Keel Infrastructure Stock Climbs as Investors Reprice Its AI Data Center Bet
Keel Infrastructure Corp. shares rose Tuesday as investors continued to weigh the company’s AI data-center pivot against the risks of new debt and future share dilution. The Nasdaq-listed stock traded at $6.04, up $0.38, or 6.71%, as of 12:01 p.m. EDT, after opening at $5.58 and touching an intraday high of $6.11, according to Google Finance. The move kept KEEL close to its 52-week high of $6.45 and lifted its market capitalization to roughly $3.64 billion. The immediate bull case is funding. Keel closed a $458 million offering of 1.250% convertible senior notes due 2032 last week, including the full exercise of a $58 million purchase option. Convertible senior notes are debt that can later convert into stock; that can help a company raise capital at a low coupon, but it can also dilute existing shareholders if conversion happens. Keel said the deal should provide about $445.4 million in net proceeds before offering expenses and capped-call costs, and that existing liquidity is expected to fund Panther Creek, Sharon and Moses Lake through leasing.