NEW YORK, June 22, 2026, 19:04 EDT
Keel Infrastructure Corp. ended Monday up 5.9%, hitting a new 52-week high. The former Bitcoin miner has rallied as investors target its power properties for possible AI data center leasing.
The Nasdaq-listed shares closed at $6.66, off a session high of $7.37. Volume reached 109.3 million shares, running about 2.7 times the 65-day average. In after-hours action at 6:14 p.m. EDT, the stock was quoted at $6.74, according to MarketWatch.
Keel is trading less as a crypto miner these days and more as an AI infrastructure bet. That’s a bigger story, but it’s also tougher to back up.
Keel’s latest funding move is in focus after a June 9 SEC filing. The company sold $458 million of 1.25% convertible senior notes due 2032, which includes a $58 million overallotment. Convertible notes are debt that can convert to equity, raising the question of potential dilution for current shareholders.
The company is trying to cool those worries. Keel said the notes start to convert at around $7.41 a share. Part of the proceeds went into capped-call transactions to hedge dilution up to $11.86 a share. What’s left goes to data-center work, putting down deposits on gear, and backing letters of credit.
Index flows could play a role here. FTSE Russell’s first Russell 3000 add list has Keel Infrastructure on it, and LSEG says the updates to the Russell U.S. indexes hit after the close on June 26. That means passive funds that follow the index might need to buy if Keel stays in. LSEG
Keel is still focused on three sites in the near term: Panther Creek and Sharon in Pennsylvania, and Moses Lake in Washington. The company in May said it got zoning done and that land-development and environmental permits are progressing. CEO Ben Gagnon said the team is aiming for “lease execution in 2026.” CFO Jonathan Mir said they have enough liquidity to “fully fund” the projects to that point. Keel Infrastructure
Alliance Global’s Brian Kinstlinger upped his Keel price target to $8 from $5 in May and stuck with a Buy, pointing to the company’s move to get permits for three main high-performance computing projects totaling 478 megawatts. Analysts have been pushing the lease-and-permit story. HPC refers to heavy computing for AI and similar work.
Competition is stiff. IREN said in May it inked a five-year, about $3.4 billion deal with Nvidia for AI cloud services. Cipher Mining disclosed a $5.5 billion, 15-year Amazon Web Services lease for 300 megawatts of AI workload space. Those big contracts set a benchmark for what Keel is chasing, but aren’t proof he’ll get it. IREN
But the risk is clear. Keel hasn’t landed a similar hyperscale lease, so the stock’s move is now tied to permits, when construction starts, and when customers sign. If there’s a delay, terms on new leases aren’t as strong, or AI infrastructure spend slows, the same leverage that pushed shares up could drag them lower.
Busy week for Keel. The stock is already trading sharply, and now the company is on the agenda at Northland Growth Conference June 23, then at Citizens Digital Infrastructure Forum June 25. The Russell rebalance hits after markets close June 26.
Right now, the market is pricing in the shot that Keel’s powered land turns into contracted AI capacity. But the next step probably has to be more concrete—a lease, a permit, or final index buying to keep the tape tight.
