olivLaw · US equity research
Keel Infrastructure Corp. KEEL
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
Keel Infrastructure Corp. (formerly Bitfarms) is shifting its bitcoin mining sites into data center infrastructure for high-performance computing and AI workloads, built on a 2.2 GW power pipeline. The shift matters now because demand for interconnected power is rising, and the company reported liquidity of 819 million USD as of August 7, 2026, while legacy revenue fell 50% year over year.
At the close of 04 Nov 2026, Keel Infrastructure Corp. (KEEL) stock was 2.10 USD (−4.11% on the day), with market capitalisation 1.3 bn USD, beta 3.17, 52-week range 1.71–6.66 USD. Latest reported quarter (Q2 2026): revenue of 30.4 m USD (−50.0% YoY), net income of -65.0 m USD, diluted EPS -0.11 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.1
- weak (30–45)
- Bollinger (20, 2)
- 1.75 – 3.09
- in the lower half of the band · %B 0.26 · band width 55.3%
- SMA 50 / 200
- 3.10 / 3.43
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.32 / -0.33
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −39.1% | −1.1% | −38.0 pp | — |
| 3 months | −46.6% | −0.5% | −46.1 pp | — |
| 6 months | −49.0% | +4.4% | −53.4 pp | — |
| Year to date | −10.6% | +12.3% | −23.0 pp | — |
| 1 year | −45.3% | +13.5% | −58.9 pp | −52.3% |
| 3 years | +79.5% | +76.4% | +3.1 pp | −82.2% |
| 5 years | −71.2% | +63.7% | −134.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|
| Revenue | 47.7 m | 60.9 m | 37.0 m | 30.4 m |
| Cost of revenue | 47.4 m | 64.8 m | 63.3 m | 117.2 m |
| Gross profit | 276.0 k | -3.9 m | -26.3 m | -86.8 m |
| Operating income | -34.8 m | 10.8 m | -98.4 m | -140.8 m |
| Depreciation & amortisation | 28.4 m | 35.6 m ≈ | 27.7 m | 84.1 m ≈ |
| Interest expense | 185.0 k | 1.6 m | 3.6 m | 2.1 m |
| Pre-tax income | -38.2 m | 13.2 m | -127.6 m | -63.9 m |
| Income tax | 222.0 k | 0 | -3.0 k | 17.0 k |
| Net income | -55.6 m | -5.5 m | -145.4 m | -65.0 m |
| Diluted EPS | -0.11 | -0.01 | -0.24 | -0.11 |
| Operating cash flow | -18.8 m | -74.9 m ≈ | -64.7 m | -52.9 m ≈ |
| Capex | 43.3 m | 18.7 m ≈ | 10.3 m | 43.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 34.7 m | 169.5 m | 142.4 m | 120.4 m | 133.3 m | 229.3 m |
| Revenue YoY | unavailable | +388.4% | −16.0% | −15.5% | +10.7% | +72.0% |
| Net income | 172.0 k | 20.5 m | -175.6 m | -55.5 m | -28.4 m | -284.5 m |
| Net income YoY | unavailable | +11,822.7% | −956.5% | unavailable | unavailable | unavailable |
| Diluted EPS | -0.19 | 0.13 | -0.85 | -0.21 | -0.07 | -0.52 |
| Diluted EPS YoY | unavailable | unavailable | −753.8% | unavailable | unavailable | unavailable |
| net % | 0.5% | 12.1% | -123.3% | -46.1% | -21.3% | -124.1% |
| Free cash flow | unavailable | unavailable | -275.6 m | -155.3 m | -428.6 m | -326.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 631.0 m USD
- Financial debt
- 669.5 m USD
- Net debt
- 38.5 m USD
- Equity
- 560.4 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- 1.19x
- Current ratio
- 5.58x
- ROE
- -48.7%
- ROA
- -29.0%
- FCF margin
- -142.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 34.7 m | 169.5 m | 142.4 m | 120.4 m | 133.3 m | 229.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Cost of revenue | 31.8 m | 58.4 m | 131.9 m | 144.1 m | 149.2 m | 248.2 m | SEC (XBRL)· 31 Mar 2026verified |
| Gross profit | 2.9 m | 111.1 m | 10.5 m | -23.7 m | -15.9 m | -18.9 m | SEC (XBRL)· 31 Mar 2026verified |
| Operating income | -6.7 m | 63.6 m | -284.0 m | -50.0 m | -28.0 m | -149.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Depreciation & amortisation | 11.5 m | 24.5 m | 72.4 m | 84.3 m | 135.4 m | 122.6 m | SEC (XBRL)· 31 Mar 2026verified |
| EBITDA | 4.8 m ≈ | 88.1 m ≈ | -211.6 m ≈ | 34.3 m ≈ | 107.4 m ≈ | -27.0 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Interest expense | 9.4 m | 21.0 m | -70.0 k | 2.9 m | 745.0 k | 8.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Pre-tax income | -16.1 m | 42.6 m | -193.1 m | -40.1 m | -7.0 m | -208.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Income tax | 172.0 k | 20.5 m | -17.4 m | -154.0 k | 346.0 k | 101.0 k | SEC (XBRL)· 31 Mar 2026verified |
| Net income | 172.0 k | 20.5 m | -175.6 m | -55.5 m | -28.4 m | -284.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Diluted EPS | -0.19 | 0.13 | -0.85 | -0.21 | -0.07 | -0.52 | SEC (XBRL)· 31 Mar 2026verified |
| Weighted average diluted shares | 84.9 m | 169.4 m | 207.8 m | 262.2 m | 414.7 m | 551.7 m | SEC (XBRL)· 31 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.9 m | 125.6 m | 30.9 m | 84.0 m | 59.5 m | 631.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Receivables | 1.1 m | 1.0 m | 108.0 k | 689.0 k | 1.3 m | 5.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Inventories | — | — | — | 705.0 k | 1.1 m | 8.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Current assets | 9.2 m | 287.1 m | 69.1 m | 130.0 m | 213.7 m | 826.5 m | SEC (XBRL)· 31 Mar 2026verified |
| Property, plant & equipment, net | 35.8 m | 136.9 m | 219.4 m | 186.0 m | 237.3 m | 358.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Goodwill | — | 17.0 m | — | — | — | — | SEC (XBRL)· 07 Mar 2024verified |
| Intangibles (excl. goodwill) | 377.0 k | 1.7 m | 33.0 k | 3.7 m | 4.0 m | 3.0 m | SEC (XBRL)· 11 May 2026verified |
| Total assets | 51.7 m | 542.6 m | 343.1 m | 378.7 m | 663.1 m | 1.3 bn | SEC (XBRL)· 31 Mar 2026verified |
| Accounts payable | 2.7 m | 14.5 m | 20.5 m | 20.7 m | 8.2 m | 16.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Short-term debt | 17.2 m | 5.0 m | 4.1 m | — | 146.0 k | 97.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Long-term debt | 174.0 k | 910.0 k | 4.1 m | 4.0 m | 1.4 m | 572.4 m | SEC (XBRL)· 31 Mar 2026verified |
| Current liabilities | 28.5 m | 101.2 m | 67.4 m | 69.2 m | 28.2 m | 148.1 m | SEC (XBRL)· 31 Mar 2026verified |
| Total liabilities | 36.3 m | 120.0 m | 87.7 m | 84.0 m | 52.0 m | 736.0 m | SEC (XBRL)· 31 Mar 2026verified |
| Equity | 15.4 m | 359.0 m | 255.4 m | 294.8 m | 608.0 m | 560.4 m † | SEC (XBRL)· 31 Mar 2026verified |
| Shares outstanding at year end | — | 194.8 m | 224.2 m | 334.2 m | 479.3 m | — | SEC (XBRL)· 01 Apr 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 7.2 m | -43.3 m | -122.4 m | -106.9 m | -141.7 m | -226.6 m | SEC (XBRL)· 31 Mar 2026verified |
| Capex | — | — | 153.1 m | 48.4 m | 286.9 m | 100.3 m | SEC (XBRL)· 31 Mar 2026verified |
| Free cash flow | — | — | -275.6 m ≈ | -155.3 m ≈ | -428.6 m ≈ | -326.9 m ≈ | SEC (XBRL)· 31 Mar 2026derived |
| Investing cash flow | -3.6 m | -209.0 m | 3.7 m | 71.0 m | -178.4 m | 103.7 m | SEC (XBRL)· 31 Mar 2026verified |
| Financing cash flow | 185.0 k | 372.0 m | 24.0 m | 87.9 m | 294.5 m | — | SEC (XBRL)· 01 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.3 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -52.3% | 56 (vs peers) | 24% |
| Net margin · Quality | -230.6% | 25 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 17.2% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -29.0x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 16.3x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -26.4% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality44/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Keel Infrastructure Corp. (KEEL). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 229.3 m USD in 2025; YoY growth 72.0%; net margin -230.6%; ROE -87.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 17.2%
- Current ratio: 16.3x
What contradicts it
- Net margin: -230.6%
- Interest coverage: -29.0x
- FCF yield: -26.4%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| BMNPBitmine Immersion Technologies, Inc. | 59.2 bn | — | -150.9% | -14,306.6% | +84.1% | unavailable / unavailable |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| RIOTRiot Platforms, Inc. | 5.8 bn | — | -50.5% | -210.8% | +71.9% | −5% / +22% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| QFINQfin Holdings, Inc. | 1.3 bn | 1.7 | 25.3% | 31.1% | +16.8% | −72% / −65% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −45% / +79% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| HIVEHive Digital Technologies Ltd. | 499.2 m | — | -66.4% | -98.5% | +158.3% | −46% / −41% |
| CHADDefi Development Corp. | 310.0 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| CPSSConsumer Portfolio Services, Inc. | 221.6 m | 9.9 | 7.5% | 5.0% | +10.4% | +23% / +7% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| SLNHSoluna Holdings, Inc. | 136.7 m | — | -114.6% | -185.9% | −21.8% | −67% / −82% |
| SUIGSui Group Holdings Limited | 81.4 m | — | -683.9% | -11,373.7% | +18.1% | −47% / −60% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| HYPDHyperion Defi, Inc. | 47.7 m | — | 9.6% | 474.9% | +1,318.8% | −32% / −97% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
| EXODExodus Movement, Inc. | 43.5 m | — | -36.4% | -79.9% | +4.5% | −72% / −6% |
1- and 3-year price returns: for KEEL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Keel Infrastructure Corp. (formerly Bitfarms) is shifting its bitcoin mining sites into data center infrastructure for high-performance computing and AI workloads, built on a 2.2 GW power pipeline. The shift matters now because demand for interconnected power is rising, and the company reported liquidity of 819 million USD as of August 7, 2026, while legacy revenue fell 50% year over year.
SWOT
Strengths
- The company controls a portfolio of interconnections, contracted power and land in high-demand markets, which gives it an edge over new entrants 1.
- Recent liquidity and capital raised give flexibility to fund construction without additional external financing, at least in the stated plan 13.
- Over a decade of experience in development, permitting and power management is transferable to HPC data centers 1.
Weaknesses
- Current revenue depends largely on mining, which is declining, and HPC sites have not yet generated revenue 23.
- Operating losses and high depreciation show that the transition still consumes significant capital and resources 3.
- The company has a limited operating history as an HPC developer, so project execution has not yet been demonstrated 1.
Opportunities
- Long-term leases with large customers could provide more predictable revenue than mining, if signed on favorable terms 1.
- The Pennsylvania and Washington sites have uncommitted 2027 capacity, which could allow further expansion 13.
- The Sherbrooke, Québec project could consolidate existing power into a single campus if approvals are completed 2.
Risks
- Construction executionhigh
Delays or cost overruns in building data centers could reduce returns and postpone first revenue 1.
- Dependence on large customershigh
If a small number of customers do not sign contracts or fail to pay, future revenue could be materially affected 1.
- Financing and convertible debtmedium
Convertible note issuance and project financing could dilute shareholders or increase debt burden if conditions worsen 23.
- Bitcoin price exposuremedium
Legacy revenue and liquidity depend on bitcoin prices, and a decline could reduce results and funding capacity 13.
- Energy and environmental regulationmedium
Policy changes on energy and the environment could raise costs or limit power access for data centers 1.
Investment thesis
What would need to be true (bull case)
- If Keel wins long-term contracts for its interconnected sites, the shift from mining to HPC could open a more stable and predictable revenue stream 1.
- Substantial liquidity and scarce power positions could let the company negotiate good terms with customers and fund construction without large additional capital 13.
- If AI demand keeps growing, the uncommitted capacity pipeline could become an important growth source in the coming years 1.
What would break the thesis
- If first HPC contracts are delayed, the company could be left with declining revenue and high costs, which could erode liquidity 23.
- Past dependence on one mining pool operator and exposure to bitcoin prices show that legacy revenue is volatile and hard to forecast 12.
- If projects run into permitting or power bottlenecks, the value of the land and interconnections could be lower than the market expects 1.
What to watch
- Signing of the first HPC lease contracts and their terms2026
- Progress on permitting and equipment delivery at Moses Lake, Panther Creek and Sharon2027
- Revenue from power sales at Panther Creek and Scrubgrass after mining ceasedQ3 2026
- Liquidity level and capital use in the next quarterly reportnext 10-Q
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Keel Infrastructure Corp. is a North American digital and energy infrastructure company that develops, owns and intends to operate data centers for high-performance computing (HPC) and AI workloads 1. It plans to lease capacity under long-term contracts to hyperscalers, cloud providers and AI companies 1. Until then, bitcoin mining remains a legacy line managed for cash generation, and the Latin American operations have been sold or wound down 2.
The company completed its redomiciliation to the United States on April 1, 2026, exchanging Bitfarms shares for Keel shares, and began trading as KEEL on Nasdaq and TSX 12. The strategy depends on access to power: each site needs interconnection, contracted capacity or on-site generation before lease talks begin 1.
U.S. bitcoin mining ceased by June 29, 2026, and the Panther Creek, Scrubgrass and Sharon sites have not yet generated HPC data center revenue 2. The company sold energy from Panther Creek and Scrubgrass, which are not yet under contract, and sold 1,085 BTC between April 1 and August 7, 2026 23.
Segments
Market context
Demand for HPC and AI computing is rising, and McKinsey estimates that AI data centers could require about 5.2 trillion USD in global capex by 2030 1. Their power demand could exceed 150 GW by 2030, compared with about 44 GW today, which existing grid capacity may not readily support 1.
The market is constrained by interconnection: projects that already hold permitted, connected power have an edge, and transmission expansion in PJM could take more than five years 1. Competition comes from both bitcoin miners and well-resourced HPC data center operators 1.
Trends
- AI compute demandtailwind
Adoption of AI across more industries could increase intensive computing workloads in favor of existing data center capacity 1.
- Power cost and availabilityheadwind
Public policy and grid pressures could limit available power or raise prices if demand grows faster than supply 1.
- Bitcoin price volatilityheadwind
Legacy revenue depends on bitcoin prices and network difficulty, so price declines feed directly into results 12.
- Energy and environmental regulationmixed
Governments may restrict or regulate data center and mining electricity use, which could affect project costs or timing 1.
Competitive position
The company competes with other bitcoin mining companies, with large well-funded HPC data center operators, and with firms building AI computing capacity 1. Its stated advantage lies in scarce power positions and development experience, but larger competitors could devote more resources to the segment 1.
- Large well-funded HPC data center operators
The sources do not name individual competitors but refer to operators with greater resources that could compete for the same customers 1.
- Bitcoin mining companies
Mining competition reduces the share of network rewards and attracts new participants 1.
- Data center infrastructure suppliers
The company relies on suppliers such as Vertiv for critical equipment, and these firms could also compete for projects 1.
- Other energy capacity developers
Sites with interconnection and contracted power are scarce, so other developers buying them could compete for the same locations 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Keel-laying ceremony for Maloyaroslavets submarine held at Admiralty ShipyardTASS (RU, EN) · 27 Aug 2026 · EN
- Isomorphic Labs lands $2.1B, Keel's post-neobank pivot, and Poland's software evolutionTech.eu · 15 May 2026 · RO
- Keel unveils fintech infrastructure business after pivot from neobankTech.eu · 11 May 2026 · RO
SEC filings
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report06 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jun 2026Item 4.01 · Financial statements and exhibits
- Current report10 Jun 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
- Current report05 Jun 2026Other events · Financial statements and exhibits
- Current report04 Jun 2026Other events · Financial statements and exhibits
- Current report11 May 2026Results of operations · Financial statements and exhibits
- Quarterly report11 May 2026
- Current report03 Apr 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Keel Infrastructure Corp. · 31 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Keel Infrastructure Corp. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Keel Infrastructure Corp. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.