New York, June 4, 2026, 13:04 EDT
- Keel shares fell during regular trading on Nasdaq after their recent sharp move up.
- The stock is still up a lot for the week and month.
- Investors want to see if Keel can turn its power-heavy sites into real AI data center leases.
Keel Infrastructure Corp shares fell in midday trading on Nasdaq on Thursday, cooling off after a sharp rally that brought the AI infrastructure name near its 52-week high.
The stock last changed hands at $6.05, off 1.7%. Volume came in around 28.4 million shares. Shares started the session at $5.85, trading in a range between $5.67 and $6.18, after a $6.15 close on Wednesday, according to Tiger Brokers.
KEEL has given up some ground after a fast climb. TradingView data showed the stock gained about 19% over the past week and almost doubled in a month, up roughly 98%. That pace is raising investor questions about how fast land, power and permits will actually turn into revenue.
Keel’s pitch comes as markets are starting to see AI less as just a software play and more as a power story. On Wednesday, U.N. researchers warned data centres could use twice the power and water by 2030. Kaveh Madani, who heads the United Nations University Institute for Water, Environment and Health, said AI is “also physical infrastructure.” Reuters
Keel says it builds and owns data centers and energy infrastructure for high-performance computing, or HPC. That covers large clusters of machines handling heavy workloads like AI. Keel lists a 2.2-gigawatt pipeline with grid connections in Pennsylvania, Washington and Quebec.
Keel started after Bitfarms rebranded and moved its domicile. According to an SEC filing, Keel took over as Bitfarms’ parent on April 1. Its shares are set to start trading as KEEL on Nasdaq and the Toronto Stock Exchange on April 6.
Leases are front and center for the market now. Keel’s Q1 report last month put zoning done and site work moving forward at Panther Creek, Sharon, and Moses Lake. Land and environmental permits were still in the works.
Chief Executive Ben Gagnon said the rebrand signaled the end of a nearly two-year strategic overhaul. Chief Financial Officer Jonathan Mir put Keel’s liquidity at about $533 million as of May 8, enough to fund near-term sites, leases, and launch construction at Moses Lake.
Applied Digital’s 15-year, $7.5 billion lease deal with a U.S. hyperscaler has put pressure on rivals. The company said in April the contract covers 300 megawatts at a planned AI data-center, taking its total contracted lease revenue above $23 billion.
Most analysts still see Keel as a work in progress rather than a finished product. H.C. Wainwright upped its target to $5.50 from $3.70 in May and stuck with a Buy, pointing to movement on the last permits for Keel’s three short-term sites. But they also noted the shares are highly volatile and margins are negative.
The risks are clear. Keel’s first-quarter revenue fell 23% to $37 million, with an operating loss of $98 million. The company has flagged delays, cost overruns, permitting, power access, reliance on a few customers, and future funding as possible issues for its plan.
The stock isn’t really moving on bitcoin-mining economics anymore. It’s trading on whether management can hit execution targets. What matters now is if Keel gets those grid access deals signed before investors get tired of waiting and the share price moves.
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