NEW YORK, August 28, 2026, 19:25 (EDT). Keel Infrastructure (KEEL) shares were down 8% after the company disclosed $819 million in liquidity and confirmed its 2.2-gigawatt AI pipeline.
- Keel Infrastructure dropped 8.0% to $3.22, with 43.63 million shares traded.
- The firm operates a North American power pipeline with a capacity of 2.2 gigawatts.
- Revenue for the second quarter dropped by half to $30.4 million.
- Liquidity stands at $819 million, representing 41% of the market value.
Shares of Keel Infrastructure Corp. dropped 8.0% on Friday, as the company’s AI data-center initiative, backed by funding, was weighed against a decline in its traditional revenue streams. The Nasdaq-listed stock ended the session at $3.22.
The drop wiped out about $160 million in equity value. Trading volume totaled 43.63 million shares, close to the recent daily average.
Keel is repurposing ex-Bitcoin-mining power facilities into high-performance computing campuses, resulting in lost revenue until new leases commence.
| Investor measure | Current figure | Read-through |
|---|---|---|
| Market value | $1.99 billion | Dropped by roughly $160 million Friday |
| Liquidity | $819 million | Represents 41% of market value |
| Power pipeline | 2.2 GW | 341 MW brought online |
| Q2 revenue | $30.4 million | Fell 50% |
| Adjusted EBITDA | -$23.7 million | Was +$6.6 million previously |
Of the pipeline, 341 megawatts have been brought online, while 430 megawatts have been locked in. A further 1.5 gigawatts are still being evaluated or are pending expansion application company investor overview.
Management stated that discussions are ongoing at three locations. Liquidity stands at $819 million, which the company says is sufficient to cover development until lease agreements are finalized second-quarter release.
The buffer is notable, amounting to 27 times the company’s quarterly revenue and representing 41% of its market value as of Friday.
Revenue declined by 50% to $30.4 million due to mining shutdowns and a drop in Bitcoin prices. The company reported an operating loss of $141 million.
Adjusted EBITDA reported a loss of $23.7 million, reversing from a prior profit of $6.6 million. The loss from continuing operations totaled $64 million, amounting to 11 cents per share.
The firm raised $458 million by issuing 1.25% convertible notes maturing in 2032. Net proceeds amounted to $444.5 million SEC filing.
Keel has not recorded HPC data-center revenue at the converted locations so far. As a result, lease timing has greater significance than present mining production.
Risks: Lease agreements may not result from customer discussions. Liquidity benefits could be reduced by setbacks in project timelines, expenses for power delivery, dilution linked to convertibles, and ongoing cash deficits.
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