Key Highlights

  • Shares are trading at $4.05, up 12.19% in Friday's session, extending a multi-week rally.
  • The gains have been fueled by a series of contract wins, including a recent agreement with a Southern Company Subsidiary to provide backup resiliency solutions for the company's Moses Lake, Washington Data Center campus.
  • The stock is also being lifted by reports of a broader megaproject contract win, as traders track the company's transformation from a legacy Bitcoin Mining operation into a data center and energy infrastructure developer.
  • Despite heavy cash burn and deeply negative margins, the stock continues to attract speculative buying on its power pipeline of roughly 2.2 gigawatts, with price targets as high as $10 from one bank.

Contract Wins Fuel a Multi-Week Rally

Keel Infrastructure (NASDAQ:KEEL), formerly known as Bitfarms, shares extended a multi-week rally in Friday's session, surging as traders track the company's transformation from a legacy bitcoin mining operation into an AI-focused data center and energy infrastructure developer. Momentum has been fueled by a series of contract wins, including a recent agreement between a Southern Company (NYSE:SO) subsidiary and Keel to provide backup resiliency solutions for the company's Moses Lake, Washington data center campus.

Reports of a Broader Megaproject Add to the Momentum

The stock is also being lifted alongside reports of a broader megaproject contract win, as the company continues to build out a substantial power pipeline of roughly 2.2 gigawatts with established grid interconnections to deliver scalable infrastructure across high-demand power markets in Pennsylvania and Washington in the United States, as well as Quebec, Canada.

Speculative Buying Continues Despite Heavy Cash Burn

Despite heavy cash burn, roughly $95.9 million in negative free Cash Flow last quarter, and deeply negative margins, the stock continues to attract speculative buying interest on its long-term infrastructure buildout story, carrying a Moderate Buy consensus and price targets as high as $10 from one bank, well above current trading levels. Keel also retains legacy operations in bitcoin data center hosting and Cryptocurrency mining, alongside electrician services in Quebec.