New York, May 28, 2026, 09:03 EDT
Keel Infrastructure Corp. shares slipped in premarket trade Thursday, losing some ground after a big move on Wednesday as the company moves away from Bitcoin mining to focus on AI data centers powered by its own electricity. The stock, which trades on Nasdaq, finished Wednesday at $5.505, up 7.31%. It was last indicated at $5.405 at 09:01 EDT, off 1.82%.
Keel is drawing attention as a testing ground for a narrow but closely followed market topic: whether power site owners can repurpose those locations for high-performance computing, or HPC, aimed at artificial intelligence work. HPC covers intensive computing like AI training, inference, and scientific modeling.
Nasdaq’s normal session hadn’t started yet. Official hours are 9:30 a.m. to 4:00 p.m. Eastern Time, with extra trading before and after. Nasdaq’s 2026 holiday calendar lists Memorial Day, May 25, as its last full closure.
Keel, formerly Bitfarms, finished its U.S. redomiciling on April 1. The company said KEEL shares would debut on Nasdaq and the Toronto Stock Exchange on April 6, taking over from Bitfarms shares. Chief Executive Ben Gagnon described the rebrand as a move away from Bitcoin and toward “energy-secured sites” to support AI compute. Keel Infrastructure
AI-power names moved again, but it wasn’t an earnings report driving things. Keel senior vice president for power Christopher Ruppel said in Digital Power Weekly, published by Publicnow on May 26, that “Power is no longer a cost line” and AI infrastructure was headed for “physical-stack underwriting.” Reuters also lists Ruppel as Keel’s senior vice president. Keel Reuters
Keel’s numbers are still mixed. The company reported $533 million in liquidity as of May 8, with $336 million in unrestricted cash and $197 million in unencumbered Bitcoin. Liquidity here is what Keel can tap or sell for development and operations. Keel also said zoning is secured and site development is moving forward at Panther Creek, Sharon and Moses Lake.
Keel Infrastructure is struggling with its financial base. First-quarter revenue dropped 23% to $37 million. The company posted a wider operating loss of $98 million, while the loss from continuing operations came in at $128 million, or 21 cents a share. Adjusted EBITDA was negative $17 million.
Gagnon said the rebrand “marks the completion” of the almost two-year overhaul. CFO Jonathan Mir said Keel’s cash “fully funds the capital required” for near-term sites through leases, the start of Moses Lake construction, and general and administrative costs through 2028. Keel Infrastructure
Wall Street has pitched in. Chardan lifted its Keel price target to $5.50 from $4.50 on May 12, sticking with a buy rating. FactSet polled analysts show an average buy rating and a mean target of $5.51, MT Newswires reported via Placera. A price target is just an analyst’s estimate of fair value, not a guarantee the stock will get there.
The action spread across the group. Shares linked to the AI-compute and power trade jumped Wednesday, with Applied Digital gaining 8.51%, TeraWulf adding 6.20%, and Hut 8 advancing 4.53%, according to MarketScreener data. Keel’s move landed with a sector push, not just a company rally.
But the risk is clear. Keel still needs to turn zoning approvals, grid access, and site plans into final leases and actual revenue. Its old mining-linked business is still losing money and is tied in part to Bitcoin prices. Any delays in lease signings, higher construction bills, or new rules in the power market could make the AI-infrastructure bet costly in a hurry.
Next up is the opening bell. Traders are watching if Wednesday’s rally survives the full session or if the early move lower brings out sellers ahead of firmer lease execution updates from Keel.
