New York, June 2, 2026, 14:06 EDT
Keel Infrastructure Corp. (KEEL) climbed again Tuesday as the stock traded over $6, with buyers sticking to the story around its move from bitcoin mining to AI data-center power. KEEL was up 2.29% at $6.24 by 2:04 p.m. EDT, according to Stocktwits, showing big volume of 33.02 million shares and a market cap close to $3.68 billion.
The move matters now as Keel is being viewed less as a cryptocurrency miner and more as a developer of power and land for AI campuses. In a May 31 market note, Christopher Ruppel, Keel’s senior vice president for power, said the AI buildout is now “past the announcement phase, into the execution phase,” and success depends on getting electricity to projects on schedule. Keel
Cipher Digital, TeraWulf and Keel moved higher in morning U.S. trading, Blockspace said. IREN added too, with former bitcoin miners bid up on AI compute demand, even while bitcoin trailed. The rally is part of a broader trade in high-performance computing, or HPC, which covers large-scale processing for AI and other data-heavy workflows.
Keel took over as the U.S. parent of Bitfarms on April 1 after redomiciling, according to an SEC filing. Its common stock was due to start trading on both Nasdaq and the Toronto Stock Exchange as KEEL from April 6. The move provided the company with a cleaner U.S. structure as it looked to appeal to big technology tenants.
The company reports a 2.2-gigawatt pipeline in Pennsylvania, Washington, and Québec, and says it already has grid interconnections there. A gigawatt measures power capacity; 1 gigawatt is 1,000 megawatts.
Chief Executive Ben Gagnon called the rebrand the “completion of a nearly two-year strategic transformation.” CFO Jonathan Mir said liquidity “fully funds the capital required” to get Panther Creek, Sharon and Moses Lake through lease execution. The company reported $533 million in liquidity as of May 8. GlobeNewswire
Leases are top of mind for investors. On Keel’s Q1 call, the company said it wants to lock in three leases by the end of 2026—one each at Panther Creek, Sharon and Moses Lake. The company also said it has “the right power, in the right places,” which is central to the bull case. Keel Infrastructure
Scrubgrass is the larger and slower-moving project. Keel’s Scrubgrass campus page calls the Pennsylvania site its biggest long-term development plan, with 650 acres and up to 1.3 GW of expansion, but the company says project partnerships will be determined as development goes forward.
Reporting out of Pennsylvania flagged the uncertainty. ExploreClarion on Tuesday said Scrubgrass may turn into a gigawatt-scale AI campus, but much of the project is still in planning. It cited Keel filings and earlier statements mentioning load studies, gas delivery, and a timeline that could push big new power additions out to about 2028.
Keel’s numbers are still rocky. First-quarter revenue came in at $36.99 million, down 22% from last year, with a net loss of $145.35 million. Adjusted EBITDA showed a negative $16.71 million after adjustments.
Keel’s risk is straightforward: leases, permits, and power connections need to happen. The company spells it out—operating losses, a business model that could change, reliance on steady, cheap power, potential for delays or costs to run high, tough competition from bigger data-center players, concentration of customers, and the chance it will need to raise more money down the line.
The stock is still trading on execution instead of story. Right now, the market is backing Keel for having power inventory lined up where it counts. Next question is if hyperscale tenants actually commit before the year-end goal moves.
