KEEL is pivoting from crypto to AI/HPC data centers, backed by big liquidity. Yet, forecasts weaken as rivals battle for power.
Keel Infrastructure (KEEL) is transitioning from bitcoin mining to AI data center hosting, targeting a 2.2 GW pipeline by 2027. KEEL's conservative growth targets and focus on Nvidia-compatible infrastructure position it as an attractive, less overvalued peer in the sector. Despite Q1 2026 net losses of $145 million and negative adjusted EBITDA, I maintain a buy rating for KEEL, favoring moderate accumulation on pullbacks.
Keel Infrastructure ditches Bitcoin mining for HPC/AI data centers, but Q1 losses surged and management says lease-driven revenues will not start until 2027.
Here is how Keel Infrastructure Corp (KEEL) and Miami International Holdings, Inc. (MIAX) have performed compared to their sector so far this year.
Keel Infrastructure Corp. (KEEL) Q1 2026 Earnings Call Transcript