Keel Infrastructure (KEEL)
Develops power-secured sites for HPC and AI data-center capacity leases.
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Retains Bitcoin-mining operations while developing North American sites for HPC and AI data centers. The intended model is to lease capacity to hyperscalers, cloud-service providers, AI companies, and enterprises under long-term contracts.
Retains Bitcoin-mining operations while building a digital and energy-infrastructure business. Legacy mining provides the existing operating activity as resources shift toward HPC data-center development.
Develops power-secured sites in Pennsylvania and Washington in the United States and Québec in Canada for capacity leases to hyperscalers, cloud-service providers, AI companies, and enterprises. The business is intended to own and develop infrastructure rather than offer a Keel-branded cloud service.
The transition draws on grid-connected sites and requires development execution, economic power supply, financing, permitting, regulatory outcomes, and long-term customer leases. The HPC line had not yet produced revenue at the last reported year-end.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Aug 10, 2026 | Industrial Alliance Securities | Target | Target: $8 | Target: $7 |
| Jul 22, 2026 | BTIG | Initiate | Rating: —Target: — | Target: $8 |
| Jun 24, 2026 | Citigroup | Initiate | Rating: — | |
| May 11, 2026 | Lake Street | Target | Target: — | Target: $5.50 |
| May 11, 2026 | Industrial Alliance Securities | Target | Target: $3.25 | Target: $8 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $715.5M · Total debt $1.04B · Total assets $1.42B · Shareholders' equity $328.7M
- Revenue
- $30.4M
- Operating income
- −$140.8M
- Net income
- −$65.0M
No dividends on record.
| Institutions | 64.97% | 401.26M shares | |
|---|---|---|---|
| 335 holders · as of Jun 30, 2026 | |||
| Insiders | 0.15% | 941.1K shares | |
| 8 holders · as of Aug 20, 2026 | |||
| Other | 34.88% | 215.37M shares | |
| remainder | |||
617.57M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 7.12% | 43.97M | as of Jun 30, 2026 |
Situational Awareness LPInstitution | 4.28% | 26.45M | as of Jun 30, 2026 |
Monarch Alternative Capital LPInstitution | 4.26% | 26.29M | as of Jun 30, 2026 |
Jane Street Group, LLCInstitution | 3.75% | 23.18M | as of Jun 30, 2026 |
Diameter Capital Partners LPInstitution | 3.32% | 20.50M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Benjamin Gagnon | director, officer: Chief Executive Officer | +38,888 | $3.33 |
| Aug 20, 2026 | Liam Daniel Wilson | officer: Chief Operating Officer | +30,769 | $3.25 |
| Aug 17, 2026 | Liam Daniel Wilson | officer: Chief Operating Officer | +26,472 | $3.78 |
| Aug 13, 2026 | Benjamin Gagnon | director, officer: Chief Executive Officer | +58,888 | $3.33 |
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Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Keel Infrastructure | $4.13 | +1.49% | $2.46B | — | — | 16.2 | −60.9% |
| Core Scientific | $18.58 | +1.17% | $5.90B | — | 807.9 | 13.4 | +108.8% |
| Applied Digital | $28.52 | +1.17% | $8.12B | — | — | 14.1 | +580.7% |
| IREN | $48.64 | +2.97% | $16.85B | — | — | 23.8 | −26.8% |
| Cipher Digital | $19.50 | +3.17% | $7.73B | — | — | 40.5 | −43.0% |
| TeraWulf | $17.64 | +1.06% | $8.65B | — | — | 52.3 | −6.0% |
| Hut 8 | $109.10 | +5.49% | $11.64B | — | — | — | +81.4% |
| Median | — | 807.9 | 23.8 | +37.7% |