NEW YORK, June 9, 2026, 19:02 (EDT)
Keel Infrastructure Corp. shares dropped Tuesday. The New York digital infrastructure firm raised $458 million in a convertible debt deal to help finance data-center work. The move also brought fresh investor worries about possible future dilution.
Keel (NASDAQ: KEEL) shares fell 4.24% to end at $5.42. The stock swung from $5.17 to $6.36 during the day and edged down to $5.32 after hours, according to Google Finance. Trading volume hit 96.5 million shares, more than double the norm.
Keel is shifting old Bitcoin mining power assets into data centers for high-performance computing, known as HPC, the kind that runs AI. That pitch has gone over well with investors this year. Tuesday, though, the debt close put how much more money they’ll take in question.
Keel has closed $458 million of 1.250% convertible senior notes due 2032. That amount includes a $58 million purchase option that was fully exercised. Convertible senior notes can be turned into stock later and rank above lower-priority debt. Keel is expecting to see about $445.4 million in net proceeds from the sale before expenses and hedge costs.
The notes will convert first at about $7.41 a share, which is 25% above Keel’s $5.93 close on Nasdaq on June 4. Keel picked up capped calls as well—an options hedge to curb dilution if the notes convert—capped at an initial $11.86 a share.
Keel Infrastructure said its current liquidity is expected to cover Panther Creek, Sharon and Moses Lake via leasing. It said leftover proceeds could go to deposits on long-lead equipment, letters of credit, or work to expand or speed up data-center projects.
Keel shares sold off harder than the rest of the AI trade on Tuesday. The Nasdaq Composite lost about 1% and the S&P 500 slipped 0.3%, per AP’s wrap, as U.S. AI-linked stocks bounced around. Investors seemed to zero in on Keel’s financing news, not just the sector pullback.
Keel isn’t the only one going after power for the AI boom. IREN, which also used to mine Bitcoin and now focuses on AI infrastructure, said this month it secured a $3.65 billion GPU financing deal tied to its Microsoft AI-cloud contract. IREN also announced plans for an 800-megawatt data center campus in South Australia.
Bernstein analysts led by Gautam Chhugani said access to power is the main limit for building AI cloud. “The biggest constraint in building AI cloud remains power,” the team wrote in a May note cited by Sherwood. Bernstein has outperform ratings on IREN, Riot Platforms, CleanSpark, and Core Scientific, according to the note. Sherwood News
The deal still carries execution risk. Keel has flagged that shifting from Bitcoin mining to HPC infrastructure may fail. The company pointed to risks like cost overruns, reliance on steady power, supply chain problems, customer defaults, future funding requirements and the chance of dilution. Nic Puckrin, Coin Bureau co-founder, told Sherwood he’d be cautious about thinking “every bitcoin miner pivoting to AI is automatically a winner.” GlobeNewswire
For now, Keel gets a longer runway from the financing. The stock’s main issue is if the company can land leases before investors see the new debt as more pressure.
