New York, May 31, 2026, 13:02 (EDT)
Keel Infrastructure Corp. heads into the new trading week with its Nasdaq shares near the top of a sharp May run, after closing Friday at $5.68, up 1.07%, and easing to $5.67 after hours. The last print came before the weekend break in U.S. equities.
The move matters because Keel is no longer being traded simply as the old Bitfarms bitcoin-mining story. The company completed its U.S. redomiciliation and rebrand in April, with KEEL replacing Bitfarms on Nasdaq and the Toronto Stock Exchange, and now describes itself as a developer of data centers and energy infrastructure for high-performance computing, or HPC — heavy-duty processing used for AI and other compute-intensive work.
Last week was shortened by the Memorial Day market holiday, and Nasdaq regular trading is set around the usual 9:30 a.m. to 4:00 p.m. Eastern window when the market is open. Nasdaq’s own schedule listed Memorial Day, May 25, as closed.
Market data showed the stock up 22.02% from the previous week and 98.60% over the month, a fast repricing for a company still moving from legacy crypto-mining revenue toward contracted AI infrastructure. The gain leaves less room for execution delays.
Keel’s most recent financial update gave investors both sides of that trade. The company reported first-quarter revenue of $37 million, down 23% from a year earlier, and an operating loss of $98 million, while saying it had about $533 million of liquidity as of May 8. Chief Executive Ben Gagnon called the rebrand the end of a “nearly two-year strategic transformation,” and Chief Financial Officer Jonathan Mir said the balance sheet let Keel keep “deploying capital where returns are most compelling.” Keel Infrastructure
The near-term catalyst is not another earnings number. It is leases.
Gagnon told investors the 2026 priority was to “sign three leases by year-end” — one each at Panther Creek, Sharon and Moses Lake. Keel has said Panther Creek in Pennsylvania has 350 megawatts of secured gross capacity, while Sharon has 110 megawatts and Moses Lake in Washington has 18 megawatts; a megawatt is a unit of power capacity, and in this market it is a shorthand for how much data-center load a site can support. MarketScreener
Analysts have followed the move. H.C. Wainwright analyst Mike Colonnese maintained a Buy rating and raised his price target on Keel to $5.50 from $3.70 earlier in May, according to Sahm Capital. Friday’s close was already above that target.
The competitive backdrop is also getting busier. Peer TeraWulf said on May 26 it acquired a 1-plus gigawatt HPC campus in eastern Kentucky, and CEO Paul Prager said the key constraint in the market was now “power, transmission infrastructure, and execution certainty,” not just computing hardware. That is the same scarce-power argument Keel is asking investors to buy. TeraWulf Inc.
But the trade can break if the lease calendar slips. Keel’s own risk language flags the possibility that the HPC/AI pivot may not work, that long-term customer contracts may not be secured on economic terms, and that construction, power availability or financing could fall short of plan.
The week ahead is thin on scheduled Keel events, with MarketScreener listing no upcoming company events. That puts the focus back on the tape: whether volume holds up after Friday’s close, whether the stock can defend the recent gain, and whether investors get any fresh sign that permitting and lease talks are moving from target dates to signed contracts.
