Keel Infrastructure Completes Liquidity Event, Raises $520 Million for AI Buildout

Keel Infrastructure has made significant progress in its transition to an AI-focused company, completing a liquidity event that raised $520 million from the sale of its Bitcoin holdings. This capital will fund the development of a 2.2 gigawatt AI infrastructure pipeline across key U.S. and Canadian markets.

The company's new focus is on building power-secured data centers in strategic locations, which will be leased to AI and high-performance computing clients. This marks a significant shift from its legacy mining operations, with revenue growth increasing by 72% year-over-year to $229 million in 2025.

While the stock price surged 5.44% on the news, it remains down 71% from its 52-week high of $6.60. The company's financial profile is now defined by high upfront capital expenditure to secure future lease revenue, rather than volatile crypto production.