Keel Infrastructure Corp. (KEEL) is an infrastructure company that owns and operates power generation facilities and data centers, currently conducting Bitcoin mining while developing high-performance computing (HPC) and AI data center capacity. Revenue is generated by selling hashrate computational power to Mining Pool operators under the Full Pay Per Share (FPPS) formula, with fees paid daily in Bitcoin, which are then held or exchanged for U.S. dollars. The company is executing a strategic pivot away from Bitcoin mining toward leasing HPC data center capacity to hyperscalers, cloud service providers, AI companies, and enterprises under multi-year agreements. As of December 31, 2025, the company operated 14.8 EH/s of Bitcoin mining hashrate and held a 2.2 GW power capacity pipeline, comprising 648 MW of secured capacity and 1,513 MW of planned capacity, across U.S. and Canadian sites. Revenues grew 72% year-over-year to $229.3 million in FY2025, though cost of revenues of $248.2 million produced a gross loss of $18.9 million. As of March 30, 2026, the company held approximately $520 million in liquidity comprising cash and Bitcoin.

Revenue model

Bitcoin mining revenue is earned by selling hashrate to Mining Pool operators under the Full Pay Per Share (FPPS) formula, paid daily in Bitcoin. The company accumulates Bitcoin or converts it to U.S. dollars via cryptocurrency trading platforms. The intended future revenue model is multi-year capacity leases to HPC and AI data center customers.

Products and services

Bitcoin mining operations using ASIC miners (Bitmain T21, S21, S21 Pro, S21 Hydro, and S21+ models), totaling 85,442 new-generation units as of FY2025. Power generation facilities in Pennsylvania with behind-the-meter generation and grid interconnections within the PJM wholesale electricity market. Hydroelectric capacity in Canada and Washington state. HPC and AI data center capacity under development.

Customers and end markets

Current customers are Mining Pool operators who purchase hashrate under FPPS agreements. Target future customers are hyperscalers, cloud service providers, AI companies, and enterprises seeking HPC data center capacity under long-term lease agreements.

Value-chain role

Vertically integrated infrastructure operator: owns and operates power generation assets, manages grid interconnections and energy procurement across PJM and Hydro-Québec regulatory environments, and operates collocated data centers for Bitcoin mining and planned HPC workloads.

Geographic exposure

Operations span U.S. sites (Pennsylvania, Washington state) and Canadian sites (Québec). Grid interconnections within the PJM Interconnection wholesale electricity market and under Hydro-Québec industrial tariffs.

Source: SEC 10-K, filed 2026-03-31

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