Keel Infrastructure is a Delaware corporation that spent eighteen months dismantling a Bitcoin mining business and rebuilding it as a landlord of high-performance computing (HPC) capacity, and the second-quarter 2026 filing is the first complete financial picture of that rebuilt company. The investment case rests on one mechanism: Keel already controls grid interconnections and energized power in Pennsylvania, Washington state, and Québec, and in the AI buildout the binding constraint is not chips or land but firm, low-cost electricity. The stock therefore trades not on what the company has leased but on what it can plausibly lease, which is why the equity moves like a data center developer with a balance sheet.
The most important recent development is the closing of the convertible notes offering on June 9. The upsized raise carried a low coupon and a 2032 maturity, and the conversion price of $7.41 sat a fifth above the stock price at pricing. That capital lifted total liquidity, cash plus unencumbered Bitcoin, to roughly $819 million by the start of August. Management says the balance sheet now covers the cost of taking Panther Creek, Sharon, and Moses Lake all the way through lease signing without raising more capital.
The central tension is that the legacy income statement is collapsing by design. Second-quarter revenue fell 50% year over year to $30.4 million. Adjusted EBITDA swung to a $23.7 million loss in the same stretch, but the loss is dominated by $84.1 million of accelerated non-cash depreciation from idling miners at the Pennsylvania sites, not by cash burn. The company is deliberately trading a shrinking, price-volatile mining income for a lease-up that has not yet produced a single dollar of HPC lease income, and the equity is being paid on the faith that the conversion happens before the capital does.
The next two quarters are the test of that faith. The variables that decide the outcome are lease signings at the three priority sites, the cost and schedule of the Moses Lake build, the approval of the 96 MW Sherbrooke consolidation by Québec's energy ministry, and the pace of the Bitcoin treasury wind-down.