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Owner-operator of data-center and energy infrastructure for AI/HPC computing, pivoting from bitcoin mining.
Owner-operator of data-center and energy infrastructure for AI/HPC computing, pivoting from bitcoin mining.
Bitcoin mining remains the legacy income, paid in bitcoin for processing network transactions, so it moves with the bitcoin price. The strategy is to convert its powered sites into data centres leased to AI and cloud customers. This is the US listing of the company also quoted as KEEL.TO.
In one line: A data-center Core Scientific.
Moat: narrow (installed base, regulatory licence). Owns power generation and grid interconnections already secured, which are scarce and slow to permit.
Headquarters: New York, US · Founded: 2017 · Employees: 274
Size Keel Infrastructure (KEEL) is a United States Information Technology company (Data Processing Services) with a market value of $1.15B, the 2159th largest of 3,117 United States companies the cockpit tracks. Shares closed at $1.87 on 6 Nov 2026.
Performance Over six months the shares fell 52.9%, against -29.1% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 23.0% over the last twelve months (peer median +20.7%); the operating margin is -121.1% (peer median 3.5%).
Valuation It trades at 7.8× enterprise value to sales against a peer median of 3.8× (5th most expensive of 20).
Capital Return on invested capital runs 40.6 points below its cost of capital (13.0% WACC).
Short interest Short interest is 19.1% of the free float (15 Oct 2026).
Next results Next results expected around 24 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $188M | $229M | $133M | $146M | $142M |
| Revenue growth | — | +72% | -9% | +3% | — |
| Gross profit | -$128M | -$18.9M | -$15.9M | -$21.5M | $10.5M |
| EBITDA | -$57.0M | $25.6M | $57.9M | $18.1M | $24.7M |
| Net income | -$434M | -$290M | -$28.4M | -$109M | -$176M |
| Free cash flow | -$345M | -$333M | -$429M | -$177M | -$159M |
| Capital expenditure | $96.2M | $106M | $287M | $71.3M | $195M |
| Total debt | $1.04B | $684M | $23.4M | $19.9M | $65.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Keel Infrastructure KEEL | $1.15B | -53% | -23% | -121% | 7.8× | n/a |
| Core Scientific CORZ | $3.78B | -49% | +26% | -31% | 14.2× | n/a |
| Applied Digital APLD | $4.70B | -62% | +290% | -24% | 11.8× | n/a |
| Iren IREN | $8.76B | -65% | +42% | -54% | n/a | n/a |
| TeraWulf WULF | $5.67B | -51% | +15% | -227% | 49.3× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KEEL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -40.6% | -14.5% | 3rd lowest of 21 |
| 6-month return | -52.9% | -29.1% | 8th lowest of 21 |
| Distance from 52-week high | -74.6% | -53.2% | 4th lowest of 21 |
| Revenue growth (TTM) | -23.0% | +20.7% | 2nd lowest of 21 |
| Operating margin | -121.1% | 3.5% | 2nd lowest of 21 |
| EV / Sales | 7.8× | 3.8× | 5th most expensive of 20 |
| ROIC minus cost of capital | -40.6 pp | -5.5 pp | lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Keel Infrastructure KEEL | United States | $1.15B | -53% | -23% | -121% | 7.8× | n/a | n/a |
| Rendong 002647.SZ | China | $1.20B | -43% | +6% | 6% | 3.9× | 42.3% | -17.2% |
| ASrock Rack 7711.TW | Taiwan | $1.23B | +35% | +183% | 10% | 1.2× | 7.5% | +42.1% |
| Liberty Capital GLIBA | United States | $1.06B | -2% | +13% | 13% | 1.8× | 0.8% | +113.1% |
| Innodata INOD | United States | $1.27B | -56% | +39% | 17% | 3.2× | 15.9% | +34.0% |
| Capitalonline Data Service 300846.SZ | China | $1.28B | -37% | 0% | -7% | 7.0× | n/a | n/a |
| VNET Group, Inc. Sponsored ADR VNET | United States | $1.00B | -64% | +23% | 7% | 3.5× | n/a | n/a |
| BLS International Services BLS.NS | India | $973M | -23% | +29% | 23% | 2.5× | 9.7% | +44.4% |
| Beijing Topnew Info & Tech 300895.SZ | China | $938M | -27% | +1% | -25% | 23.4× | 54.6% | -3.4% |
| HawkEye 360 HAWK | United States | $1.45B | -55% | +88% | -8% | 5.7× | n/a | n/a |
| Suncorporation 6736.T | Japan | $1.49B | +22% | -11% | 1% | 23.8× | n/a | n/a |
| JMDC 4483.T | Japan | $1.52B | +10% | +19% | 20% | 5.0× | 19.7% | +24.6% |
| ChronoScale CHRN | United States | $1.57B | -31% | +190% | -68% | 32.6× | n/a | n/a |
| Bitdeer Technologies BTDR | United States | $1.63B | -55% | +128% | -30% | 3.8× | n/a | n/a |
| Ucap Cloud Information Technology 688228.SS | China | $786M | -26% | -39% | -14% | 13.1× | 39.9% | +6.8% |
| SharonAI SHAZ | United States | $781M | -59% | +257% | -894% | n/a | n/a | n/a |
| Yext YEXT | United States | $749M | +88% | -1% | 10% | 2.0× | 9.6% | +4.7% |
| Pason Systems PSI.TO | Canada | $742M | -10% | -2% | 18% | 2.4× | 1.5% | +21.8% |
| Shenzhen Xunce Technology 3317.HK | Hong Kong | $1.93B | -79% | +287% | -3% | 6.4× | n/a | n/a |
| SAKURA Internet 3778.T | Japan | $688M | -13% | +26% | 8% | 3.0× | n/a | n/a |
| Rackspace Technology RXT | United States | $645M | -54% | 0% | -2% | 1.4× | 35.0% | -0.2% |