NEW YORK, June 9, 2026, 06:01 (EDT)
Keel Infrastructure Corp. shares were up ahead of Tuesday’s Nasdaq open as the company advanced its rebound, with traders reacting to a bigger debt sale aimed at funding its AI data-center expansion. The stock traded at $5.84 in U.S. premarket, up 3.18%. Keel closed Monday at $5.66, up 10.33%.
Timing is a factor. Keel said its $400 million deal for 1.250% convertible senior notes due 2032 is set to close around June 9, if conditions are met. The offer grew from an initial $350 million target. Buyers can also pick up an extra $58 million of notes in a 13-day window.
Keel’s new financing comes as the company pushes to shift old Bitcoin mining assets into HPC infrastructure for AI. The move got a tailwind from the wider market, with the Nasdaq up 0.86% and the S&P 500 adding 0.30% Monday. Chip stocks bounced after their recent drop.
Keel set the initial conversion price for the notes at around $7.41 per share, a 25% premium to the Nasdaq close at $5.93 on June 4. The company also put on “capped call” transactions, using option hedges to limit dilution if the notes convert, with the cap starting at $11.86 a share.
KEEL shares are still volatile. TradingView shows KEEL up 39.41% for the month and up 529.59% in the past year, but down 6.91% over five days. Investors have moved fast to reprice the company’s pivot.
Keel has a 2.2-gigawatt development pipeline and existing grid interconnections, with projects in Pennsylvania, Washington and Quebec. KEEL shares are listed on Nasdaq and Toronto Stock Exchange.
Keel only recently took over as the parent company of Bitfarms, following a redomiciliation to the U.S. on April 1. Its common shares started to trade under the symbol KEEL on both Nasdaq and TSX from April 6.
Keel is calling 2026 an execution year after wrapping its two-year overhaul. CEO Ben Gagnon said in May that the rebrand closed out the transformation and gave Keel “strong momentum” going forward. CFO Jonathan Mir said as of May 8, liquidity was around $533 million, which he called enough to build out key sites at a pace customers want. Keel Infrastructure
AI data-center deals go beyond Keel. Reuters said Applied Digital landed a 15-year deal for about $5.2 billion. Galaxy Digital shares rallied after CEO Mike Novogratz said the rest of its Helios data-center capacity could be leased out by end of summer. The moves have traders watching companies that control power supply, not just chip or cloud names.
Alliance Global’s Brian Kinstlinger last month bumped his Keel price target to $8 from $5, holding his Buy call. He pointed to better progress on permits for three main HPC/AI projects worth 478 MW, TheFly reported on TipRanks. Analysts are paying close attention to permit and lease timing.
The risks for Keel are still front and center. The company has little operating history in AI infrastructure, has posted operating losses, and faces permitting and construction risks. Shareholders could also face dilution if it settles convertible notes in stock. Keel’s filings point out that hedging through capped calls might hit the share price too. If leases or permits are delayed, the new capital could end up as extra financial risk, not growth.
The stock is acting more like a play on AI power scarcity than a standard mining name right now. In Tuesday’s regular session, it’s a question of whether bulls keep using the note deal as a reason to stick with the stock or if they go back to worrying about how much of the future move is already in the price.
