New York, June 8, 2026, 05:06 (EDT)
Keel Infrastructure shares traded higher in pre-market hours Monday, picking up some ground after Friday’s steep drop. The company had announced an upsized debt offering to support its AI data center expansion. The stock printed at $5.29 before the Nasdaq bell, up 3.1% from Friday’s $5.13 close, after a 13.5% fall in that session. Nasdaq opens for regular trading at 9:30 a.m. Eastern, with pre-market activity from 4:00 a.m. to 9:30 a.m.
Timing is key as Keel pushes to turn its former bitcoin mining setup into infrastructure for high-performance computing, or HPC, which is needed for AI and other heavy workloads. The market wants to know if Keel can secure low-cost funding without giving away too much of the upside to noteholders.
Keel on Friday priced $400 million in 1.250% convertible senior notes due 2032, raising the deal from an earlier $350 million target. The convertible notes let holders swap debt for stock at certain terms. Keel set an initial conversion price near $7.41 per share, which is 25% more than the $5.93 closing on Nasdaq June 4. Investors get 13 days to buy up to $58 million more notes.
The company said it plans to use some of the proceeds for capped call transactions, helping to offset dilution if the notes convert into shares. The rest could go to paying deposits for long-lead equipment or for letters of credit related to data-center projects. Keel said current liquidity should cover building out Panther Creek, Sharon, and Moses Lake through leasing, but the added funds give it more flexibility to invest at those locations.
Window is open for this paper. U.S. convertible bond sales could hit a record this year as more AI-linked firms tap market demand and use volatile stocks to issue lower-coupon debt. That’s according to the Financial Times report from last week.
Keel calls itself a North American digital infrastructure and energy company. It says it has a 2.2-gigawatt pipeline and grid interconnections in Pennsylvania, Washington, and Quebec. Shares trade under KEEL on Nasdaq and the TSX. Keel became Bitfarms’ parent after a U.S. redomiciliation and rebrand on April 1.
Keel CEO Benjamin Gagnon called power the “single biggest bottleneck” for AI growth when he spoke to investors last month. CFO Jonathan Mir said Keel can keep up “at the speed our customers require while maintaining discipline,” after the company reported liquidity around $533 million as of May 8. The Motley Fool
Keel shares remain volatile. MarketScreener data had the stock closing Friday at $5.13, down 13.49% for the session and down 9.68% for the week, though the stock is still up 118.30% for the year.
Applied Digital is ramping up fast. The company, a notable name in AI infrastructure, landed a 15-year, $7.5 billion lease for 300 megawatts with a U.S. hyperscaler in April. The buyer wasn’t named, but it’s a major cloud player. Keel, in its own materials, points to 2026 as the year it expects to execute leases for its first sites.
The risks are clear. Keel’s latest 10-Q lists short operating history, ongoing losses, need for steady cheap power, supply-chain issues, potential project delays, cost overruns, and competition from bitcoin miners turning to data centers. There’s also no assurance HPC and AI data centers will end up profitable.
Monday’s trade isn’t just about a pre-market number. It’s about whether buyers see Friday’s drop as dilution worries or a chance to load up on an AI infrastructure story built on scarce power. The note sale is set to close around June 9. After that, investors will want signed leases, not just slide decks showing megawatts.
