New York, May 29, 2026, 14:07 EDT
- Keel shares traded up roughly 2% in recent action, building on a strong weekly run.
- Investors are watching permits and lease deals for AI and high-performance computing sites.
- The stock is up, but trading has been volatile, with losses and still no confirmed first colocation deal.
Keel Infrastructure shares climbed again Friday, stretching out a sharp rally as investors continued to buy up the stock. The former Bitfarms is now seen more as an AI infrastructure company with power assets, moving away from its bitcoin miner image.
KEEL traded near $5.69, gaining 2.1% in the last 24 hours. The stock has jumped 32.6% in five sessions and is up 86.7% this month, according to TradingView. KEEL has moved from a small-cap crypto tie-in to an active AI data-center play.
Keel’s valuation is getting marked down before it has proved it can bring in lease revenue from its new approach. The main issue now is whether Keel can convert its power, land and permits into signed colocation leases, where customers rent data-center space with power and cooling.
Keel shares moved between $5.25 and $5.77 on Friday, with about 28.4 million shares changing hands. That was under the average daily volume of 39.2 million, Robinhood said. The latest price valued Keel at close to $3.4 billion, still short of its 52-week peak of $6.60.
Stocks in the U.S. traded firmer Friday, with the S&P 500 tracking toward its ninth weekly gain in a row according to Reuters. The Nasdaq was flat. The week was shorter because of the holiday. Investors kept an eye on U.S.-Iran ceasefire talks and crude prices slipped.
Keel now calls itself a North American digital and energy infrastructure firm with a focus on data centers for high-performance computing and AI. On its investor page, Keel shows a 2.2-gigawatt pipeline. One gigawatt is a common measure for big utility projects.
Keel’s May 11 update is still the main backdrop for the trade. Keel said zoning was finalized at Panther Creek, Sharon, and Moses Lake. Land development and environmental permits were ongoing. Liquidity came in at $533 million as of May 8, with $336 million in unrestricted cash and $197 million in unencumbered bitcoin.
Keel’s first quarter numbers showed some weak spots. Revenue from continuing legacy operations dropped 23% to $37 million. The company reported a $128 million loss from continuing operations, or 21 cents a share. Adjusted EBITDA, a non-GAAP cash profitability metric, was negative $17 million.
Keel has wrapped up a nearly two-year overhaul, CEO Ben Gagnon said, calling the rebranding the start of a new phase with “strong momentum.” CFO Jonathan Mir said the balance sheet supports development “at the speed our customers require.” Keel Infrastructure
Keel got a price target bump from H.C. Wainwright, which lifted its view to $5.50 from $3.70 and stuck with a Buy. The move follows management’s comments that key land and environmental permits could land by mid-to-late summer. Wainwright also said Keel may lock in its first colocation deal in the third quarter of 2026.
Re-rating is being driven in part by competition. Blockspace says IREN and Cipher Mining have gotten investor attention after landing big AI and cloud deals. IREN signed a cloud contract linked to Microsoft, while Cipher has agreements tied to Amazon Web Services and Fluidstack for data centers.
Power from ex-crypto miners is turning heads in the sector, with Business Insider quoting B. Riley Securities analyst Nick Giles: the group has been “more successful than anyone” thought. Clear Street’s Brian Dobson said the 2026 test is “executing on those deals.” Business Insider
The risks stand out too. Keel is not profitable yet. The shares swing sharply. The new valuation hangs on permits, building timetables, financing terms, and customer deals all showing up more or less on schedule. H.C. Wainwright called out the stock’s high beta, which means it’s more volatile than the market, and pointed out gross margins are still negative.
KEEL is still moving like a bet on future AI demand, not a steady data-center landlord. The next real update could be news on new leases, final permits, or if Keel can lay out how it plans to turn those pipeline megawatts into revenue, unless the company puts out a new statement first.
