Keel Infrastructure Corp. closed on Friday with an initial equity valuation of approximately $2.05 billion. This figure stands at about 2.5 times its reported liquidity of $819 million. As a result, investors are assigning roughly $1.23 billion in value to the company's development prospects beyond its cash position and unencumbered Bitcoin assets.
Pennsylvania said new GRID standards apply. Keel answered that Panther Creek and Sharon permits remain on schedule.
The market still lacks signed tenant economics. Legacy revenue fell 50%, while adjusted EBITDA turned negative.
| Q2 metric | 2026 | YoY |
|---|---|---|
| Revenue | $30.4M | −50% |
| G&A | $31.3M | +62% |
| Operating result | −$140.8M | vs +$10.8M |
| Adj. EBITDA | −$23.7M | vs +$6.6M |
| Pipeline | 2.2 GW | 3 priority sites |
| Analyst / firm | Call | Target | Date |
|---|---|---|---|
| Michael Grondahl / Northland | Buy | $7.00 | Aug. 12 |
| Brian Dobson / Clear Street | Buy | $5.00 | Aug. 11 |
| Mike Colonnese / H.C. Wainwright | Buy | $5.50 | Aug. 11 |
| Brian Kinstlinger / Alliance | Buy | $7.00 | Aug. 10 |
| Stephen Glagola / KBW | Hold | $4.50 | July 27 |
1. Signed tenant capacity and pricing.
2. Panther Creek and Sharon permit milestones.
3. 2027 delivery evidence at priority sites.
4. Cash use as Bitcoin exits continue.
Risk: construction delays, cost overruns, weak lease terms, Bitcoin volatility and future dilution can compress the bridge quickly.
