NEW YORK, May 26, 2026, 14:59 EDT
- Keel Infrastructure was up roughly 4.7% to $5.035 in U.S. afternoon trading, pushing its year-to-date gain past 115%.
- The shift followed a rally in former bitcoin-mining stocks now linked to AI and high-performance computing data centers.
- Investors want to see if Keel can actually convert its power-secured sites into signed leases, not just talk about the potential.
Keel Infrastructure Corp. shares gained Tuesday, with investors moving back into stocks tied to key pieces of artificial-intelligence expansion like power, land, and grid access.
Shares traded 4.68% higher at $5.035 as of 2:58 p.m. EDT, based on a Cboe BZX real-time quote from MarketScreener. The page also put the stock up 115.74% year-to-date.
Why now is simple. The AI trade is expanding beyond just chips and software. Investors have started looking at the value of “delivered compute” — real computing capacity that’s actually available and connected. Keel’s latest company note said the market is moving to “physical-stack underwriting,” where lenders and customers focus on power rights, transmission, and construction stage. MarketScreener
Keel wasn’t the only one moving. TeraWulf gained after it announced a new AI and high-performance computing site in Kentucky. Hut 8, Keel, and IREN also advanced as former bitcoin miners linked to the AI infrastructure trade saw fresh demand, according to CoinDesk. High-performance computing, or HPC, is clusters of servers built for intensive jobs like training and running AI models.
TeraWulf Chairman and CEO Paul Prager called out “power, transmission infrastructure, and execution certainty” as the main bottlenecks. That’s the same pitch Keel is making to prospective tenants looking for access to that scarcity. TeraWulf Inc.
The S&P 500 and Nasdaq hovered near record highs on Tuesday, lifted by broad market strength. Reuters said AI excitement and semiconductor stocks pushed the move. Chris Zaccarelli, chief investment officer at Northlight Asset Management, called the tech surge similar to “the boom at the end of the 1990s.” Reuters
Keel, after renaming and redomiciling from Bitfarms, says it’s now a New York-based North American digital infrastructure and energy company. Shares trade on Nasdaq and the Toronto Stock Exchange as KEEL. The company says its pipeline totals 2.2 gigawatts across Pennsylvania, Washington, and Quebec. One gigawatt is equal to 1,000 megawatts, which is enough to be relevant in the data-center business.
Leasing is the next hurdle. Keel said in its May 11 report that zoning is done and site work is moving ahead at Panther Creek, Sharon and Moses Lake. CEO Ben Gagnon said the plan is to push those sites to lease execution in 2026 and called it a “clear strategic vision.” Keel Infrastructure
Keel said it had $533 million in liquidity as of May 8. That’s made up of $336 million in unrestricted cash and $197 million in unencumbered bitcoin. Liquidity here means cash or assets that can be used or sold. CFO Jonathan Mir said that funding “fully funds” capital needed to push near-term sites to lease execution. Keel Infrastructure
Keel Infrastructure is still facing tough numbers. Revenue in the first quarter dropped 23% to $37 million. The company posted an operating loss of $98 million, wider than before. Adjusted EBITDA came in negative at $17 million.
Analysts mostly stay constructive here, but there’s not much upside in the numbers. MarketScreener had a “Buy” average rating from nine analysts, with the target price at $5.40—about 12% above the latest close shown on the site. MarketScreener
Keel’s downside isn’t tough to spot. The company still has to finish its move from bitcoin mining to AI infrastructure. That brings permit needs, power hookups, building, financing, and landing big tenants willing to commit to long leases. Keel itself pointed to risks like delays, cost blowouts, tight reliance on steady power, competition with larger data-center names, and maybe having to raise more money. Lease talks dragging out could make this year’s rally in the shares look premature.
Keel is getting grouped in with other physical infrastructure plays for AI by traders right now. That makes the stock simpler to read than when it was tied to bitcoin mining, but it also means expectations are higher.
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