New York, June 3, 2026, 09:12 EDT
- Keel was set to open higher on Nasdaq before the bell after ending Tuesday at $6.14.
- The action is linked to bets on AI data-center leases, not any new contract that’s been announced.
- Permitting, lease timing and capital needs are still seen as the key swing factors by analysts and in filings.
Keel Infrastructure Corp. (KEEL) ticked up ahead of the Nasdaq open Wednesday, keeping momentum after pushing past $6 as traders watch its move from bitcoin mining toward AI data center operations. Shares were at $6.175 in premarket, according to MarketScreener at 09:08:53 EDT, up 0.57% from the $6.14 close on Tuesday.
Nasdaq’s normal session hadn’t started yet at the dateline. June 3 is a standard trading day on Nasdaq, with regular hours set for 9:30 a.m. to 4:00 p.m. ET, and premarket trading open from 4:00 a.m. to 9:30 a.m. That early window, labeled premarket, usually sees lighter liquidity before the main session.
KEEL is shifting away from its old crypto miner tag and starting to trade more like a power-and-land bet on high-performance computing (HPC) for AI. The stock jumped around 20% this week and is up 98% over the month, according to TradingView. Market cap is about $3.7 billion.
Lease chatter drove the latest move. A Stocktwits post picked up by TradingView said retail traders were on the lookout for news of a first data-center lease, after CEO Benjamin Gagnon posted on X that the company had talked with 129 investors since the May 11 earnings call and will “pump the brakes” on more investor calls. TradingView
Keel is still aiming for lease execution, not completion. On the May 11 call, management kept its target to sign three leases before year-end—one at Panther Creek and one at Sharon, both in Pennsylvania, plus one at Moses Lake, Washington. Zoning is done but land-development and environmental permits are still pending.
Gagnon keeps saying the company is a hard-infrastructure supplier, not just a bitcoin play. Back in April, after Bitfarms finished its U.S. redomiciliation and rebranding, he said it was “more than a name change” and described Keel as a “pure-play infrastructure developer and owner.” GlobeNewswire
Keel’s May quarter numbers were mixed. Revenue dropped 23% to $37 million. The company posted a $128 million loss from continuing operations, or 21 cents a share. Keel reported liquidity of about $533 million as of May 8, including $336 million in unrestricted cash and $197 million in unencumbered bitcoin.
Keel Infrastructure CFO Jonathan Mir told analysts liquidity paid for development up to the lease execution stage at Panther Creek, Sharon, and Moses Lake. Mir and CEO Gagnon both called out a “clear strategic vision” at those sites. That choice of words is important. Shares are rising before any revenue from new AI lease starts has hit. GlobeNewswire
Analysts are keeping the stock active, though some targets have dipped under the current price. H.C. Wainwright’s Mike Colonnese lifted his price target to $5.50 from $3.70 and kept a Buy rating. The firm pointed to permit progress and potential colocation leasing as key factors. Colocation refers to renting out data center space to clients who install their gear at the facility.
Chardan lifted its Keel target price to $5.50 from $4.50 and reiterated a Buy, while analysts polled by FactSet gave the stock an average Buy and a mean target at $5.51, MT Newswires said. But the stock is already above those targets.
Former miners pitching power access to AI buyers are driving the read-across now. Cipher Digital, TeraWulf and Keel all moved higher in early U.S. trading Tuesday, with investors ignoring softer bitcoin prices and rotating to AI compute. Blockspace also flagged gains in IREN, which has shifted from mining to data centers.
This could also turn negative. Keel’s 10-Q flagged that its bigger push into HPC and AI may not make money and said building out data centers is expensive, with financing still a risk. The short-term bear case is pretty basic: permits could get delayed, a lease might take longer than traders hope, or the terms could end up weaker than what’s now priced into the shares.
