Bitfarms
Keel Infrastructure (formerly Bitfarms) is a digital and energy infrastructure company that develops and owns data centers and power assets for HPC/AI workloads. It operates five North American campuses with a 2.2 GW power pipeline, serving hyperscalers and neocloud providers under multi-year colocation contracts.
- Company typePublic
- Founded2017
- HeadquartersBrossard, Canada
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Bitfarms does
Bitfarms, rebranded as Keel Infrastructure Corp. (NASDAQ/TSX: KEEL), is a digital and energy infrastructure company that develops and owns data centers and power assets supporting high-performance computing (HPC) workloads, including AI. Founded in 2017 as a Bitcoin mining operation, the company is executing a strategic pivot announced in November 2025 to exit crypto mining by 2027 and reposition as a pure-play HPC/AI colocation provider. Keel operates five North American campuses — Panther Creek (350 MW, PA), Sharon (110 MW, PA), Scrubgrass (up to 1.3 GW potential, PA), Sherbrooke (170 MW, QC), and Moses Lake (18 MW, WA) — totaling 341 MW energized, 430 MW secured, and 2.2 GW of multi-year pipeline. The company completed US redomiciliation from Canada to Delaware in April 2026 and trades on Nasdaq and TSX under ticker KEEL.
Keel's core technology is Nvidia GB300 GPU-ready infrastructure with reference architectures designed for next-generation Vera Rubin GPUs (2027), deployed in cool-climate locations that enable free-air cooling efficiencies and renewable hydroelectric power at Sherbrooke. Strategic vendor partnerships with Vertiv, Turner Construction, World Wide Technology, Asplundh Engineering, and Hydro Sherbrooke form a multi-disciplinary delivery ecosystem across the campuses.
The business model is a direct enterprise colocation sales motion targeting hyperscalers, neocloud providers, and enterprise/government AI customers under custom, quote-based, multi-year contracts (pricing not publicly disclosed). Revenue mechanics center on leased powered shell and full-rack HPC infrastructure, with lease execution targeted for 2026 and site commissioning beginning 2027. FY2025 revenue of $229 million (up 72% YoY) and Q1 2026 revenue of $37 million (down 23% YoY) reflect the legacy Bitcoin mining business in wind-down; HPC/AI revenue is not yet recognized. The company has raised approximately $1.046 billion in 2025-2026 convertible notes, secured a $300 million Macquarie debt facility for Panther Creek, and holds ~$533 million in liquidity to fund build-out through lease execution.
Bitfarms firmographics
Firmographics- Name
- Bitfarms
- Legal name
- Keel Infrastructure
- Website
- https://bitfarms.com
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Keel Infrastructure (formerly Bitfarms) is a digital and energy infrastructure company that develops and owns data centers and power assets for HPC/AI workloads. It operates five North American campuses with a 2.2 GW power pipeline, serving hyperscalers and neocloud providers under multi-year colocation contracts.
- Ownership category
- akta.pro rank
Bitfarms industry classification
Industry- Product category
- HPC/AI Data Center Infrastructure
- NAICS
- Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518), Computer Facilities Management Services (541513)
- SIC
- Services-Computer Programming, Data Processing, Etc. (7370)
- akta.pro primary industry
- Wholesale Colocation (Powered Shells / Suites) (HDABACAB)
- akta.pro secondary industry
- Mining Hosting, Colocation & Managed Facilities (FSADAOAE)
Keywords
Where Bitfarms is headquartered
LocationHeadquarters
- HQ city
- Brossard
- HQ country
- Canada
- HQ region
- North America
Offices8 records
Markets served
Bitfarms business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Operations, Technology or R&D, Personnel, Supply Chain
Revenue model
- HPC/AI Colocation: Recurring colocation revenue from leasing powered shell and full-rack HPC/AI infrastructure to hyperscalers and enterprise customers. Revenue expected to begin in 2027 following lease execution and site commissioning at Panther Creek, Sharon, and Moses Lake campuses. Model is consumption-adjacent with contracted multi-year terms.
- Data Center Infrastructure Agreements: Fully funded supply agreements for retrofitting facilities for GPU workloads, such as the $128 million agreement to retrofit the Washington facility with Nvidia GB300 GPUs.
- Bitcoin Mining (Legacy/Wind-down): Revenue from Bitcoin mining operations, which the company is winding down between 2026-2027 as it pivots to HPC/AI infrastructure. FY2025 revenue was $229 million, up 72% year-over-year.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Custom HPC/AI colocation contracts - pricing not publicly disclosed |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Bitfarms product offering
Product offeringCore offering
Keel Infrastructure develops and owns data centers and power assets supporting HPC and AI workloads, leasing powered-shell and full-rack infrastructure to enterprise customers under multi-year colocation contracts. The company operates five North American campuses (Panther Creek, Sharon, Moses Lake, Sherbrooke, Scrubgrass) totaling 341 MW energized, 430 MW secured, and 2.2 GW pipeline, with reference designs for Nvidia GB300 and next-generation Vera Rubin GPUs. Legacy Bitcoin mining operations are being wound down between 2026–2027 as the company pivots fully to HPC/AI infrastructure.
Product overview
Keel Infrastructure is a pure-play developer and owner of digital and energy infrastructure offering HPC/AI data center colocation and powered shell solutions. The company operates five North American campuses (Panther Creek, Sharon, Moses Lake, Sherbrooke, and Scrubgrass) totaling approximately 341 MW energized capacity, 430 MW secured capacity, and 2.2 GW total multi-year pipeline. The portfolio spans Pennsylvania (1.98 GW), Quebec (170 MW), and Washington State (18 MW), providing contracted power capacity and data center infrastructure to hyperscalers and enterprise customers. Revenue is generated through leasing powered shell infrastructure and data center capacity to AI/compute-intensive workloads.
Differentiator
Problem solved
Functional benefit
Products and services
- Panther Creek Campus Flagship campus in Eastern Pennsylvania with 350 MW energized capacity on 336 acres, backed by contracted firm power. Positioned near major hyperscale clusters with phased growth planned to 500+ MW expansion capacity. Reference architecture designed for 2027 Vera Rubin GPUs and next-generation HPC/AI deployments.
- Sharon Campus Early-stage campus in Pennsylvania with 110 MW energized capacity on 17 acres. Infrastructure engineered to support next-generation GPU deployments for hyperscale and emerging cloud providers.
- Moses Lake Campus Strategic West Coast site in Pacific Northwest data center cluster with 18 MW energized capacity on 6 acres. Designed for efficient, modular deployment for HPC with secured power access in constrained market. Reference architecture designed for Nvidia GB300.
- Sherbrooke Campus Quebec portfolio with 96 MW energized capacity at eight operating sites powered entirely by renewable hydroelectricity near Montreal. Provides sustainability-forward, cost-competitive foundation for HPC and AI deployment with 74 MW expansion capacity.
- Scrubgrass Campus Largest long-term development opportunity in Pennsylvania with up to 1.3 GW potential combined utility and on-site generation capacity on 650 acres. Positioned to evolve into a gigacampus with pre-development and power planning underway for future HPC and AI infrastructure.
- Nvidia GB300 GPU Colocation Retrofit (Washington Facility) Fully funded retrofit of the 18 MW Washington facility with Nvidia GB300 GPUs, configured for high-density HPC/AI workloads at the Moses Lake campus. Targeted for operational status by December 2026.
Quantifiable outcome
- First HPC/AI revenue expected as early as 2027
- +2 more outcomes
Companies that use Bitfarms
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles3 records
Bitfarms technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Bitfarms partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- Keel Infrastructure Corp. (Subsidiary/Parent Structure)coreKeel Infrastructure Corp., a Delaware corporation and ultimate parent company, fully and unconditionally guarantees convertible senior notes. Bitfarms Ltd. is now a wholly-owned subsidiary of Keel Infrastructure following U.S. redomiciliation.
- VertivcoreEnd-to-end system partner for Moses Lake campus - provides critical data center infrastructure equipment and systems integration.
- Turner ConstructioncoreDesign-build general contractor for Moses Lake campus development.
- World Wide TechnologycoreTechnology development and integration partner for Moses Lake campus.
- Asplundh Engineering ServicescoreSubstation EPC contractor for Panther Creek campus - handles electrical infrastructure development.
- Hydro SherbrookecoreHydro power partner for Sherbrooke campus in Quebec, providing renewable hydroelectricity to power the facility.
Scale indicators10 records
Recent moves11 records
Expansion highlights7 records
Bitfarms competitors and assessment
Company assessmentDirect peers
- Hut 8: Public Bitcoin miner that, like Keel, has pivoted to HPC/AI data center development with multiple US sites and a similar institutional narrative; comparable in customer mix (hyperscalers/neoclouds) and pivot strategy.
- Cipher Mining: Former BTC miner now developing a 2.7 GW HPC/AI pipeline in Texas; closest analog to Keel in terms of pivot timing, customer targeting, and large-scale power-secured site development.
- Iris Energy (IREN): Renewable-powered BTC miner that has expanded into HPC/AI compute services using existing renewable campuses; comparable on its renewable-energy-first positioning and target customer profile.
- Core Scientific: Recently emerged from Chapter 11 with a partnership with CoreWeave to convert mining capacity into AI/HPC hosting; directly comparable as a BTC-mining-to-AI-infrastructure transition play.
- Applied Digital: Pure-play AI/HPC colocation operator leasing powered-shell capacity to neoclouds and AI startups; closest competitive overlap with Keel's Panther Creek and Moses Lake go-to-market.
- TeraWulf: BTC-miner-turned-HPC-host with operations in Pennsylvania and Texas; comparable on pivot strategy, geography overlap (PA), and HPC lease economics.
Broad incumbents
- Riot Platforms: Large publicly traded BTC miner with material Texas capacity and selective HPC adjacency; broader incumbent whose strategic focus remains mining, but represents the same shareholder base evaluating Keel.
- Marathon Digital Holdings: Largest publicly traded BTC miner by hashrate, exploring HPC/AI optionality but still primarily a mining incumbent; relevant benchmark for Keel's pivot and valuation framework.
- DigitalBridge: Leading digital infrastructure investor/operator across data centers and towers; broad incumbent comparable on customer mix (hyperscalers) and capital-markets positioning in the AI infrastructure theme.
- Equinix: Global colocation incumbent with broad retail and hyperscale footprint; relevant as the public-market reference comparable for Keel's powered-shell colocation economics at scale.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Bitfarms social profiles
Digital presenceBitfarms financial estimates
Financial estimateRevenue estimate
Valuation estimate
Bitfarms leadership team
Management profileNumber of profiles
Profiles21 records
Bitfarms subsidiaries and ownership
Company hierarchySubsidiaries1 record
Bitfarms funding detail
Funding detailFunding overview
Funding rounds10 records
Investors6 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Bitfarms M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Bitfarms
What does Bitfarms do?
Keel Infrastructure develops and owns data centers and power assets supporting HPC and AI workloads, leasing powered-shell and full-rack infrastructure to enterprise customers under multi-year colocation contracts. The company operates five North American campuses (Panther Creek, Sharon, Moses Lake, Sherbrooke, Scrubgrass) totaling 341 MW energized, 430 MW secured, and 2.2 GW pipeline, with reference designs for Nvidia GB300 and next-generation Vera Rubin GPUs. Legacy Bitcoin mining operations are being wound down between 2026–2027 as the company pivots fully to HPC/AI infrastructure.
Is Bitfarms a public or private company?
Bitfarms is a public company. It is classified as public and is currently operating.
When was Bitfarms founded?
Bitfarms was founded in 2017. It employs 101 to 250 people.
Where is Bitfarms based?
Bitfarms is headquartered in Brossard, Canada, in the North America region.
How does Bitfarms make money?
Three revenue lines are on record. HPC/AI Colocation is the primary driver. The others are data Center Infrastructure Agreements and bitcoin Mining (Legacy/Wind-down).
Who are Bitfarms's main competitors?
Direct peers on record are Hut 8, Cipher Mining, Iris Energy (IREN), Core Scientific, Applied Digital and TeraWulf. Broad incumbents are Riot Platforms, Marathon Digital Holdings, DigitalBridge and Equinix.
Does Bitfarms have an API?
No public API is recorded for Bitfarms.
What industry is Bitfarms in?
Bitfarms's product category is HPC/AI Data Center Infrastructure. Its primary akta.pro industry code is HDABACAB, Wholesale Colocation (Powered Shells / Suites), with a secondary code of FSADAOAE, Mining Hosting, Colocation & Managed Facilities. Its NAICS code is 518 and its SIC code is 7370.