Keel Infrastructure Stock Surges Near Four-Year High Amid Hyperscaler Deal Speculation

Keel Infrastructure's stock surged to its highest level since October after rising nearly 7% to over $6 in midday trade on Monday. The company, formerly known as Bitfarms, rebranded in April to reflect its shift from Bitcoin mining toward AI and HPC infrastructure.

The rally was fueled by speculation that Keel may be close to announcing a new customer, with retail traders speculating about the possibility of a big hyperscaler deal. CEO Ben Gagnon said last week that the company has spoken with 129 investors since its first-quarter earnings call.

Keel's goal is to sign three hyperscale customers by year-end, and management highlighted ongoing work across all three development sites during the Q1 earnings call. The company still holds approximately 2,469 Bitcoin on its balance sheet despite shifting away from dependence on Bitcoin mining revenue.