NEW YORK, July 23, 2026, 10:08 EDT
- Keel rose 3.1% to $4.835 in early Nasdaq trading.
- BTIG has set a target price of $8, suggesting a potential 65% increase, though 68% of Keel’s 2.2-GW pipeline is still classified as expansion capacity.
Shares of Keel Infrastructure Corp. gained 3.1% to $4.835 as of 9:52 a.m. EDT on Thursday, after reaching a high of $5.0497 earlier in the session. Nasdaq trading was underway.
BTIG started coverage on Wednesday with a Buy rating and set a price target of $8. This is 25% higher than the MarketScreener consensus estimate of $6.40. The target suggests the stock could gain 65% from the opening price.
The stock has risen roughly 106% so far this year. The latest call moves the focus from momentum towards execution.
BTIG analyst Gregory Lewis described Keel’s power portfolio as “attractive.” He anticipates this will back the firm’s inaugural colocation agreement as it moves into high-performance computing and AI. BTIG
Pipeline quality stands as the main concern. Keel lists 2.2 gigawatts in North America, with approximately 1.5 GW—equivalent to 68%—still classified as expansion capacity being reviewed in applications, utility studies or behind-the-meter assessments.
The company reports 341 MW as energized, with 430 MW categorized as secured. The term “secured” refers to utility agreements that have been signed to provide power in the future. Keel Infrastructure
The valuation bridge illustrates how significant the execution bet is:
| Reference point | Share price | Preliminary equity value | Preliminary net EV | Upside |
|---|---|---|---|---|
| Thursday close | $4.835 | $2.92 billion | $2.97 billion | — |
| Consensus from analysts | $6.40 | $3.86 billion | $3.92 billion | 32% |
| BTIG price target | $8.00 | $4.83 billion | $4.88 billion | 65% |
Initial calculations are based on 603.83 million shares, along with cash, digital assets and long-term debt as of March 31. Digital assets are considered equivalent to cash. Restricted cash and leases are not included.
BTIG’s target represents an estimated preliminary net enterprise value increase of approximately $1.91 billion, well above net debt, which stands at about $52 million. The potential gain is largely driven by power-to-contract exposure.
Some recent developments have benefited that argument. Keel has secured municipal consent to relocate and reuse 96 MW in Sherbrooke. Approval from Quebec’s economy ministry is still pending for the transfer.
Hut 8 Corp. NASDAQ:HUT climbed 9.3%, TeraWulf Inc. NASDAQ:WULF increased 5.8%, and Applied Digital Corp. NASDAQ:APLD was up 3.0% around 9:47 a.m. EDT. The early gains extended beyond Keel, which saw a smaller move compared to industry peers.
Risks are still significant. Sherbrooke requires clearance from the provincial authorities. Keel notes that building data centers will lift capital intensity, and that customer acquisitions and Bitcoin values are important factors.
The upcoming catalyst for re-rating is straightforward. Investors must see a colocation agreement that is both signed and funded. Until this happens, the $8 scenario continues to depend on the pace of conversion.
