Keel, originally known as Bitfarms, is trying to become a high-density AI/HPC infrastructure company by converting power-heavy legacy mining assets into data center campuses and leaving bitcoin behind entirely. The legendary investor Leopold had originally invested in this stock, and upped his stake by 188% in recent filings.
In this AI cycle, the bottleneck is not just GPUs anymore. It is power. Every hyperscaler, neocloud, and enterprise AI customer needs secured electricity, interconnections, land, cooling, and locations that can be brought online quickly. GPUs are useless if there is nowhere to plug them in.
Jensen Huang said at the GTC Taipei stage that future data centers will cost $80B-$100B per GW, which shows how essential and bottlenecked power is in the AI trade. This also shows the long-term potential of Keel and how truly undervalued this stock is at a $3.2B market cap when it already has a 2.2 GW pipeline. With 50% of data centers facing delays or cancellations, the value of immediate power becomes even more pronounced.
Management has been very confident and stated that they plan to sign three leases this year across three different sites: Panther Creek (350 MW energized capacity/expansion to 510 MW, Pennsylvania), Sharon (110 MW energized capacity, Pennsylvania), and Moses Lake (18 MW energized capacity, near Seattle). However, since these leases have not been signed yet, there is still risk with this stock. But that is also why the upside is still there.
Yesterday in an interview, the CEO said he was even MORE confident that they will sign 3 leases this year compared to a month ago.
The stock has gone up a lot over the past month, but in my opinion the market is only starting to price in the possibility that Keel gets a lease this year and transitions away from a bitcoin miner. It is not fully pricing in the possibility of three leases, strong AI/HPC customers, premium PJM locations, Vera Rubin-ready sites, project financing, and the rest of the 2.2 GW pipeline.
Every lease that gets signed is an immediate catalyst for the stock and a re-rate on the stock price. This can be seen with any AI infrastructure company in this space after they land a contract. The other two sites in the pipeline for 2027+ are Sherbrooke (96 MW energized capacity/expansion to 170 MW, Quebec), and the massive gigacampus Scrubgrass (1.3 GW expansion capacity, Pennsylvania).
The two most important sites for the current state of the company are Panther Creek, Pennsylvania, and Sharon, Pennsylvania. These are the PJM sites, and I do not think they should be valued like generic data center land. PJM power is valuable because it is close to East Coast enterprise demand, cloud regions, fiber routes, financial institutions, large population centers, and future inference workloads. This region also has many data center delays, which makes these assets even more valuable.
I think people are underestimating how important inference is going to be. Training gets all the attention, but inference is where AI becomes a recurring usage business. Every AI agent, copilot, chatbot, coding assistant, search product, customer support tool, financial model, healthcare workflow, or enterprise automation tool creates inference demand every time it runs. That demand has long-term staying power, and locations close to major enterprise/cloud demand should deserve a premium.
The Vera Rubin angle is one of the biggest parts of the bull case because Keel is not just building generic GPU warehouses. Its official website lists both Panther Creek and Sharon around 2027 Vera Rubin GPUs+, which puts the Pennsylvania sites in the next generation of AI infrastructure. That matters because Rubin-class deployments require far more advanced power density, liquid cooling, networking, and engineering than older GPU facilities, so not many converted mining assets will be able to compete if Keel actually pulls this