NEW YORK, August 15, 2026, 12:07 EDT – Shares of Keel gained 6% as the company reported $819 million in liquidity, covering 38% of its market capitalization.
- Keel shares finished Friday at $3.51, rising 6.0%, as U.S. markets closed ahead of the weekend.
- The company announced liquidity of $819 million, representing 37.8% of its market capitalization.
- The commercial trial is still pending signature: management revealed ongoing talks, though an HPC lease has not been secured.
Keel Infrastructure Corp. NASDAQ:KEEL gained 6.0% on Friday following a turbulent week after its earnings report. The company’s liquidity reserves stand at $819 million, representing almost 38% of Keel’s $2.17 billion market capitalization. This remains the most obvious backing for the stock. However, it does not come from revenue.
The ex-Bitcoin miner is financing a transition to AI data center campuses. Keel’s balance sheet extends the timeline for negotiations. However, investors require the company to secure a high-performance-computing tenant agreement before valuing its power pipeline as contracted infrastructure.
| Friday market snapshot | Value |
|---|---|
| Closing price | $3.51 |
| Change on the day | +$0.20 / +6.0% |
| Opening price | $4.01 |
| Shares traded | 41.1 million |
| Average volume over three months | 44.6 million |
| 52-week low to high | $1.18–$7.37 |
| Market cap | $2.17 billion |
The stock began trading at $4.01 but lost most of its earlier advance. Volume totaled 41.1 million shares, nearing the three-month average. Shares are still down 52% from the annual peak of $7.37.
Keel reported liquidity stood at $819 million as of August 7, comprising $698 million in unrestricted cash and $121 million in unencumbered Bitcoin. This marked an increase of $286 million, or 53.7%, compared to the $533 million disclosed on May 8.
| Liquidity bridge | Value | Share of Friday market cap |
|---|---|---|
| Unrestricted cash | $698 million | 32.2% |
| Unencumbered Bitcoin | $121 million | 5.6% |
| Total liquidity | $819 million | 37.8% |
| Change since May 8 | $286 million | 13.2% |
Part of the buffer was funded by debt. Keel sold $458 million in 1.25% convertible notes maturing in 2032. The conversion price is set at $7.41, which is a 111% premium over Friday’s close. The firm put estimated net proceeds at roughly $445 million, excluding expenses and costs of capped calls.
The transition in operations continues to incur high costs. Revenue from continuing operations in the second quarter dropped by half to $30 million. Adjusted EBITDA shifted to a $24 million loss, compared to a $7 million profit in the same period last year.
| Second-quarter scorecard | Q2 2026 | Q2 2025 |
|---|---|---|
| Revenue | $30 million | $60 million |
| Operating income (loss) | ($141 million) | $11 million |
| Income (loss) from continuing operations | ($64 million) | $13 million |
| Diluted EPS from continuing operations | ($0.11) | $0.02 |
| Adjusted EBITDA | ($24 million) | $7 million |
Chief Executive Ben Gagnon said that each of the three main sites was close to receiving complete permitting. He added that several potential tenants were in discussions for every location. “Power is the constraint. Everything else is downstream of it,” Gagnon said. Keel second-quarter results
Progress was made in the quarter. Panther Creek obtained conditional approval for land development. Sharon gained both zoning and land-development approvals. At Moses Lake, Keel received initial Vertiv Holdings Co. NYSE:VRT modules and shut down its U.S. Bitcoin-mining activities to enable HPC construction.
| Development pipeline | Capacity | Investor relevance |
|---|---|---|
| Energized | 341 MW | Electricity actively delivered and consumed on premises |
| Secured | 430 MW | Supply assured through signed utility contracts |
| Expansion | 1.5 GW | Projects progressing through application, assessment or grid review |
| Total | 2.2 GW | Combined figure for energized, secured and expansion stages |
The absent metric is contracted megawatts. Keel noted ongoing discussions, though no colocation lease has been finalized. A signed customer contract would specify rent, capital requirements, credit exposure, and the timeline for converting the 2.2-gigawatt pipeline to cash flow.
Wall Street’s outlook remains mixed amid ongoing uncertainty. Keefe, Bruyette & Woods analyst Stephen Glagola lifted his price target to $4.50 from $3.00, maintaining a Market Perform rating. The revised target is 28.2% above Friday’s closing level.
| Analyst recommendations | Rating | Target | Upside/downside to $3.51 |
|---|---|---|---|
| KBW / Stephen Glagola | Market Perform | $4.50 | +28.2% |
| BTIG | Buy | $8.00 | +127.9% |
| Citizens JMP | Market Outperform | $10.00 | +184.9% |
| MarketBeat consensus | Moderate Buy | $6.25 average | +78.1% |
| Consensus range | 7 Buy / 1 Sell | $3.00–$10.00 | -14.5% to +184.9% |
In the coming week, investors are advised to monitor updates related to tenants, permitting, or construction. On Wednesday at 2 p.m. EDT, the Federal Reserve is scheduled to release the minutes from its July 28–29 meeting. Shifts in rate expectations may impact pre-revenue infrastructure shares, as their long-term cash flows are especially vulnerable to changes in borrowing costs.
Risks: Keel has yet to disclose an HPC tenant. Delays in permitting, building, or power delivery may increase expenses. Project financing could be impacted by poor customer credit. Liquidity remains subject to Bitcoin volatility, and convertible notes may lead to dilution if the price exceeds $7.41.
The weekend valuation represents a dual wager. Holding cash strengthens Keel’s position in talks. To validate that advantage, a finalized lease needs to show it can yield sustainable gains.
Related articles: NASDAQ:KEEL
