New York, June 25, 2026, 12:01 EDT
- Keel Infrastructure (NASDAQ:KEEL) dropped 6.45% to $5.725 by 11:44 a.m. EDT after opening at $6.34. Volume reached 26.7 million shares.
- Keel is on FTSE Russell’s latest preliminary Russell 3000 additions list for Technology. The 2026 Russell changes are set to take effect after the U.S. close on June 26.
- Keel’s principal on convertible debt is now about $1.05 billion after a June 9 note sale and the 2031 notes it picked up in April.
Keel Infrastructure Corp (NASDAQ:KEEL) dropped 6.45% to $5.725 late Thursday morning in New York, giving up some earlier gains tied to its AI-data-center story, an expected Russell index add, and a recent Wall Street upgrade. Shares started at $6.34, hit a low of $5.495, and volume reached 26.7 million as of 11:44 a.m. EDT—about 62% of the 65-day average before midday.
Keel shares stayed about 23% under the $7.41 conversion price set on its 1.250% convertible senior notes due 2032. The stock was also nearly 52% below the capped-call level of $11.86. The company raised $458 million from the notes on June 9, including a $58 million option picked up by initial buyers.
The stock is going into a Russell rebalance with a new financing line priced over the market. Keel can settle conversions using cash, shares, or both. The capped calls are there to cut dilution or help offset cash paid over principal, but only up to the cap.
Keel’s stack didn’t begin with the June deal. The company stepped in as co-obligor back in April for US$588 million of 1.375% convertible senior notes due 2031. With the June notes on top, Keel holds about $1.046 billion in convertibles, making up around 30% of its $3.45 billion market value listed on Google Finance near midday.
Keel Infrastructure Corp could see trading pick up with a flow event coming. FTSE Russell has it on the June 18 preliminary additions list for the Russell 3000 Index in the Technology sector. LSEG said the refreshed Russell indexes go live after the U.S. market close on June 26.
Big index rebalances move a lot of stock. LSEG said $114.7 billion traded in the closing auction on the NYSE and $102.5 billion on Nasdaq during the June 2025 Russell reconstitution. Keel’s drop on Thursday points to index demand meeting execution risk and conversion prices above the tape.
Keel shares sold off a day after Citizens JMP analyst Gregory P. Miller launched coverage with a buy and a $10 target. That’s the highest target listed for the stock on Google Finance. At Thursday’s price, the $10 target was above the $7.41 conversion price but below the $11.86 capped-call cap.
Keel is working to shift focus from its legacy Bitcoin-mining business. Management says the company now develops and owns data centers and energy infrastructure to support high-performance computing and AI. Keel has a 2.2-gigawatt pipeline, plus grid interconnections in Pennsylvania, Washington, and Quebec.
CEO Ben Gagnon told investors in May that the 2026 goal for the company is “three signed leases by year-end.” He called “power availability the single biggest bottleneck” for AI growth. CFO Jonathan Mir said Keel is “better capitalized today” than ever before.
Lease timing showed up in the numbers. Revenue from continuing operations dropped to $36.992 million, down from $47.651 million the year before. First-quarter operating loss came in at $98.388 million. Net loss reached $145.353 million.
Keel’s presentation puts its energized capacity at 341 MW and its secured capacity at 430 MW. The total capacity pipeline shows 2.2 GW. Keel is targeting near-term leases at Panther Creek and Sharon in Pennsylvania and Moses Lake in Washington. The earliest any of the sites could be ready for service is 2027, according to the presentation.
The $7.41 conversion price is roughly 29% higher than the stock at $5.725. The $11.86 cap is about 107% above that level.
