Keel Infrastructure Secures $445 Million for AI Data Centers
Keel Infrastructure has raised approximately $445 million through a convertible bond to expand its AI data centers. ATB Capital Markets has initiated coverage with an 'Outperform' rating and a price target of $10, following a 7% increase in stock value.
Theia Market Signal Identification - AI Assisted
Keel Infrastructure secured $445 million in net proceeds from a 1.25% convertible bond maturing in 2032, including an overallotment of $58 million. The capital will primarily fund the development of high-performance computing and AI workloads across its data campuses.
The company, previously Bitfarms, was rebranded in April 2026 and has a development pipeline of approximately 2.2 gigawatts of current and potential power capacity across locations in Pennsylvania, Washington State, and Québec. Analysts project a significant improvement in 2027 with an expected adjusted EBITDA of $12.7 million on revenues of $93.6 million, contingent on effective capital utilization.
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