from April 6, providing a cleaner U.S. corporate structure that appeals to large technology tenants.
Keel reports a 2.2-gigawatt (GW) pipeline spanning Pennsylvania, Washington, and Québec, with existing grid interconnections already in place. A gigawatt equals 1,000 megawatts. Chief Executive Ben Gagnon described the rebranding as the "completion of a nearly two-year strategic transformation." CFO Jonathan Mir noted that the company's liquidity of $533 million as of May 8 "fully funds the capital required" to advance its Panther Creek, Sharon, and Moses Lake projects through lease execution.
Lease agreements are a central focus for investors. During Keel's first-quarter earnings call, management expressed a goal of securing three leases by the end of 2026—one each at Panther Creek, Sharon, and Moses Lake. The company has positioned itself with "the right power, in the right places," a key pillar of the bull case.
However, the Scrubgrass project in Pennsylvania remains the largest and most uncertain. Keel's campus page describes it as the company's biggest long-term development plan, spanning 650 acres with potential for up to 1.3 GW of expansion. But project partnerships are still to be determined as development proceeds. Local reporting from ExploreClarion on Tuesday highlighted the uncertainty, noting that while Scrubgrass may evolve into a gigawatt-scale AI campus, much of the project remains in the planning stage, with load studies, gas delivery agreements, and a timeline that could push major power additions to around 2028.
Financially, Keel's numbers remain challenging. First-quarter revenue came in at $36.99 million, down 22% year-over-year, with a net loss of $145.35 million. Adjusted EBITDA was negative $16.71 million after adjustments. The company's risks are straightforward: leases, permits, and power connections must materialize on schedule. Keel's filings detail potential obstacles including operating losses, a business model subject to change, reliance on steady and cheap power, possible delays or cost overruns, intense competition from larger data-center players, customer concentration, and the likelihood of needing additional capital down the line.
For now, the stock trades on execution rather than narrative. The market is backing Keel for its power inventory in strategic locations. The next major test is whether hyperscale tenants will commit before the year-end deadline, or whether the timeline will shift.
