Keel Infrastructure: Powering the AI Buildout

The stock market is taking notice of Keel Infrastructure (KEEL), formerly Bitfarms, which has transformed itself from a Bitcoin miner to an AI datacenter company. In April, Keel shut down its U.S. mines and started pitching its land and power to AI companies, citing the growing need for power in the AI buildout.

Keel's secured power sits across three U.S. sites, with ~170 MW in Québec. The company has 648 megawatts (MW) of secured power, with ~2.2 gigawatts (2,200 MW) in its total development plans, although Melvin cautions that the larger number is still expansion options and utility studies.

Keel's balance sheet provides some breathing room, with $819M of cash and Bitcoin as of August, and ~$1.05B of convertible notes at super cheap rates of 1.25% to 1.375%. Melvin thinks the company will need more financing, possibly through share sales, to fund its data center projects.

Keel's peers, such as TeraWulf (WULF), Hut 8 (HUT) and Cipher (CIFR), have already signed AI deals involving Anthropic, Amazon, and Google. If a hyperscaler or AI lab takes hundreds of MW at Panther Creek, Melvin says things could change for Keel.