NEW YORK, June 1, 2026, 19:02 EDT
Keel Infrastructure Corp. climbed 7.39% to $6.10 on Monday, trading about 48.7 million shares on the session. Traders kept moving in after the company, which used to be Bitfarms, began focusing on AI data-center infrastructure instead of bitcoin mining. The stock started Monday at $5.58. Market cap closed at about $3.43 billion after the U.S. session.
Keel’s rally is in focus as the company faces a new test: locking in big, long-term leases for powered data-center sites, not just riding on theme trades. Keel says its main goal for 2026 is to sign leases at Panther Creek, Sharon and Moses Lake. Those three North American campuses are built for high-performance computing, or HPC — used for things like AI model training and inference.
Keel senior vice president of power Christopher Ruppel said in the company’s May 31 Digital Power Weekly note that the AI infrastructure build is now “past the announcement phase, into the execution phase,” and more focused on who can “deliver electrons on a construction schedule.” Keel
Stocks moved higher on Monday, as the broader market lifted tech and AI infrastructure names. The Nasdaq gained 0.4% to 27,086.81 and the S&P 500 added 0.3% to 7,599.96, AP reported. Oil prices also climbed on geopolitical tension, but risk appetite stayed strong.
Keel reports 341 MW of energized capacity and 430 MW secured. A megawatt measures electric power capacity, used by data-center investors to estimate site computing load. Keel also mentions a 2.2-gigawatt pipeline over multiple years, naming Panther Creek in eastern Pennsylvania as its main campus.
Panther Creek is the main swing factor in the near term. Keel puts the site at 350 MW of power on 336 acres, saying it can grow in phases past 500 MW. The Sharon campus in Pennsylvania is listed at 110 MW, targeting new GPU deployments. GPUs, or graphics processing units, commonly power AI workloads.
Keel’s financials remain tight. The company posted Q1 revenue of $37 million, off 23% from last year, with an operating loss of $98 million and a $128 million loss from continuing operations. Adjusted EBITDA came in at negative $17 million.
Liquidity is the main factor here. Keel reported about $533 million of liquidity as of May 8, with $336 million in unrestricted cash and $197 million in unencumbered bitcoin. That comes after it sold 269 bitcoin for $20 million earlier this year. CFO Jonathan Mir said liquidity “fully funds” what’s needed to push forward Panther Creek, Sharon and Moses Lake through lease execution. Keel Infrastructure
Keel got a price target hike from Alliance Global’s Brian Kinstlinger, who moved his call to $8 from $5 and stuck with Buy. He pointed to progress on permits for three main HPC/AI projects totaling 478 MW, and said there’s room for more. Benzinga data lists a $5.25 average from four analysts, under Monday’s close, with estimates between $3 and $8.
Peer comparison stays sharp. Applied Digital grabbed a $7.5 billion, 15-year lease in April with a large U.S. hyperscaler, locking in 300 MW of capacity, Reuters reported. Keel doesn’t have a similar hyperscale lease on the books. That’s driven action on every permitting or tenant announcement for the stock.
But it’s easy to see the downside, too. Keel shares might lose ground if leases drop, permits stall, or financing becomes pricier. Problems like power getting delivered late or tenants pushing for weaker deals could hurt. The company’s risk list includes operating losses, its need for cheap power, possible delays in building, tough competition, permits, big customer concentration, and maybe more capital needed.
Keel is being priced more like a bet on limited AI-capable power than a typical mining name for now. The focus is shifting to management and whether they can land lease deals fast enough to back up the rally before it gets ahead of what the company actually delivers.
