New York, June 18, 2026, 08:06 (EDT)
- Keel Infrastructure traded at $6.2037 in the premarket at 7:51 a.m. EDT, after a volatile stretch tied to its AI data-center financing push.
- The company told the SEC it named PwC USA as auditor and dropped PwC Canada after moving its base from Canada to the U.S. It reported no accounting disputes.
- Investors want to see if Keel can convert power into actual leases, which has become a sticking point. Core Scientific and IREN are both bringing in capital to AI data-center infrastructure, and Keel’s progress on lease deals is being watched.
Keel Infrastructure Corp. was moving before the bell Thursday, with traders still chasing its AI data-center angle. Investors also had an auditor change and fresh debt issue to consider. The stock, listed on Nasdaq, was at $6.2037 in premarket dealing, a session with lighter volume that can see sharper swings.
The timing is key here. Keel, once focused on its Bitfarms origins, has switched to high-performance computing — the kind needed for AI and heavy data. Now, its share price depends on landing big customers who’ll lease its power-driven sites. Zacks said Wednesday that Keel’s value is closely linked to how fast it can turn that power into lease deals. Management is targeting three major tenant leases by the end of 2026.
Keel’s latest filing had nothing to do with landing a contract. Instead, the company said its audit committee picked PricewaterhouseCoopers LLP in the U.S. to audit for the year ending Dec. 31, 2026, after dropping PwC Canada due to the company’s U.S. redomicile. Keel said PwC Canada’s earlier reports were clean—no adverse opinions, no qualifications—and noted there had been no disagreements or reportable events up to June 11.
That’s a housekeeping step, but it comes as capital-structure activity picks up. Earlier this month, Keel finished a $458 million offering of 1.250% convertible senior notes maturing in 2032. The notes let holders swap debt for shares under certain terms. The company said the sale brought in about $445.4 million in net proceeds before projected costs and capped-call charges. A capped call is an options move to limit dilution above a set price.
Keel set the conversion price on the notes at roughly $7.41 a share, 25% over its June 4 Nasdaq close of $5.93. The capped-call cap price came in at $11.86, the company said. Keel said the rest of the proceeds could go to deposits for long-lead equipment or letters of credit for data-center projects.
Management says the balance sheet can support the company’s next phase. “Our rebranding to Keel Infrastructure marks the completion of a nearly two-year strategic transformation,” Chief Executive Ben Gagnon said in May. He said the company is now based in the U.S. and has shifted its focus to supply-constrained HPC and AI markets in North America. CFO Jonathan Mir reported liquidity of about $533 million, enough, he said, to fund Panther Creek, Sharon and Moses Lake through lease signing, start building at Moses Lake, and keep general and administrative spending covered until 2028. Keel Infrastructure
Keel’s first-quarter revenue fell 23% to $37 million while it posted a loss from continuing operations of $128 million, or 21 cents a share. Adjusted EBITDA dropped to negative $17 million after coming in at positive $7 million the year before. Investors are focusing on more than just these legacy numbers.
Analysts aren’t calling the rally a simple uptrend. Benzinga data show the consensus price target is $5.50. Chardan Capital kept a Buy at $5.50, H.C. Wainwright also at $5.50, and Alliance Global Partners put theirs higher at $8. Early Thursday, the stock traded close to or above some of those targets.
Keel has run up 162.5% in six months, Zacks said, outpacing Core Scientific’s 92.8% and IREN Limited at 65.3%. Keel is also trading at a 12-month forward price-to-sales ratio of 28.15. That compares with 11.11 for Core Scientific and 7.98 for IREN. It is a steep multiple, given Keel still has to prove out lease execution.
Big risks remain. Keel itself flagged its short track record, operating losses, its need for cheap steady power, and exposure to both supplier and tariff risks. There’s also construction delays, cost overruns, risk that customers default, swings in Bitcoin prices, need for more cash, and possible dilution if new stock or notes convert. Delays or higher build costs could mean this latest financing just pushes off the fundamental problem.
Keel isn’t trading like a miner right now — the market is treating it more as a play on limited power for AI. Investors are watching for new lease deals, permitting news and any updates on work at Panther Creek, Sharon, and Moses Lake. They’re not waiting for another headline about the ticker. U.S. stock markets close Friday for Juneteenth, so Thursday felt squeezed into a short week ahead of the break.
