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Keel Infrastructure

KEEL

Keel Infrastructure Corp. is a digital infrastructure company transitioning from a primary focus on Bitcoin mining to the development and operation of high-performance computing (HPC) and artificial intelligence (AI) data centers.

Market cap
$2.03B-18.4%
Revenue$151.3M+19.3%
Net income-$215.1M-413%
Free cash flow-$351.5M-20.4%
EPS (diluted)-$0.39-175%
Trailing twelve months · change vs. prior year

Earnings

Next report

Nov 12, 2026 (in 2 months)
Revenue estimate$19.3M
EPS estimate-$0.09

Financials

Q1 2026

Income statement

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Revenue$37.0M-22.4%
Gross profit-$26.3M-9,631%
Operating income-$98.4M-182%
Net income-$145.4M-162%
EPS (diluted)-$0.24-118%

Balance sheet

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Cash & equivalents$357.3M+827%
Total debt$591.0M
Total equity$419.1M-36.6%
Total assets$1.1B

Cash flow

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Operating cash flow-$64.7M-243%
CapEx$10.3M-76.2%
Free cash flow-$75.0M-20.6%

Valuation & ratios

Valuation

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Market cap$2.03B-18.4%
Enterprise value$2.26B
P/S13.4×

Returns & leverage

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Debt / equity1.4×
Current ratio9.6×

Competitors

Profile

Keel Infrastructure Corp. is a digital infrastructure company transitioning from a primary focus on Bitcoin mining to the development and operation of high-performance computing (HPC) and artificial intelligence (AI) data centers. The company leverages its proprietary infrastructure assets and power generation facilities to provide scalable, energy-efficient capacity for intensive compute workloads. Its core value proposition lies in securing reliable, low-cost power and specialized cooling systems to support next-generation hardware.

Competitive position

Keel is undergoing a strategic transformation to pivot from volatile crypto-mining to stable, high-margin HPC hosting, leveraging its secured power interconnections and owned generation assets.

GeographiesUnited States, Canada
Customer segmentsEnterprise, Technology Companies, Utility Markets
Business modelInfrastructure-as-a-Service, Leasing, Commodity Production
SuppliersGPU Manufacturers, ASIC Mining Hardware Suppliers, Electrical Infrastructure Providers, Hydroelectric and Natural Gas Utilities
CustomersAI Research Firms, Wholesale Energy Grids, Bitcoin Network Users, Enterprise Data Tenants
Listed2019
CEOBenjamin J. Gagnon
FilingsSEC EDGAR

FAQ

What is Keel Infrastructure's market cap?
Keel Infrastructure (KEEL) has a market capitalization of $2.0B and trades on XNAS.
What is Keel Infrastructure's revenue and profitability?
Keel Infrastructure generated $151.3M in trailing twelve-month revenue with a net loss of $215.1M, representing a net margin of -52.0%. Gross margin stands at -7.9%, with free cash flow of -$351.5M. The latest reported period is Q1 2026.
Who are Keel Infrastructure's competitors?
Keel Infrastructure's key competitors include Riot Platforms, Core Scientific, Inc. Common Stock, Soluna Holdings, Inc. Common Stock, and others. These companies compete in similar markets and product categories.
Who does Keel Infrastructure partner with?
Keel Infrastructure's notable partners include Foundry Pool, Coinbase Custody, Anchorage Digital, and others.
What subsidiaries does Keel Infrastructure have?
Keel Infrastructure's subsidiaries include Scrubgrass Generating Company, Panther Creek Energy Facility.
Where is Keel Infrastructure headquartered?
Keel Infrastructure is headquartered in United States of America. It has been publicly traded since 2019.